`Health Insurance After Retirement

Discussion in 'Cop Talk' started by mmsig229, Aug 3, 2020.

  1. mmsig229

    mmsig229

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    I'm assuming you don't mean working as a police officer until 65?? That's wouldn't be safe for the officer or the public. And yes, I found other employment to cover healthcare.
     
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  2. mmsig229

    mmsig229

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    I hear you!! Most of our union reps had wives who had health care plans at their work, very few were stay at home moms. They, along with the younger guys would scream and yell for a 3% pay raise, more paid time off, or higher uniform allowances instead of a resolution for health care in retirement. Very shortsighted!!!
     

  3. bdcochran

    bdcochran

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    1. you asked about experience. I given mine. I was paying $600 a month for one person in about 2011. Medi-care came along and the monthly went down to $112.
    I didn't have any public employee insurance benefit.
    2. my advice to anyone contemplating retiring today, whether private employee, municipal employee, soldier:
    a. being willing to open your wallet and spend some cash with a retirements benefits specialist who has some knowledge of medi-care and who actually reads your existing coverage.
    b. in your haste to retire, remember that you have already figured out how to do personal things on the time clock. retiring does not mean that the painting/plumbing/home remodel gets done any sooner. you are still relying upon other people. so when you hasten to retire without having done 2a 2b above, the problems will be those you create without seeking professional advice.
     
  4. 4896worker

    4896worker

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    Copy that retired from a fire department after 35 years seems like guys are droping dead from cancer or heart problems after only a few years retired. The bright note my wifes next husband should be set ha ha
     
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  5. mmsig229

    mmsig229

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    I'm not crying "poor,' by any stretch of the imagination!!! About five years before I had my 25 years in I met with my Edward Jones agent to map out retirement plans. Due to living below my means, and a moderate inheritance, I had for many years been contributing to a 529 plan, 2 Roth IRA's, and a regular Edward Jones joint account with my wife. In addition to my pension, I had also been putting away funds in my 403(B) account. My wife and I agreed that when we started our family, she would stay home and be the primary caregiver. She's very good with money and we had no problem living on one income. When John started school, she went back to work part time, but had no benefits. Here's a real kicker, before meeting with our EJ advisor, I did an online calculation of my future social security benefits. I had paid into SS for many years prior to law enforcement and had more than enough quarters to qualify. My part time jobs (Road details) ect while working at the PD were also included in the calculation. To my shock my monthly SS benefits were like $300.00 a month before taxes!! I called SS and was told by an employee that I was under a "pension tax windfall,' whatever that means!! So even though I was eligable for SS, I was being penalized. My pension was about 63% of the average of my highest 5 years. Out of pocket health care for a family of three would have eaten up about 2/3 of that!! Working a few more years wouldn't have really made much of a difference in my pension. Besides, I was more than tired of working rotating shifts and decided that I'd rather be home in the evenings with my wife and son.
     
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  6. Larry302

    Larry302

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    Retired two years ago, city pays 95% of my health care, if you stay 30 years its 100% .
     
  7. Paul53

    Paul53 You local friendly Skynet dealer

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    Which city and what job can I do till I'm 97?
     
  8. blueiron

    blueiron

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    Health insurance after retirement?

    We have several options in my State:
    • Live frugally and save a large amount of cash.
    • Premiums start at around $1,000 monthly for a HMO [single person] up to over $2,000 monthly for a PPO for a family plan. Keep in mind that the former employer pays zero of the premium.
    • Get a job in government after leaving service. The coverage is often worse and costs more, but it is insurance.
    • Marry into money. Most cops are familiar with divorce, so keep up on personal appearance and fitness in order to attract the best candidates. Living frugally may not comport with this point very well.
    • The Powerball lottery is usually won by retirees, just not you.
    • Hope that nothing will happen. Your chances of winning the Powerball is greater than this.
    At least we are better off than corporate types.
     
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  9. Mister Clean

    Mister Clean

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    ......
     
    Last edited: Aug 3, 2020
  10. blueiron

    blueiron

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    If you are expecting a 457 plan to pay off a 4 year undergrad degree at a State University, good luck. 457 plans are subject to the vagaries of the stock/bond market; you have to pay out taxes at the time of withdrawal and they are considerable; and other issues.

    I doubt most 457 plans could pay for private schools such as USC, Notre Dame, or any thing resembling an Ivy League school. You might get lucky.

    The people I know that tried this ended up sending their child/children to community college for the first two years, having their kids take student loans to supplement the costs, have their kid/s work as student employees at the school for some offset of tuition, or go the ROTC route in order to have the DoD pay the tuition.

    If you have not looked at the tuition costs for the schools you are considering, do so immediately. This can point you to partial scholarships based on a number of factors and how best to approach the tuition issue.
     
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  11. pugman

    pugman

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    I work for United Healthcare and help manage Medicaid plans for 34 states, Medicare Advantage and commerical insurance. There are more options than you can imagine and coordination can become a nightmare.

    For example, my father has Medicare A, his supplement requires he picks up and pays for B (maybe $100 a month) he has a supplement with Medicare D and is a veterean. His union jobs accrued premiums which covered the supplement's premium the first 14 years he was retired. Basically, he has rockstar coverage for roughly $110 a month and if he sees a bill its 3.00.

    Since you are retiring I will suggest this-may not like it but its an option. At least twice a month I go to Target as early as possible on Saturday for whatever. I notice 99% of their morning stocking staff are older folks. Come to find out Target offers part time staff (15 hours a week if I recall) health insurance. So they stock shelves a few days a week, get a little cash and have as I've been told excellent commerical insurance coverage. If you hate Target there are lots of large companies who offer insurance to part time staff. A friend's dad picked up pt work driving patients for a large health services provider in the area between facilities. Apparently they have a hard time finding drivers with good records.

    There are also no premium Medicare supplements but the fed restricts which insurance companies can sell where so you need to check locally.

    Lots of options.
     
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  12. mmsig229

    mmsig229

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    It does get confusing!!! There's a hospital in Akron that gives free health care to drivers who make deliveries between hospitals, you just have to work 15 hours a week. I've worked for the school system for about four years now about 20 hours a week. I like the hours and my schedule, my wife's schedule, and our son's school schedule all mirror one another. Keeping a CDL up to date is kind of a hassle, but at least for now it's working out well.
     
  13. Sgt127

    Sgt127

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    My city is very generous. I can keep the city insurance for myself, wife (though she opted out via a divorce) and kids until they are 26.

    My youngest son and I Costs me about $500 a month for very good medical and dental.

    it’s gone up a few times since I retired. If it gets too pricey, I can drop to a cheaper plan.

    he turns 26 the same time I turn 65 and, I can get Medicare. My premium should easily cover all the part A’s and B’s. (I don’t know much about how that works)
     
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  14. Sgt127

    Sgt127

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    Double tap
     
    Last edited: Aug 4, 2020
  15. CAcop

    CAcop

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    Ours is 75% of second highest insurance for the individual officer after 20 years and you retire at service age. Nothing for spouse or kids. Nothing if you go out on disability pre service age.
     
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  16. The Hawk

    The Hawk

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    Retired State Parole Officer here. This applied to me. Great benefit.
     
  17. ReaPer105

    ReaPer105

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    I feel lucky my city offers retiree insurance. Police get retiree insurance free till age 65 if they stay 30 years or more. I did over 36 years.
    My wife worked for the city too in a different part, and has to pay $400 or so per month for hers. BCBS insurance.
     
  18. Newcop761

    Newcop761 CLM

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    I'll be able to keep my health insurance in retirement for my family for the same amount that I pay now. The only catch is that I'll pay a premium monthly vs biweekly. To keep insurance in retirement we have to have been in the insurance program for at least the last five years. There's still open enrollment and you can change from plan to plan as needed during open enrollment.
     
  19. Monkeybomb

    Monkeybomb Resident Misanthrope

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    Here as long as you retire with over 20 years. They pay for all medical until you get on Medicare and then it pays a subsidy for both Part A and Part B when you turn 65.

    I will still have a teenager at home when I retire so I need to figure out what to do for just that one.
     
  20. Ohsheepdog

    Ohsheepdog

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    Thanks! My city has UHC now, but your advice about Medicare is helpful. I have less than 3 years before I COULD retire, but could do up to 8 years of DROP before I'm forced to leave. That would still only put me at 60 though. Wife stayed home with our kids and is the same age, so we have quite a few things to figure out.