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Health Insurance for Early Retirees
Mon, 04/29/2002 - 11:00pm — Karen Stevenson
Description:
I often discuss Medicare coverage, but another important issue is access to health care coverage for the "pre-retirement" or "early-retirement" group aged 50-64. This is a group that may have had employer group health coverage in the past, but is no longer eligible because they retired, quit their jobs, or were fired or laid off before the age of 65. They are not eligible for Medicare, and may not be able to join another group plan for one reason or another.
Older adults may have more difficulty than younger people in getting any new job, whether or not the prospective employer has a good group health care plan. They may find smaller employers more willing to hire them, but smaller employers are less likely to have a group health care plan. Many in this age group who leave their old job end up self-employed, with no employer group health plan, either because they decide to use the experience they have acquired in their own business, or because no other options are available. Those who retire (either voluntarily or through early retirement options offered by companies who are down-sizing) may have worked for an employer that does not offer health care coverage to retirees, and will need to take care of their own health insurance until they become eligible for Medicare.
People in this age group may be able to get coverage under COBRA for 18 months after they leave their previous job, but once that runs out they will need to buy an individual health policy. Individual health insurance can be very expensive, or unavailable at any price, for those age 50 or older and/or those with pre-existing health conditions.
What options are available for health insurance for this group? I did some research and came up with two wonderful resources:
I often discuss Medicare coverage, but another important issue is access to health care coverage for the "pre-retirement" or "early-retirement" group aged 50-64. This is a group that may have had employer group health coverage in the past, but is no longer eligible because they retired, quit their jobs, or were fired or laid off before the age of 65. They are not eligible for Medicare, and may not be able to join another group plan for one reason or another.
Older adults may have more difficulty than younger people in getting any new job, whether or not the prospective employer has a good group health care plan. They may find smaller employers more willing to hire them, but smaller employers are less likely to have a group health care plan. Many in this age group who leave their old job end up self-employed, with no employer group health plan, either because they decide to use the experience they have acquired in their own business, or because no other options are available. Those who retire (either voluntarily or through early retirement options offered by companies who are down-sizing) may have worked for an employer that does not offer health care coverage to retirees, and will need to take care of their own health insurance until they become eligible for Medicare.
People in this age group may be able to get coverage under COBRA for 18 months after they leave their previous job, but once that runs out they will need to buy an individual health policy. Individual health insurance can be very expensive, or unavailable at any price, for those age 50 or older and/or those with pre-existing health conditions.
What options are available for health insurance for this group? I did some research and came up with two wonderful resources:
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@1994-2008 ElderWeb
@1994-2008 ElderWeb