An iconic Milwaukee company declares bankruptcy.

Sad.

Shortly after that, there were media reports the reorganization would result in the abrupt termination (8/31) of health insurance for about 450 retirees under age 65; i.e., not eligible for Medicare.

Heartbreaking!  (Click here to read more.)

Let’s see. $650,000/month for 450 people? That’s ~ $1,444/month. Seems a bit high but I’d wager the coverage was fabulous, with a broad (everyone’s in it) provider network and, pretty much ‘free’ to the retiree.

Not coincidentally, we then started hearing from a few of these folks.

Daniel is 63. The good news; losing coverage qualifies him for a Special Enrollment Period (SEP) for an individual policy on 9/1. There will be no medical questions or pre-existing conditions limitations. We quoted multiple options. The lowest premium; $844/month for a $6,500 deductible plan with an HMO-like provider network.

The bad news; with income of $128,000 he will not qualify for Obamacare tax subsidies.

That’s about a $12,000 ‘hit’ to his budget.

Hang in there, Daniel. In 17 months we can help you select a Medicare Advantage plan. Premiums run about $25-$75/month.

One problem ‘solved.’ 449 to go . . . . . .