Your own corporation: “Me, Inc.,” not your husband’s employer. Sorry if I did not make myself clear.
So sorry for this journey you have to travel on, we have followed you throughout.
At first I was going to ask his age, then reading through the entire thread I found that. I ask this since I was forced by the government to go on Medicare when reaching 65. Though I loved the Blue Cross Blue Shield plan through our family corporation.
We are a C-Corp, and always had insurance through BC/BS direct, though when they forced me off, we got to small and they had us go to a broker.
For me she rolled a BC/BS supplemental plan for my “demanded” use of Medicare. For the others they set up the same plans we had through the broker.
I think due to what I think is the small group in your company, a broker would be best. Just make sure you trust him or her, ours has been outstanding.
I do fear this will be hard, since he has a preexisting condition. I too ran into that, and it was problematic, though it did get solved.
There is a 6 month period when you turn 65 where acceptance into medicare with a supplemental cover policy is guaranteed. This guaranteed acceptance is without a medical physical and/or any preexisting conditions. This window period begins 3 months prior to the 65 birthday up to 3 months after the 65 birthday. This is what is called the golden window for those with preexisting conditions.
We do not know if that same guaranteed acceptance applies for some one on SSDI and moving from Cobra to medicare and is younger than age 65. If your husband will be relatively close to 65 when the Cobra runs out, it might be beneficial to have him on ACA for a short time until he turns 65 to gain the guaranteed acceptance. If he has guaranteed acceptance at the end of Cobra, then that would be the time to get medicare with a supplemental policy.
Entering into medicare during a guaranteed acceptance time frame is important as the premium will be less for medicare with a supplemental policy.
Only four states—Connecticut, Massachusetts, Maine, and New York—have guaranteed issue protections for Medigap, allowing beneficiaries to purchase Medigap policies without medical underwriting at any time. In these states, individuals can switch between Medigap and Medicare Advantage plans more easily compared to other states.
This is huge. Many are taken in by the low (or no) premiums for Medicare Advantage, only to find when they get older and sicker, the doctors and hospitals they need are not covered or out-of-network.
California tried to pass a law allowing the same, recently, and somehow, it did not pass.
Medical underwriting means the insurance company can look through your entire health history from the time you were born, and look for reasons to exclude you from coverage. Most do.
He won’t be. He’s 58 now, will be 59 when COBRA runs out. So there will be a gap - I think. I will have to find a medicare broker then probably. I’m glad this thread is here, as I’m sure I will refer to it later. For now I’m just trying to get a plan for me and my daughter so I don’t have to pay COBRA for us. The marketplace plans are still very expensive, but slightly less so.
Just be careful.
Don’t let them talk you into Medicare Advantage. These types of policies seem inexpensive because the monthly cost is low but the out of pocket could be $7,000 or more per year.
Medicare with a Supplemental policy with a Part D policy (this is the prescription part) will have a monthly premium but will cover the additional costs of medicare (except the yearly deductable … currently $257 for the year). You will probably pay around $250 (or maybe a little more) per month but even at $300 per month that will be $3600 per year which will be less expensive than a Medicare Advantage policy with it’s out of pocket amount of $7000+. Hopefully when this happens, he will have the guaranteed acceptance.
ACA isn’t much different than buying insurance straight from the insurance market. The difference is that you are looking to qualify for a supplement payment which is provided by the government based upon your income. The higher your income … the lower the supplement will be. The lower your income … the higher the supplement will be. With the other factor being the number of people in the house hold.
Hopefully it will all work out for you.
Thank you for bringing that up! My broker taught all that to me, I knew it was a scam, and she confirmed it.
@LR72 I have to run out and solve a banking issue for the company, when I get home I will send you by PM her contact information. While she will not be appropriate being in our state, she may have a local reference for you.
I have two different brokers that I’m talking to - both recommended by different friends.
Both of them are saying a private PPO plan will probably be better (cheaper) than an ACA plan because I’ll have lower deductibles and better coverage/choices.
You must wait until 65 to take advantage of the “Plan G”/guaranteed acceptance opportunity. You can, however, you do have opportunity to purchase an advantage plan any time you are on Medicare.
Recent experience with someone who was injured at 60 and was approved for SSDI. His insurance was Medicare, he was able to get a BC/BS Advantage plan until he turned 65 - then made the switch to Plan G.
The business files an 1120-S. The personal return is a 1040.
A friend referred me to her health insurance agent who sells a PPO product. It’s Freedom Life but uses the UHC Choice Plus network. It’s considerably cheaper (800 vs 1200 for 2 of us) but you have to qualify - can’t have an pre-existing conditions, etc.
I am doing my research - I have zero time for it, but here we are. Thinking I will probably apply for this and hope for the best.
Still would try ACA … we would go through the process of signing up to see what is available (with out an agent). At the very least, you could compare pricing of UHC Choice Plus through ACA verses the agent.