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Follow on Google News | Retire Early, The Savings Highway Has Your Health Care Benefits Covered Until You Reach MedicareHere's a topic that most people say is probably the biggest obstacle to be able to retire early in the U.S.: The solutions to bring down costs aren't miracles, but some may save you enough to get you to Medicare without using up other resources
By: Jim Roche NJ Here's a topic that most people say is probably the biggest obstacle to be able to retire early in the U.S.: Max out your 401(k) and save all you want in an IRA, but the cost of health insurance can eat through a sizable chunk of these accounts if you retire before you're eligible for Medicare at age 65. The solutions to bringing down these costs aren't miracles, but some may save you enough money to get you to Medicare without soaking up other resources. Today I'll explore the major sources of health coverage open to those who choose to retire early, and the next section will look at some other (sometimes not-so-conventional) If You Can, Bring It With You If you retire early (before age 65), your company's group health coverage is probably your best option. The average retiree paying about $120 per month for company-sponsored coverage - literally hundreds of dollars less than coverage this group obtains on its own. Many companies will cover your spouse if he or she is enrolled in the plan before you retire. Alas, less than half of those who retire early can count on this coverage, which means finding a way to bring down the price tag on coverage until Medicare is available. Your Fallback: COBRA + HIPAA For the many of you who won't be able to buy into extended employer coverage, your next-best bet is coverage offered under COBRA (Consolidated Omnibus Budget Reconciliation Act of 1986), followed by the coverage protection of the Health Insurance Portability and Accountability Act (HIPAA). As you'll see, this package isn't ideal, but it's more than what was around a few years ago. Under COBRA, you can continue group coverage for you and your covered spouse and dependents for 18 months after your employment coverage ends. (This coverage can be extended up to 36 months under certain circumstances, including disability.) Once COBRA ends, HIPAA guarantees that you can buy certain coverage without being subject to restrictions due to preexisting conditions, so long as you have been covered almost continuously by a group plan or COBRA for at least 18 months. But HIPAA doesn't do anything about the cost of coverage - in fact, in some states you may wind up paying more than you would with some individual policies. That's because HIPAA leaves the choice of which plans to offer up to the states. HIPAA doesn't always mean immediate coverage - Under HIPAA, insurers can delay covering your preexisting condition for up to one year; they just cannot deny coverage for this condition forever. For HIPAA protection, be careful with coverage choices - You are protected by HIPAA only when you jump from group coverage, not when you leave a self-purchased policy. If you find a great deal on coverage outside of your pre-retirement policy, keep in mind that you aren't protected by HIPAA if you decide to change policies again before you're eligible for Medicare. ARE There Other Options? Yes, there are other ways to keep down health care costs in early retirement. And if you join the Savings Highway today you will receive discounts on Dental, Vision and Health benefits coverage to reduce costs that could prevent you from being able to retire early. Just a few of the benefits you will receive for being a member of the Savings Highway. HEALTH DISCOUNT PROGRAM... INCLUDED!!! Good for the entire family! This savings program will allow you to save 10-50% on your prescription medications at a participating retail pharmacy or through mail order, and up to 40% on diabetes supplies, durable medical equipment, hearing supplies, and over-the-counter items. This is a great program for those who are uninsured or under-insured. This program can be used by your entire family. No enrollment forms are required. All that is required of you is to simply click one of the links below to print a card or learn more about our program. The card is pre-activated and ready to use. Start saving today! Prescription Savings Program - 45,000 Pharmacies USA ACME Pharmacy Albertson's Pharmacy Bi-Lo Bi-Mart Brooks Pharmacy CUB Pharmacy / SuperValu CVS Corporation Dillon Pharmacy Discount Drug Mart Dominick's Duane Reade Eckerd Fred Meyer Pharmacy Fred's Pharmacy Giant Eagle, Inc. Harris Teeter Hy-Vee Pharmacy K-Mart Corporation Kroger Drug Store Long's Drug Store Marc's Pharmacy Medicap Pharmacy Medicine Shoppe Pharmacies Meijer Pharmacies OSCO Pharmacy Pamida Pharmacy Publix Pharmacy Quick Chek Pharmacy Randall's Pharmacy Rite-Aid Corporation Safeway Supermarkets SAVE-ON Pharmacy Shaws Pharmacy Shopko Pharmacy Shop-Rite Smith's Pharmacy Snyder Drug Emporium Stop & Shop Pharmacy Super D Drugs Target Pharmacy Tom Thumb Pharmacy Top's Pharmacy Von's Pharmacy Walgreen's Wal-Mart / Sam's Pharmacy Weis Pharmacy Winn-Dixie And all of these programs are included Free... Discount Mail Order Savings Program Over-the-Counter (OTC) Savings Program Diabetes Savings Program Durable Medical Equipment Savings Program Hearing Care Savings Program Discount Lab Work Program For More Information Contact: Jim Roche NJ (908) 413-5363 The Savings Highway # # # Savings Highway was established in 2006. We combined the "best of the best" family savings programs into one easy, affordable membership, and we have added an exclusive "Retire Early" Program so that Americans can make their financial dreams a reality. End
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