We get many calls these days to the tune of...
It's a good question.
For one reason, health insurance is the most expensive when you're in your 60's.
Age 64 is literally the most expensive time to insure in a person's life!
Medicare hasn't started yet for most people.
Age 65 is the time Medicare starts for most people.
Many people retire prior to the turning 65 and being eligible for Medicare.
How do we address this gap?
Let's go through the three main options:
We're happy to walk through any questions you have.
You can quote Covered Ca or short term here:
Let's get started
Here are some key concerns to look at till Medicare starts:
Each of these has a role to play in our decision.
We'll explain further.
Here's the deal.
There can be really big tax credits in Covered Ca based on income.
If you expect to be in the range below for this year (next year's tax filing):
You may be eligible for tax credits.
If this is the case, Covered Ca will likely be the best option for you.
You can jump to the Covered Ca enrollment right here.
Especially if you're in your 60's (waiting for Medicare to start).
Here's the secret for pre-Medicare seniors with the tax credit.
It's the perfect storm.
First, after helping 1000's of people navigate the process, one trend stands out...
Give us a 25 year old with $25K income and a 63 year old with $25K and it's not unlikely to see the 63 year old get a lower monthly rate.
Despite the fact that the underlying plan might 2-3 times higher!
It's the tax credit.
The tax credit is tied to cost and guess what the main driver of health insurance cost is....
You can quickly see what your tax credit might be here:
Make sure to enter your full household (even if everyone is not enrolling).
This includes everyone that files together on a 1040 tax form.
Also, use this year's best estimate for income (roughly line 37 on the 1040 tax form).
It's the fax filing you'll do next April.
This bring us to the next great advantage people in their 60's have with Covered Ca.
This period of time is traditionally when people's incomes are lower than usual.
Most have retired after all!
Again...make sure to add standard Social Security back in!
The tax credit is one piece of this equation...and it's a big one.
It generally makes the decision of what to do.
The other is health status.
In general, both plans:
Short term doesn't offer these protections.
That's a major difference.
If we don't qualify for a tax credit but have extensive health care needs and/or need coverage for a longer period of time...
Covered Ca or Cobra probably make more sense.
If we don't qualify for a tax credit, are in good health, and need the coverage for a relatively short period of time....short term coverage might work till Medicare starts.
It's a little confusing.
You can call 800-320-6269 or email us at firstname.lastname@example.org
There's one more very important concern....Doctors!
Here's the deal...
It's probably the biggest issue we face (aside from cost).
You can check our doctors through the "Provider Search" link under each plan when you run your on-exchange quote here:
If you don't see your doctor, call their office and ask them what "Covered California plans do you participate with?".
It's common to see a doctor not show up in the provider search online but find out they are actually in-network.
If your doctors do not participate and you absolutely must stay with them, Cobra might be the best option (if you can afford it).
Cobra generally has the broader networks that we miss so much.
There are narrow network plans but if you used your prior group plan with your doctors, Cobra won't affect that.
Cobra is basically continuation of the employer health plan.
You can use Cobra to keep your doctors till Medicare starts.
Of course, you have to compare this against the cost difference.
Cobra coverage can be really really expensive.
It also has a cap on the amount of time you use it for...usually 18 months.
Some people will have an 18 month Cal-cobra extension option.
You can check with your prior carrier or HR department to see if this is available to you.
So, those are the big three concerns.
Let's try to re-frame it according to the three options till Medicare arrives.
Main attributes of this option:
UPDATE: California banned all short term health insurance plans eff 9/1/2018.
Information below is for States that still have short term health carrier options.
Lots of moving pieces.
Here's how to find the best health insurance between retirement and Medicare:
That's how we determine which insurance is the best approach after Retirement.
In fact, we see people cancel their Covered Ca or Cobra coverage a few month's prior to Medicare in order to save during that period.
That's how expensive Cobra or un-subsidized Covered Ca can be!
Of course, we're happy to help you with any questions.
Call us at 800-320-6269 or email us.
Our assistance is 100% free to you as Certified Covered Ca and Licensed California health agents.
Again, there is absolutely no cost to you for our services. Call 800-320-6269 Today!
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20 years of experience in the California health insurance market has taught us one thing...Competent and experienced guidance is Invaluable
We can quickly (very important) size up your health insurance needs and clearly explain the options available to you. Our focus is finding the most coverage at the best cost to you.
We are licensed Covered Ca agents with in-depth knowledge of their plans, process, and tax credits.
Call us...you will be Pleasantly Surprised. 800-320-6269
We'll quickly see if you have the best priced plan available and if you qualify for a tax credit800-320-6269
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