I'm almost 62 and after my wife retires I will need to buy insurance. What are you guys using?
Thanks
Jim
I retired at 56 from a seasonal job I took later in life just for the sake of insurance benefits.
I maxed out my Health Care Savings every year and accumulated a fair sum of funds. I believe the max was $2k or $2500.00 a year.
When I retired I was able to maintain my insurance policy through the Cobra Plan for 18 months. This meant I only paid what the group policy my company had me covered with cost which was $550.00 a month as a single individual.
I was able to receive some extended unemployment when I first left my job, if I recall it was 8 months.
It's very limiting as to how your Health Care Savings funds can be spent due to being tax free. There is a provision that allows you to pay your health insurance premiums with Health Care Savings funds IF you are collecting unemployment AND on a Cobra Insurance plan.
So I was able to pay my first 8 months of premiums with my Health Care Savings funds which saved my roughly 27% being it was tax free.
After that I paid the full monthly premiums which started at $550.00 a month and slowly escalated to around $625.00 per month after a couple of years.
I knew a lot of folks that paid a lot less that were on Obama Care.
I went online and attempted to find what Obama Care would cost me and found for a similar policy that I always had without catastrophic co-pays would run about $750.00 a month.
I asked around with some of the folks I knew that were using Obama Care how they had gotten such affordable policies.
They had all used an agent that knew the ins and outs of Obama Care.
So, I gave and went to a insurance agent for some assistance.
I ended up with the best policy offered through Obama Care, which was very similar to what I'd always had for $350.00 a month.
That remained the same until I reached 65 years of age and I went onto Medicare which costs a little under $200.00 a month.
My brother chose a different route.
He wasn't going to use Obama Care and was too much of a tight ass to pay exspensive monthly insurance premiums so he proclaimed he'd just pay his own medical expenses.
Then he busted his head open in a accident and spent 6 months in the hospital with a catastrophic brain injury.
He racked up close to $800,000.00 in medical bills which of course became the tax payers problem, he was unable to work and never paid a dime of his health care expenses.
He's since lost everything he had and drained my mother of over $100,000.00 with miscellaneous medical and other life expenses being he's unable to work and living off some cheap assed monthly government check.
So, suck it up and pay the premiums or skate through life knowing if anything actually happens to you that cost real money you can just become burden for your loved ones and the tax payers.
