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| Can I keep COBRA until 65 & go on Medicare? |
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Q: If I retire at 62, can I KEEP Cobra until 65 & go on Medicare? What would the premium be for me & my spouse and would it be the same coverage that I have with my present employer?
A: An employee that retires at age 62 (or any age) can only keep COBRA for a maximum of 18 months. Your wife will be eligible for 18 months of COBRA too. You will not be allowed extend the COBRA continuation to age 65. COBRA is a continuation of your employers group plan, so it will be the same benefits, same coverages that you had before you retired. Since, you no longer work for that employer but still have their coverage; you will be responsible for 100% of the monthly premiums. Plus, the employer can add a 2% administrative fee to that cost. You would have to contact the employer to find out what your premium would be.
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