Author Topic: retirement and medical insurance  (Read 748 times)

Offline zeeprogrammer

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retirement and medical insurance
« on: May 11, 2018, 08:00:25 PM »
This is way off forum topics but I thought it might be helpful to those of you who are considering retirement in the near future.
As far as I know, this doesn't apply outside of the U.S.

Most people I know retire on a Friday. In my case, that would have been March 30th.
Instead, I waited until Monday April 2nd.

For many of us, when you leave a company that provides medical coverage, that coverage ends at the end of the month you leave.
Had I left March 30th, I would have lost (company) coverage in two days and would have needed to sign up for (expensive) COBRA or other insurance.
By waiting until the beginning of the month, I had (cheaper) coverage for a whole month with no changes.

As an aside, at the end of April (or rather, May 1st) I became eligible for Medicare (I turn 65 tomorrow) and I didn't need to deal with COBRA et.al.

Many of my co-workers thought it very odd I was leaving on a Monday until I explained the reason. "Ooooooh. Nice!" was the usual response.
(I could have waited for Friday May 4...but naaaaah...I was very ready to leave.)

Note! This post is not intended to discuss the merits of whatever health care system anyone has. It's just a tip to those that it may help.

(If this post is inappropriate, go ahead and delete.)
Carl (aka Zee) Will sometimes respond to 'hey' but never 'hey you'.
"To work. To work."
Zee-Another Thread Trasher.

Offline crueby

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Re: retirement and medical insurance
« Reply #1 on: May 11, 2018, 08:50:27 PM »
In my case, out early during Kodak's bankruptcy and implosion that shut down all consumer products, I was (and am) too young for Medicare, so the Cobra coverage got me through 1 year at the old company rates. When that was ending, the newer Obamacare kicked in (please no rants for or against it, just saying its what I used) and cut my costs for buying individual coverage by 75%. Hoping I can afford to continue till the medicare coverage kicks in, but that is quite a few years off for me. Fortunately the F-U termination pay I got as an annuity covers my health insurance costs, so I did not need to get a job at some big box store to get coverage. Paying for it is a big item when considering retriement.

Offline mklotz

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Re: retirement and medical insurance
« Reply #2 on: May 11, 2018, 08:53:08 PM »
Most people I know retire on a Friday. In my case, that would have been March 30th.
Instead, I waited until Monday April 2nd.

Besides, there's a sort of vicious delight in going in on Monday, attending a staff meeting where it is concluded that everything is going great, only to exit the conference room to find that a series of major snafus have created havoc with your old project

and then walk out the door singing "I just don't give a .... anymore".
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Offline zeeprogrammer

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Re: retirement and medical insurance
« Reply #3 on: May 11, 2018, 09:47:12 PM »
Most people I know retire on a Friday. In my case, that would have been March 30th.
Instead, I waited until Monday April 2nd.

Besides, there's a sort of vicious delight in going in on Monday, attending a staff meeting where it is concluded that everything is going great, only to exit the conference room to find that a series of major snafus have created havoc with your old project

and then walk out the door singing "I just don't give a .... anymore".

Ah. You were there then. Why didn't you say hello?

(In one respect...you were there. A Swiss colleague has your avatar posted at their desk.  :lolb: )
Carl (aka Zee) Will sometimes respond to 'hey' but never 'hey you'.
"To work. To work."
Zee-Another Thread Trasher.

Offline Doc

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Re: retirement and medical insurance
« Reply #4 on: May 12, 2018, 01:33:09 AM »
  First off congrats on retirement I retired on March 29th on a Thursday as the 30th was a holiday and in order to get payed for it you had to work the day after and if I would have worked any time in April even an hour I would of lost a months pension payment.
   With Cobra you have 3 months that you are still covered and only need to pay a payment if you have a claim but if you line up other insurance and have no issues it works out good. So my insurance started in May and I did not have to pay anything to Cobra.

Offline rudydubya

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Re: retirement and medical insurance
« Reply #5 on: May 12, 2018, 07:31:51 AM »
I retired on a Friday.  But the next Monday morning I parked outside the main gate and waved to all my ex-colleagues as they drove in to work.

Regards,
Rudy

Offline ShopShoe

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Re: retirement and medical insurance
« Reply #6 on: May 12, 2018, 01:32:44 PM »
"... next Monday morning I parked outside the main gate and waved to all my ex-colleagues as they drove in to work."

Where I once worked, a retiree had a relative working at Wal-Mart. She showed up at the office wearing the vest "directing" her former colleagues to their offices.

ShopShoe