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Medical Insurance for newly retired age 58 & 60

October 8th, 2016 at 09:28 pm

My husband recently retired at the age of 60. I am 58. My are currently insured through a COBRA insurance plan the is a high deductible plan. We pay $900. per month and that will go to $1000. per month in January. I know that we would be eligible for something on the healthcare plan in 2017. The healthcare.gov stuff does sound scary to me but I would be interested in hearing from someone that has experience with it.


Anyone else here too young for Medicare and have any ideas on medical insurance. We rarely go to the doctor.

Posted in Personal Finance, Retirement, Saving Money | 11 Comments »

11 Responses to “Medical Insurance for newly retired age 58 & 60”

  1. Jenn Says:
    October 8th, 2016 at 11:06 pm 1475968006
    1475968006

    Google a blog called Root of Good. He's a guy that retired in his 30s and he covers his family of 5 on an Obamacare plan. He did (at least) one very detailed blog entry on the particulars.

  2. Violet Says:
    October 8th, 2016 at 11:35 pm 1475969752
    1475969752

    Thank you very much. I will check that blog out!

  3. PatientSaver Says:
    October 9th, 2016 at 12:47 am 1475974077
    1475974077

    I was on obamacare, via the CT healthcare exchange, briefly before finding a perm job in 2013. Now that I've been laid off, I may need to go on it again it it's substantially cheaper than my COBRA at $513/mth.

    Any state or federally run program is going to be a hassle, as far as I'm concerned. I think I'd prefer to keep m y COBRA becus i'm already familiar with the plan and know I can count on it but it's quite a lot of $$ to be shelling out when you're not working.

    I plan to thoroughly study my choices on the healthcare exchange during open enrollment next month. Here in CT, I understand there were big price hikes and we're down to only 2 insurers...so much for competition and an open marketplace.

  4. LivingAlmostLarge Says:
    October 9th, 2016 at 04:36 pm 1476030972
    1476030972

    You may not qualify for subsidies because of your income. Something to look into before getting off of Cobra. I spent a year on buying our own because we made too much 2015 for subsidies and right now we'll make too much in 2016 as well. For a family of four it was $650/month for broze "bad" level coverage.

  5. Violet Says:
    October 9th, 2016 at 05:57 pm 1476035821
    1476035821

    LivingAlmostLarge, Thank you. Our income in 2017 will be $18,600. for pension, $600. in savings accounts, so $19,200.00 total income for 2017.

    The rest of our money is in IRA's. I am still searching to see if that is considered income if we do not remove anything out of the IRA's.

  6. PatientSaver Says:
    October 10th, 2016 at 12:21 am 1476058918
    1476058918

    Your IRAs are not considered incomeif you don't withdraw anything. You can make up to $45K and get a subsidy.

  7. LivingAlmostLarge Says:
    October 10th, 2016 at 12:48 am 1476060534
    1476060534

    Nope savings not income but when you draw it is. Why can you not buy health insurance from the place that provides the pension?

  8. Violet Says:
    October 10th, 2016 at 12:41 pm 1476103260
    1476103260

    LivingAlmostLarge, When my hubby retired, we were offered two choices....

    1. COBRA $900.03 per month ( we can have this for up to 18 months)
    2. Medical plan from his employer.....$1650.00 PER MONTH

    We went with the COBRA.

  9. MonkeyMama Says:
    October 10th, 2016 at 01:51 pm 1476107461
    1476107461

    You can make much more than $45k and get a subsidy. Is $45k the figure to get a 100% subsidy?

    My dad has used Obamacare for a few years. Very affordable and good insurance, BUT, customer service is horrible. In the first year that Obamacare started he told me he literally spent 100 hours on the phone. But it also saved him about $20k per year in health insurance, so it is what it is. Years later, nothing is ever right and they are always on the phone with the insurance exchange and insurance company, but my dad turns 65 in a couple of months and they will be DONE!

  10. MonkeyMama Says:
    October 10th, 2016 at 01:52 pm 1476107537
    1476107537

    P.S. To be clear, it was the first year that was the worst and I think a lot of it was that the system was entirely new. But, be prepared to be vigilant and to be correcting mistakes.

  11. PatientSaver Says:
    October 10th, 2016 at 03:03 pm 1476111796
    1476111796

    Just to clarify, using CT as an example:

    "If your ANNUAL household Modified Adjusted Gross Income (or MAGI) is below 400% of the federal poverty level (Which is $47,080 for an individual or $97,000 for a family of 4 in 2016) you and other members of your family may receive these tax credits to help you pay for your health insurance."

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