Health Care Act question about 2014????

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
Post Reply
Topic Author
Near retirement
Posts: 122
Joined: Mon Oct 08, 2012 4:57 pm

Health Care Act question about 2014????

Post by Near retirement »

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
User avatar
deanbrew
Posts: 1500
Joined: Wed Jul 21, 2010 12:05 pm
Location: The Keystone State

Re: Health Care Act question about 2014????

Post by deanbrew »

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/
"The course of history shows that as the government grows, liberty decreases." Thomas Jefferson
User avatar
frugaltype
Posts: 1952
Joined: Wed Apr 24, 2013 9:07 am

Re: Health Care Act question about 2014????

Post by frugaltype »

https://www.healthcare.gov/glossary/ope ... nt-period/

Click on Special Enrollment Period.
BruDude
Posts: 4211
Joined: Wed Dec 29, 2010 11:28 pm
Location: Las Vegas

Re: Health Care Act question about 2014????

Post by BruDude »

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
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.
bluemarlin08
Posts: 1561
Joined: Wed Aug 29, 2007 12:18 pm

Re: Health Care Act question about 2014????

Post by bluemarlin08 »

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.
J295
Posts: 3403
Joined: Sun Jan 01, 2012 10:40 pm

Re: Health Care Act question about 2014????

Post by J295 »

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.
Post Reply