How to Get an Early Retirement Health Insurance for the Elderly
Getting an early retirement health insurance for the elderly can save you from any of the old age related problems. But there are a number of pros and cons of the early retirement health insurance.
Basically when you are offered health insurance benefits, the premium costs are split between you and the employer.
Decision to take retirement early in life can indeed be a tough choice. But if somehow you have decided to stick to it then without any doubt, health insurance is a must for you. Indeed it can be a dream job if your employer was offering you various benefits including the health benefit as well.
Health Benefits to the Elderly
It is only when you decide to retire you can understand how valuable all these benefits are to you. Basically when you are offered health insurance benefits, the premium costs are split between you and the employer. You may be paying $20 or $300 per pay check but you will be paying only a part of the large plan.
Once you quit the job, you won’t be remaining on your employer’s group plan. Even if some benefits can be availed after that, they will probably last for only a few months. If you are married then you should along with your spouse try to check with the professional organisations or associations who may be interested in giving you the group health insurance plans.
But there are certain facts of life which you need to take into account before your final decision. The first and the foremost is that you won’t be getting younger once you retire. You are likely to fall ill more often as your age advances. So in all aspects, health insurance is a must for you.
Group Health Insurance
Health insurance for couples and families is sometimes based on the age of the oldest individual so whenever you choose a policy, it is advisable that you choose it in the name of the youngest member of the family so that the person continues to get medical coverage until the elder one is able to get coverage in the Medicare.
If you are retiring early then you cannot avail ‘Medicare’ which is given only to those who retire at the age of 65. Basic health insurance policy can cost you anywhere between $300 a month if you are a non smoker but if you are a smoker then the amount may move up to $400 or more. It also depends upon where you live and what deductible you choose.
Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) is an important step in the direction of health insurance. As per this, most of the employers are required to provide continuing coverage which can last from 18 months to 36 months. With COBRA, you are required to pay the entire premium along with some administrative costs. But once it retires, you can join the company’s early retiree group plan until you are eligible for the Medicare plan. Make sure you have seen all the options before you decide for the early retirement.
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