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Solutions 4 Financial Independence: 10/04/18

(WDTV)
Published: Oct. 4, 2018 at 8:28 AM EDT
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QUESTION: Jerry from Clarksburg asks "My wife and I retired from places where we can keep our health insurances in retirement if we continue to pay for them, we currently both pay for a family plan. She tells me this is a waste of money. What is your suggestion?"

JOHN HALTERMAN ANSWER: My man Jerry, guess what? I love smart ladies. Sounds like your wife is a super smart lady. You know, I see this all the time. People retire and they have two health insurance plans, and they think they are covering the gap, but the reality of it is, your doubling down on premiums that aren't necessary because health insurance companies are not going to cover things twice. Now, occasionally one plan will cover something that the other plan does not cover, but generally, when you do the analysis on it, your paying way more in premiums than what you get back in benefits. So, I got to tell you Jerry, you've got a smart lady on your hands, and you got to be thinking exactly like she is, because I do feel that it is unnecessary to have two family plans at the same time, and I don't know your age, but especially if your over the age of 65, because your also then being covered by medicare.