I'm a 59-year-old underemployed widow on a Cobra health insurance that will end in 6 mos., and frankly my mind just goes round and round in circles when I think about it. I need a little help deciding what to do. After that, if you were willing, some suggestions on the underemployed would be appreciated too.
First, round and round on Cobra
Should I just cancel Cobra?
I'm spending a really cheap (in comparison) amount, $366 a month, on some pretty good insurance that I haven't needed. I could use that money.
But I've been paying for it for sometime now, maybe I should like get a physical and use the insurance to fix anything that might be wrong before Cobra runs out. But of course if anything is wrong, when Cobra ends any new insurance won't cover whatever would be now a pre-existing condition. You never know I might have an allergy - jeez, I do have allergies.
And then there's the whole "if you let coverage lapse thingy", were I just to cancel it; where you have to wait for 2 years to use your new insurance.
So maybe I need to keep the insurance I have and not use it just in case something is wrong and then I will be able to at least get other insurance, only I think maybe it has changed to they can cancel you even if your coverage hasn't lapsed.
Perhaps it's a mote point because I won't be able to afford health coverage on my own, at least not without going into my retirement savings even more than I already am. (Um, word wants me to end that sentence with is... more than I already is?).
Of course, if I don't have any insurance and then say I get really sick that retirement money will be gone anyway.
Oh, hey, even if I do have insurance getting sick is a bad idea if I want to use retirement money to retire. Right?
What about Veteran's insurance? I was in the Navy. The only hospital is in another city but hey. I might not be elegible since I do have retirement money and I have Cobra...
Should I just cancel Cobra?
My choices?
-Keep paying for Cobra, not use it in hopes that I can find affordable insurance when it ends
-Keep paying for Cobra, use it, hope they don't find anything, and if they do hope that it can be fixed before Cobra ends and then go without
-Use Cobra, end Cobra, use up my retirement and go on veterans insurance if I can (what do people who don't have this choice do?).
-End Cobra, stop paying for insurance and hope that I live to be 65 in completely good health, it's only 6 years away after all.
Or get a job that pays for benefits or at least pays me enough that I can afford to pay for my own.
Which brings me to my other challenge: employment. I've always worked but as supplemental income to my husbands. I am working part-time temporary now going into my retirement savings every month. The job will not work into full time or rather it won't for at least another year and even then I've been told not to count on it.
There are programs at the local colleges and going back to school maybe the best option - a little stimulus program on myself, use the retirement savings for school instead of insurance say. I have an ancient BS degree in psychology/art, about 20 credits in business, have worked in numerous office settings and know most of the computer programs very well. There is no need to tell you where my interests lie because they don't matter. I need job security; I will need to work forever. Any ideas on career paths that are: in demand, have good earnings right at the 'get-go' and have no 'have-to-retire' requirements? Oh, and I don't think I can afford more than a year, year and a half of school and living even if I keep my temporary part-time job.
I appreciate you're cents. Thanks NavyBlueGal