We are a 59 year old couple. My wife has smoldering multiple myeloma. She does not work and I am considering retiring but need to know what insurance options might be available with her diagnosis after my group medical insurance is ended at work. The disease progresses from time to time and then goes dormant so it is possible that she may be symptomatic when I’m applying for insurance. Should I purchase her private insurance before she has active symptoms or should I retire and since our company does not have retiree health benefits go to the market then? Is there any Medicare coverage at this age for us to consider? Thank you…I’d like to retire but can’t afford to not have medical coverage for her. Any suggestions or guidance will be appreciated.
The US Government is considering extension of COBRA benefits beyond the 18 months for those that over the age of 60, but you certainly can’t plan your retirement around the expectation of this becoming federal law. We are not familiar enough with your wife’s medical condition to say for certain that it will prevent her from getting insurance under a standard issue individual health plan. However, we can tell you that it will not matter if it is currently dormant or symptomatic when you apply for insurance. The insurance carriers will look at the costs for treating this condition when it is symptomatic, as well as any other health risks that could be possible side effect of this disease. You can call BCBS of South Carolina and speak with a sales counselor. They can inform you of their underwriting guidelines as they pertain to this medical condition. Worst case scenario – The South Carolina Health Insurance Pool provides guaranteed issue coverage for persons that are uninsurable and are losing their COBRA after 18 months. Answer by moderator — July 7, 2009 @ 2:12 pm No CommentsNo comments yet. Leave a comment |
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