healthcare options for early retirement

Worried about health insurance options if you want to retire before 65? Have you ever thought of Medical Bill sharing?

Let’s talk about the different insurance options for early retirement. We know if you wait till your 65, you can sign up to receive Medicare. At Goodwin Investment Advisory we have curated a list of trusted partners, and our Medicare partner is Regina Dunn (404.668.1752, or email at 2rdunn@gmail.com). She would be more than happy to assist you if you are 65 and older. But what if you want to retire early and you’re concerned about what health care options you have? Medical expenses and planning ahead for health care is a common concern for those of you who are considering retiring before you are eligible for Medicare. We want to address some more typical options and share our recommendations as well as introduce an option you might not have considered: Medical bill sharing.

Health care options to consider. 

1. Obama Care – as long as you sign up during the enrollment period between November 1st and December 15th each year. If you miss this window, you will have to wait until the following year to enroll. This enrollment period for the Affordable Care Act has been waived currently due to Covid and is extended until August 15, 2021. Obama Care does have plenty of options to choose from based on your personal health care needs. Shop around on the website to see if any of the plans are right for you.

2. Medical bill sharing – a different approach to medical insurance and can be an affordable alternative to traditional medical insurance plans depending on what your needs are. We will compare the two main options for medical bill sharing.

• Medi-Share  – an affordable alternative to health insurance established in 1993. Medishare has over 400,000 members across America with $500 Million shared each month and over 900K providers. “Medi-Share is for people who want affordable access to quality health care and a Christian community they can count on. Medi-Share is a great option for business owners who need to make every dollar count, families who need solid options that fit their unique needs, and individuals who need health care advocates who will stand by them.” Watch the video here.

Something that makes this option viable is the beauty of knowing that even if you don’t use the money each month that it is going toward helping someone else and not just making money for an insurance company. Goodwin Investment Advisory’s president, Tim Goodwin uses Medishare and has been so pleased with his experience that he was even interviewed by Medishare to share his experience with prospective members.

One thing to know is that well-care and preventative care is not shared, or included in the plan because the primary purpose of Medi-Share is to help share those unexpected medical bills you are unable to plan for (ie. broken bones, cancer, surgeries, etc). The low monthly payments they call, share amounts, allow you to budget for your family’s routine care, which can be planned. So if you are looking for coverage for your routine visits and preventative care you might find this is not the right fit for you. But, if you just want something to help cover emergency medical costs this option might be exactly what you need.

• Samaritan Ministries – The mission statement for Samaritan Ministries is “a community of Christians sharing one anothers medical bills.” They don’t consider themselves to be insurance, because they operate on the principles of Christian generosity and the value of sharing in one another’s joy and pain. When you are healthy and not in need of utilizing the money you give, you are celebrating in your own health while providing for others that are not as fortunate in their current season. When you have a health care need, other members will send their shares to you along with praying for your circumstances and even send notes of encouragement throughout your healing journey. It is a ministry of “Christians committed to honoring Christ through serving one another through health care.”

Samaritan Ministries does not have any network restrictions. You have the freedom to choose any health care provider that works best for you and your family. You choose the doctors, pharmacy and hospital that is best for your needs. This is what makes Medishare and Samaritan Ministry different. Sharon Brewer, Financial Advisor at GIA, uses Samaritan Ministries and she has really enjoyed her experience stating, “Samaritan Ministries works for me because I have no pre-existing conditions, am healthy and spend very little on healthcare, but I can rest knowing that a large unexpected expense will be covered. I like the concept of helping others pay their medical bills. It’s a nice surprise also, when you receive a thank you note from a stranger…for helping meet their needs or a get well soon card in the rare event I need to request a reimbursement for my medical expenses. I’ve never received either from an insurance company.”

There are 2 main options Samaritan given, which is all done on an online app and the Samaritan classic and basic option, which is the original hands on approach. Each of these options gives you a choice of different share plans. Check out the website to learn more about the specific options and see if they are right for you.

Watch this video that compares Samaritan Ministries and Medishare –  video