By: Cory Carlton
There is a lot of great things to look forward to about getting a little older. One of which is becoming eligible for Medicare. Medicare has some of the best health insurance options on the planet and at a price you can afford.
What we’ve found is there is an awkward stage for people between the ages of 62 and 64. Many people want to retire at these ages but one of the biggest concerns is health insurance. Since most people get their health insurance through their employer, they would either lose that coverage or have to pay some hefty premiums to keep it through COBRA.
Sometimes people keep working and put off retirement because their spouse is a few years younger than them and still needs health insurance and is not eligible for Medicare.
We’ve even run into situations where the health insurance premiums are getting to be too much for people.
Regardless of the situation, people are looking for a better solution than what they currently have. Here is how we help those people…
We use short-term medical plans. Depending on the state that you live you can have short term medical plan for up to three years.
The biggest draw it has for people is that it is generally much more affordable than traditional health insurance.
Here is how it works…
You have a deductible, just like your plan now has, and you have options between $1,000 and $25,000. Then you have the coinsurance followed by the out-of-pocket maximum after the deductible.
So, if you chose a plan with a $2,500 deductible with an out-of-pocket maximum of $5,000, your total potential expense would be $7,500 for the year, plus your premiums and any coinsurance you are responsible for.
A little different than traditional health insurance.
The point is that if you, or your spouse, are not yet eligible for Medicare but are looking for a better solution than what you currently have, this could be worth a look.
If you want to retire but feel like you can’t because you need health insurance, this is an option.
If your spouse is between 62 and 64 years old and you are still working so they have health insurance, this is an option.
If you, and/or your spouse, are between 62 and 64 years old and your health insurance premiums are getting too high, this may be an option.
If you fall into any of those categories, then reach out to your Both Hands FG agent and ask them if a short-term medical plan may be right for you.
If you don’t have a Both Hands FG agent, email me at c.carlton@BothHandsFG.com with your name, phone number, and state and let me know that you are interested in looking at a short-term medical plan and we will connect you with a local agent.