Medicare at 64

[cmtrahan]

I am in desperate need of health insurance. I am 64 & drawing my retirement benefits for 2 years now a decision my husband and I made due to health issues. Since the start of COVID our lives and his livelihood have been turned upset down. We have both maxed out our 401k plans ( I know we shouldn’t have) but we needed the money . He is working his butt off delivering refrigerated trucks all over the US and that is keeping us afloat but we can not afford private health insurance. I keep seeing advertisements on TV for getting Medicare at age 64 ( I turned 64 in mid December) but can not figure out what the requirements are to qualify. Any help will be greatly appreciated 

Thank You

[GailL1]

@cmtrahan 

TV is not the place to get any real info; they are known to twist thing just to get you to call - a knowledgeable local health insurance broker that represents lots of different companies on and off the insurance exchange (insurance exchange = Obamacare) could help you the best.  You don't pay them a thing for their advice and options - the insurance company takes care of them.

You can see if your household meets the income threshold for a government subsidy under Obamacare.  Here is the link - just follow it along and see if your household income qualifies for a subsidy and if there is a plan that fits your needs where you live. 

Healthcare.gov 

A local health insurance broker should be able to help you with this but at least try to understand your options and how it works from Healthcare.gov.  These are private health insurance wplans under Obamacare which meets the coverage criteria of Obamacare.  These are the ones that will give you a premium subsidy IF YOUR HOUSEHOLD meets the criteria.  Insure just your self or you and hubby - the income criteria is for the Household and bases any subsidy on it..  They call these types of policies - "on the exchange". 

There are other private health insurance offered "off the exchange" (not subsidized) - some of these are short term plans.  So just know what the coverage is that you are considering. 

Don't just look at premiums - make sure it meets your medical needs - like in-network providers, hospitals, etc.  Medication formulary -etc.

IF your hubby needs health insurance too make sure that it has some good out of network coverage especially since he travels so much and insurance is always about risk.

The only people who can get Medicare at 64 are those who have been on SSDI (Social Security Disability Insurance) for (2) years OR if someone has ALS (Lou Gehrig Disease) or ESRD (End Stage Renal Disease) - the last (2) get it as soon as they are diagnosed.

When you say you have maxed out your 401K plans - you don't seem to be talking about contributions - I hope you are not saying that you have taken it out - BIG tax consequence unless it is a ROTH 401K..  That would not be good.

Any way you can cut expenses?  Include everything in your analysis and see what you might be able to change with a plan to give you & hubby some financial relief. 

Good Luck