Health, Dental & Drug Insurance/Benefit Plan for an early retiree - Page 3
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Thread: Health, Dental & Drug Insurance/Benefit Plan for an early retiree

  1. #21
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    Quote Originally Posted by marina628 View Post

    Until you have a illness you probably assume you can risk not having private insurance.
    That's true.

    There are key differences obviously between the underwriting method [pricing] of group vs individual insurance, but at the end of the day, it's all about risk [much of which is unforeseeable, no matter one's age], and the higher the risk [older], the higher the premiums.

    OP has 2 years to decide, but just keep in mind that to maintain your health coverage after termination/retirement, and without any interruption in coverage, you may be able to purchase health insurance without medical evidence if your current insurance is portable, and if you apply within 60 days from date of termination.


  2. #22
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    What is well and good is my agreement that these things can get expensive. There is no argument there, but it doesn't change the fact of reality that you are going to pay that cost yourself. Either as it happens or over time with the personal insurance plan...and that time will not be very long and usually it ends up being in advance (since they don't cover pre-existing conditions).

  3. #23
    Senior Member RedRose's Avatar
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    Thank You for your well wishes and kind advice re CCAC and such. I will follow up with them too.

    I guess I will NOT be buying any Health Insurance then at this point.

    I was just thinking to pay say $184 a month as opposed to paying $400 to $500 a month for meds and other allied health care.

    Difficult decisions again.

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  5. #24
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    Thanks to everyone who replied so far.

    I was just wondering if anyone has direct experience with Follow Me Health Insurance from Manulife.

    Any comments (within the bounds of what is allowed on the forum) on "Follow Me" would be appreciated.

    Follow Me is billed as "The individual insurance plan that starts when your employee health benefits stop".


    Thanks,
    JimBob

  6. #25
    Senior Member RedRose's Avatar
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    Cool

    JimBob, In hindsight now, I wish I had taken that Follow Me plan. I believe you have 60 days to sign up after you retire.
    Just my humble opinion take it.

    We were with Manulife and when my husband died I lost coverage. I could have taken it within 60 days but my head was turned elsewhere with other financial concerns.

    I never took the Health insurance plan with my job years ago as we were covered with his. I did n't see the point of both having insurance.

    Now I am semi retired and work now and then, I am not considered a full time employee so I cannot apply. I work for a Municipal government.

    Jim Bob, I hope you receive more responses.

    Rose.

  7. #26
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    Thanks RedRose

    Quote Originally Posted by RedRose View Post
    JimBob, In hindsight now, I wish I had taken that Follow Me plan. I believe you have 60 days to sign up after you retire.
    Just my humble opinion take it.

    We were with Manulife and when my husband died I lost coverage. I could have taken it within 60 days but my head was turned elsewhere with other financial concerns.

    I never took the Health insurance plan with my job years ago as we were covered with his. I did n't see the point of both having insurance.

    Now I am semi retired and work now and then, I am not considered a full time employee so I cannot apply. I work for a Municipal government.

    Jim Bob, I hope you receive more responses.

    Rose.

    Thanks for your response RedRose!

    Good Luck!

  8. #27
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    It's been a few years since I've been on this forum. I've been retired for over a year now and I wanted to post an update on my quest for retiree health insurance, in case the information is useful to anyone else.

    First of all, let me say a big thank you to all that responded to my original post. I received many very informative and helpful responses. RedRose, I hope you are doing well.

    After evaluating many Extended Health Care (EHC) and Dental Insurance plans for retirees, I eventually chose to continue EHC coverage under my wife's expensive, but very excellent company group plan for early retirees (under 65). The cost of the premiums is paid by the retiree. The major reason for this decision was that no "new" plan will cover "pre-existing medical conditions". If there is one, I did not find it. Because my wife and I have been covered by the same group plan for over twenty five years, this is (hopefully) much less likely to be a problem. The cost is high now (about $9,000/annum for family coverage) but once my wife turns 65, the cost of the premiums drop to $1,500/annum because the plan will no longer cover prescription drugs. Since Ontario Drug Benefit (ODB) coverage kicks in at age 65, this should not be a major problem. I am aware that there are limits to ODB coverage so I will be looking into this further as we approach 65.

    We decided to forego the dental coverage and take our chances with no dental insurance.

    I suspect that group retiree health insurance would be the best bet for people in my situation, if they are willing to pay the price and if it is available to them. Fortunately, my wife stayed with the same employer for many years and qualified for her company's group early retiree health insurance plan. I did not qualify for my company's plan because I fell short in the number of years of service. I also noted that my wife's company's retiree health insurance provides better coverage than my own, but the cost is higher. I didn't qualify for my own anyway.

    In an effort to find cheaper insurance, I looked at as many plans as I could and it seemed to me that none came close to what I wanted. Here are my main objections to the plans (outside of group plans) I researched.

    >Pre-existing medical conditions not covered
    >Yearly cap on drug claims is less than the annual premium cost
    >80% or less drug reimbursement
    >Lifetime caps on expenses

    Health insurance is one component of the worry free retirement that we were striving for. Even though it is expensive, my wife and I think it's worth the price.

    Last edited by jimbob.seeker; 2017-03-16 at 02:03 PM.

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