Ways Laid Off Baby Boomers Can Have Health Insurance

 

• Retiree Health Benefits – Certainly in today’s economy you can’t really count on Retiree Health Benefits from your employer and most of us will never even be offered such a package, but I will nevertheless list RHB as one way to continue with health insurance when you’re laid off.
• Continuing Coverage – Employers are required by federal law to offer COBRA continuation health coverage for up to 18 months when you leave a job.  But you have to pay the premiums yourself, plus a 2% administrative fee, which can amount to as much as $13,000 a year.  And if your employer goes out of business COBRA does not apply.
• Add-On to Spouse’s Policy – While most of us aspire to generate our own health coverage, it is more and more likely that retirees between the ages of 55 and 64 are becoming insured through another family member.
• Go Back to Work – Many Americans try to stay on the job until they qualify for Medicare at age 65, but if you are laid off before then, working just 20 hours a week at some companies will make you eligible for group health benefits.
• Do-It-Yourself – If you can’t get coverage from an employer or spouse, you will have to insure yourself.  Individual coverage averages about $300 or more per month on premiums.  Out of work individuals with significant assets who are healthy, may want to consider a high-deductible health plan.  Some states have high risk insurance pools.
• Play Russian Roulette – Americans who truly can’t afford health insurance often go without.  In 2001 50% of adults with gaps in their health insurance reported not getting the needed coverage because of the cost.  In 2008 the figure rose to 70%.
• Preventive Care – Continuing to stay healthy may be the best way to keep health costs in check, before and after qualifying for Medicare. 

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