One of the challenges, and concerns of retirement or transitioning from permanent employment before age 65, the current Medicare age for health insurance.
Purchasing health insurance as an individual can be challenging, and can also create some angst in the decisions that we make.
Have you worked at a legacy company for an extended period of time, maybe 10 years or so?
We have continually run into situations where a former employee who has worked at a legacy company for an extended period of time, such as 10 years … may have an option for some sort of bridge or supplemental like health insurance coverage from the previous employer.
What is meant by legacy company, is a company that has been around for multiple decades …. a new startup tech company as an example, will not have such a benefit. Also, not to worry if your company has maybe changed an official name but has bones going back many decades, you still may have an option.
In almost every situation, the key is these plans are not easily discovered. In order to find out if you have an option, it’s best to dig out contact information from HR of your old employer and reach out to them directly.
This is an expense to your former employer, so it would be expected not to receive multiple information regarding such a plan, but if available it could greatly help in bridging the gap for Medicare should we be in the situation of needing coverage before age 65.
Almost every situation that we know of … has a slightly different slant of how qualifications are determined, be sure to take copious notes on how and why you may have this offer, and make sure you keep whatever contact person you have for future use.
Qualifications for such benefit can vary greatly, so again make sure that if you were being told something you again or actually able to get this coverage.
Maybe a bit of a hassle to determine if you have an option…. but if you do, will be VERY WELL WORTH the hassle!
Have a Great “Found Bridge Insurance Option” Day!
John A. Kvale CFA, CFP
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth