Thinking about retiring. I’d like to. Not really enjoying my current job anymore. Currently 65, still working to provide benefits for Mrs Whalmsley - she will turn 65 next year.
So I have medicare and a good corporate health care plan. When I retire I will buy a supplemental plan. We are both in good health, but I hate the thought of having to pay out of pocket if she needs significant medical attention for some unknown reason. We are in good shape financially, but you hear the stories of million dollar emergency medical costs…
I have a plan for part time post-retirement work that will keep me busy enough and provide some extra fun money. We have plans to travel several times a year after I retire.
Do I just grin and bear it for now?
Back in the day, in this situation you would wait for an early retirement package with enhanced benefits.
You wonder if packages are still offered now that new employees are hard to find and more expensive.
Maybe in companies that over extended on growth expectations. Or maybe cost cutting will follow the slowing economy or recession.
So I have medicare and a good corporate health care plan. When I retire I will buy a supplemental plan. We are both in good health, but I hate the thought of having to pay out of pocket if she needs significant medical attention for some unknown reason. We are in good shape financially, but you hear the stories of million dollar emergency medical costs…
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Do I just grin and bear it for now? - nigel
Even though you are gone, she very well may be able to remain on your company plan under COBRA. COBRA can last up to 18 months so that would long enough to bridge the gap to Medicare for her.
Worth checking into. It has been a while since I was deep into these weeds so rules may have changed.
Also, COBRA can be, and usually is, quite expensive. Companies often highly subsidize the group rate for employees but under COBRA they can charge you the full rate charged to them by the carrier plus 5% for overhead.
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"Back in the day, in this situation you would wait for an early retirement package with enhanced benefits.
You wonder if packages are still offered now that new employees are hard to find and more expensive."
No packages in my world, just “see you later”. My 401K and IRAs and SS are my packages.
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"Even though you are gone, she very well may be able to remain on your company plan under COBRA. COBRA can last up to 18 months so that would long enough to bridge the gap to Medicare for her.
Worth checking into. It has been a while since I was deep into these weeds so rules may have changed."
COBRA is a possibility, but really expensive. If it came down to it, I think I’d just take my chances for a few months. But I was told that she cannot be under any company subsidized plan if I am not a current employee. Another option is a catastrophic event plan, but they are also not cheap.
Sigh. Our employer based system of health coverage is really terrible. I’ve been fortunate and have always had decent coverage if I was working. But I hate not having more flexibility now.
“We are in good shape financially, but you hear the stories of million dollar emergency medical costs…”
DW and I both had medical issues which sent us to hospital for several weeks this year and
the bills are coming in now from the January time frame. Several - about ten or so - bills
came in as “provider charged” $1000 to $3400 and the “medicare approved” amounts were $150 to
$300. Supplemental insurance has come through covering much of the deductibles and such. But
the uninsured costs would have been substantial - but not “million dollar” level.
However, needing additional therapy for hip or knee replacement - surgery on delicate parts
of the body - brain and heart for example just add to the fun. My issues with stomach and
esophagus related and DW’s were blood electrolyte issues - so not exactly the high-priced
medical problems.
Howie52
cobra coverage is expensive - and is no better than your “employed” benefits - and as I recall
I had to repeat the plan deductible after being laid off in mid-year.
“Healthy, wealthy and wise” is the standard saying - and it starts with healthy.
Paying for better coverage for a short period for your wife may be a wise, wealthy and healthy
choice - and peace of mind may help prevent stress and improve sleep.
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“So I have medicare and a good corporate health care plan. When I retire I will buy a supplemental plan. We are both in good health, but I hate the thought of having to pay out of pocket if she needs significant medical attention for some unknown reason. We are in good shape financially, but you hear the stories of million dollar emergency medical costs…”
the risks of a medical emergency while uninsured is a big unknown, but could wipe out your retirement savings…
You’ll be covered by Medicare and the Supplement and Drug Plan…
But your wife is not quite 65 so that is the issue. Don’t know if an ObamaKare policy would help. Usually gigantic deductible but backstop for catastrophes. You’d only need it a few months till she reaches 65.
The other option is to keep working most/all of the time till she is 65.
Then you’ll pay for yours and her Medicare/Supplement/Drug plans yourself.
t.
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I retired and my wife is not of medicare age yet. She did the research and found a Golden Rule plan that costs $1200 a month and we are paying that for a few more yrs. $1200 a month is a lot better than a million dollar hospital bill. There are some others out there that are more cost effective like medishare if you meet the criteria. It’s a temporary situation unless your wife is a LOT younger than you 
…doc
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I retired and my wife is not of medicare age yet. She did the research and found a Golden Rule plan that costs $1200 a month and we are paying that for a few more yrs. $1200 a month is a lot better than a million dollar hospital bill. There are some others out there that are more cost effective like medishare if you meet the criteria. It’s a temporary situation unless your wife is a LOT younger than you …doc
Dec, there are other companies out there such as Samaritan Ministries, Christian Heath Services, Liberty HealthShare and US Healthshare. CHS is the oldest company with Medishare and Samaritan Ministries not far behind. It might be worth looking into those companies because they are much less than the $1200/monthly you now pay for your wife.
None of them are regular insurance but people pool their money and expenses are paid. I had CHS, my daughter-in-law had Medishare before switching to CHS and my son has Samaritan.
Robyn
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Thanks Robyn,
I’ll get those names to her…doc