Ah, retirement

It was a complete surprise to me when I found myself retired on December 1st. I had been employed with the same company since 1988 and expected to work at least until age 65. Evidently, my company didn't see it that way, because on a Friday afternoon in November I and my fellow workers received word that our jobs were being eliminated. To be honest, at the time, it was sort of a relief. The company was providing a severance package based on years of service, so for me, this meant quite a bit of money. Also, I would be able to collect unemployment since I was essentially being laid off. I will turn 65 in May, and at that time will be elegible for Medicare and Social Security. Sounds like a win/win situation...right? My health insurance was to end at the same time my employment ended. It had been a very good plan which included major medical, dental, vision, prescriptions, etc. At age 64 1/2, I'm healthy enough, but I am 64 1/2. That means I've had both hips replaced, one cateract, my teeth need some attention and at my age, one never knows what tomorrow will bring. I was informed that I qualify for COBRA. This is a fine plan which provides the same coverage as the group insurance provided by the former employer. The trouble being, the expense is formidable. I checked into it and found that my cost would be about $500 a month. After a bit of shopping around, I settled on a plan with an insurance company operating through AARP. Initially, I was told the monthly cost would be around $250. This quickly escalated when they found out about my two hip replacements. Now, all of a sudden, I have a pre-existing medical situation. Ka-ching, ka-ching...the price goes to $387. For another $100 I could've gone with COBRA and got the dental plan as well. The good news is, in only two more months I should have Medicare coverage and a supplement to that should be a little easier on the pocketbook.