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Retire Early, The Savings Highway Has Your Health Care Benefits Covered Until You Reach Medicare

Retire Early, The Savings Highway Has Your Health Care Benefits Covered Until You Reach Medicare

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) routes to reducing health care costs.

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.) In most cases you would pay the maximum allowed, which is 102% of the premium, or 2% above the group insurance rate your employer paid. But that group rate can be less than half of what you would buy on your own.

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

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Jim Roche NJ (908) 413-5363The Savings Highway

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