Health Insurance Coverage for Retirees Missouri MO

Reader’s Question:

Hi I’m Ben, 58 years old, from Missouri. I’m about to retire very soon. The thing is I have to get myself another health insurance policy. I understand that it would mean higher premiums, but I don’t want to pay too much needlessly. Would you please give me some tips as to how to go about this?

Ben

St. Louis, MO

There are a lot of people with the same problem as you. Even though you are in perfect shape, your age is one big reason for health insurance companies to charge you with higher premiums. I believe it can go three times as high as what you used to pay when you were employed.

One way to prepare for this is to talk to your employer there in Missouri in advance and ask for an HRA or Health Reimbursement Arrangement. It isn’t in place yet, but it will be in 2010. Through this, you may utilize your unused sick leaves to pay for certain medical and dental expenses, including health care insurance premiums. Look for co-workers who have the same concern. Together, you have a better chance at negotiating this with your employer.

You may also try to enroll at health insurance pools, which are run by state departments. You may find one in Missouri, which the Missouri Department of Insurance supervises. This was created precisely for people who can’t get themselves approved for health insurance coverage. You would, however, need to present proof of this, such as a written letter from an insurer that you would have been rejected or uprated had you applied. This could end up being cheaper. Good luck, Ben.

Tags: health insurance, insurance advice