4 Rhode Island Health Insurance - Early Retirees
Early retirees, under age 65, may face challanges with health insurance. Most employers are not offering retiree coverage. You may have the option of COBRA.
COBRA is an important option for individuals leaving a group health insurance plan. It allows eligible individuals to continue with the same carrier, same benefits and rates just a little higher than the existing group rates. You do not need to requalify for coverage to accept an offer of COBRA.
However, many find that the group rates are much higher than they can afford. If you are healthy and can pass medical underwriting then the traditional individual health insurance policy may be the best bet.
If you are considering an individual policy, remember acceptance is not assured. You should elect the COBRA, if you are eligible so you know you will be covered. Then you can apply for an individial health insurance policy and see if you are accepted for the plan and rates that you applied for. If the new individual policy is issued, then you can cancel the COBRA.
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Do not cancel COBRA or any other coverage until you have been issued the policy that you applied for.
