62 Year Old Needs my Help!

dallas1

Expert
46
I was trying to help a 62 year old woman, in North Carolina, yesterday that was thinking about retiring. Overall she is in good health. To make ends meet each year, she takes around $75K out of her annuity. She makes approx. $25K income from her present job. She is to apply to start receiving social security benefits as soon as she retires. She would like to retire now but she is worried about her health insurance. She can, if she leaves, get on cobra for 18 months paying $650 a month. That will take her to 63 1/2 years old. What then? Not knowing a whole lot about ACA, I believe that her annuity income will prevent her from getting a plan. What recommendation would you make for her going forward? Thanks in advance.
 
I would recommend that she talk to someone who specializes in selling individual health insurance.
 
The markets are extremely volatile at the moment....just incase you've been under a rock:)

If she can afford cobra that is probably her best path for the time being. Allot can / will happen in the next 18 months with the Health insurance markets.

The immediate benefits are she doesn't have to potentially change anything like patient / Dr. relationships and she probably has a pretty good idea on how her benefits and networks work.

Depending on how the election shakes out this whole health law could change or remain the same. Regardless 18 months would get her past this election cycle.

2 cents...
 
Hello dallas1,
Just for your info, the fact that her income is high doesn't mean that she doesn't qualify for health coverage...she might not qualify for a subsidy...i would do a comparison and find out how much an individual plan would cost in her area
 
She can buy a plan "off-exchange". With $100k in income (job+retirement), she won't qualify for a subsidy. Go to Health Sherpa's website and you can see the plans and prices.
 
If you have good rapport with her I would partner with someone with an annuity background, and have them do an assessment of that annuity. Could be a much larger commission while helping her with something that is going to be beneficial to her as well. She may not be able to do any better but it sure wouldn't hurt to check, especially since she is depending on that for 75% of her income. There are some good options out there now that guarantee her money won't run out.

I am licensed for NC and actually wrote a case there the other day if you don't have anyone else you are welcome to PM me.
 
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