60 Year Old Prospects Asked About Health Insurance. How to Handle.

[FLM2]

Ok. I plan to tell them:

COBRA is probably best option.

Maybe his employer would allow him to stay on their insurance & he pays the premium.

Costa Rica has affordable care (jk kinda)

They might want to consider a LTC policy.

I'd be happy to give them free insurance review once I'm licensed in September.

.........
Appreciate advice or thoughts.

My advice is to actually learn something before giving out advice although I can't believe a stranger would ask someone studying for their license about something as important as health insurance either.

 

[entrep1776]

My advice is to actually learn something before giving out advice although I can't believe a stranger would ask someone studying for their license about something as important as health insurance either.

I thought I was learning something?

Yep people do discuss health insurance with someone sitting next to them on the plane.

 

[kpbdy99]

But wait, I thought Obamacare made all health insurance better and cheaper?

 

[FRJ]

Where in IL does this couple live? Pull up some current quotes and compare to their Cobra rate, just to be sure! Get quotes straight off healthcare.gov - there aren't any solid options outside that (in most IL places).

I work primarily in the Chicago area market, kind of lousy for health insurance.

 

[entrep1776]

I would advise him to start a small business as a C corporation before the end of the year. Start doing some consulting and work on his own terms post retirement. After his Cobra expires, he can have a small group, Long term care can be paid for tax-free, and he and his wife will be insulated from the individual market.

Thanks. He & his wife already have a cleaning business so that might work out nicely.

 

[TriciaS]

Ask them how he had decided to retire next year, but they haven't looked into the cost of health insurance that could cost them 18%-25% of their pre-tax, pre-retirement income easily. I've seen too many people retire early to be forced to take a low paying job just for benefits until they are 65.

 

[yorkriver1]

Thanks. He & his wife already have a cleaning business so that might work out nicely.

Careful there, often the group carriers will require a husband and wife to have W-2 employees, at least one, working 30 hours or more a week. They will require tax payment records to prove this.

The cost of carrying an employee may or may not be worth it. They should talk to an agent familiar with small group, who knows the rules.