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News for Baby Boomers
Health Care Costs, Other Economic Concerns Prompt
Baby Boomers to Delay Retirement
 Individual
health insurance policies are expensive and often unavailable for early
retirees
Aug. 27, 2008 -
USA Today on Wednesday, as part of an ongoing series about
retirement issues in the 21st century, examined how many of the 1.6
million baby boomers at age 62 who will become eligible for Social
Security this year "have postponed plans to retire" because of health
care costs and other economic concerns.
In 2007, only 45% of large companies subsidized
health insurance for early retirees, compared with 88% in 1991,
according to
Hewitt Associates.
 As a result, many employees who retire before age
65, when they become eligible for Medicare, would have to find a new
source of health insurance, such as the individual coverage market, Rick
McGill, head of retiree medical consulting at Hewitt, said.
However,
McGill said, individual health insurance policies are expensive and
often unavailable for early retirees. Between 20% and 40% of early
retirees who apply for individual health insurance policies are rejected
or have to pay higher premiums than other policyholders, he said (Block/Gopal,
USA Today, 8/27).
>>
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