I am seriously contemplating retiring July 1, 2014. I think I have things in order. One question, though, is about health insurance under the HCA. Do I have to meet the March 31, 2014 sign up deadline? I am currently coverage by my employer but would not be upon my retirement. Do I wait until I am no longer covered? Any advice is appreciated. Thank you.
Near Retirement
Health Care Act question about 2014????
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Re: Health Care Act question about 2014????
Don't take my word as gospel regarding the ultra-complex ACA, but changing jobs or retiring seems to qualify as one of the "life events" that allow enrollment outside the normal enrollment period. Losing coverage due to a job change or moving qualifies, so I would think that retiring also qualifies.
https://www.healthcare.gov/how-can-i-ge ... nrollment/
https://www.healthcare.gov/how-can-i-ge ... nrollment/
"The course of history shows that as the government grows, liberty decreases." Thomas Jefferson
- frugaltype
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Re: Health Care Act question about 2014????
You should qualify for a Special Enrollment Period after leaving your employer. Whether the COBRA or ACA plans is a better deal depends on your state and cost of the COBRA.Near retirement wrote:I am seriously contemplating retiring July 1, 2014. I think I have things in order. One question, though, is about health insurance under the HCA. Do I have to meet the March 31, 2014 sign up deadline? I am currently coverage by my employer but would not be upon my retirement. Do I wait until I am no longer covered? Any advice is appreciated. Thank you.
Near Retirement
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Re: Health Care Act question about 2014????
As mentioned, you should be able to enroll. However, I would carefully review your COBRA coverage versus a plan under ACA. I reviewed one today and they are better to use COBRA.
Re: Health Care Act question about 2014????
As others have noted, it appears you are not bound by the March 31 open enrollment deadline, which makes sense. I haven't researched it to confirm, but that is my understanding.
When I transitioned we used COBRA for one year and then signed up through the ACA effective 1-1-14. We choose a HDP (high deductible plan) so we could fund an HSA (health savings account), and you may want to keep this in mind as you make your choices. In our case our ACA premiums were 30% less than the premiums we had been paying under COBRA.
Best of luck.
When I transitioned we used COBRA for one year and then signed up through the ACA effective 1-1-14. We choose a HDP (high deductible plan) so we could fund an HSA (health savings account), and you may want to keep this in mind as you make your choices. In our case our ACA premiums were 30% less than the premiums we had been paying under COBRA.
Best of luck.