Life & Health Insurance/Health Insurance


Hi Cindy, thanks in advance for your help and time.

I am 63.5 years old and retiring Dec 31, 2015.

My question is: Should I take my company's COBRA plan or get my own individual health insurance? And should I continue the COBRA dental plan my company offers ($30 a month)?

I am in good health. My only conditions are sleep apnea (moderate) which is under control, and acid reflux. Everything else is in great condition.

I am thinking two things. 1. With the COBRA, I will have great coverage if something happens. Cost is about $500.

2. With individual health insurance, I might be spending less and save out of pocket money. But if something happens healthwise, I might be liable for huge hospital bills, for instance.

So, I don't know the best thing to do.

Again, thanks for your help.

For one under Obamacare your health is of no interest.  Obamacare is what Insurance companies/agents "guaranteed" issue.  

The COBRA is $500, month, quarter,year? the prior premium would, while seemingly high COULD be lower then Obamacare, For a quarter it's not bad, for a year it's a no brainer.  

Dental, except for limited situations is not covered.  So one way or the other if you want dental in retirement.  Depending on your location 30 bucks for a Good plan sounds fair.  Obviously your current dentist is covered, While most dentists accept multiple plans if you like him/her shopping a new company requires you to make sure they belong and accept the possibility new company.  

As for Medicare, you will sign up in a year or so.  As you know with very limited situations one requirement  is being age 65, however you can sign up a bit earlier so it will start soon after your birthday.  My advice is to at least look into a Medicare advantage plan.  Down side is they are for arguments sake HMO/PPO plans.  This is compared to Medicare allowing you to use any provider who accepts Medicare.  Up sides are many.  Very possible your current Doc participates in the plan(or AKA network).  Most offer annual check ups with zero out of pocket.  As for routine office visits most will also be first dollar, i.e. no cost to you.  In my home state and county (Florida Palm Beach County) Humana offers a plan which restores up to $80/mo in Medicare premium out of your SS benefit.  I use it for two reasons, First is I am 60% combat disabled so all my services at a VA facility is first dollar and no co-pay.  However even if you are not injured or disabled <50% co-pays is pretty low.  If you are a Vet see what they can/will offer you.  Second is sin;ce I consider Medicare as my backup I'm not really concerned about say $5,000 for an illness.  If you are save the $1,000 savings and you ill have at least a % of the co pays and such.  For me, since I must pay Medicare premiums why not reduce that cost.  Since it's a back up program for me $1,000/yr is better in my pocket then SSA.

Feel free to contact me with anything I did not make clear or answer at all.

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David Clark


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I've been in the business since 1975, I ran my own agency in New Jersey from 1980 to 1998. I now am a semi-retired sole practitioner in South Florida.

CLU Courses, no designation. LUTC, more seminars then I could count.

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