If you’ve tried to get Medicare at 62 and found out you have to wait until you are 65, think COBRA. COBRA offers temporary continuation of health coverage at group rates. While this may be less expensive than private insurance, it is still a lot higher than those living on a budget may be able to afford. If you’re thinking of buying health insurance from a private health insurance company, you may be facing up to $300 per person per month for coverage until you turn 65.
Do the math! For a single senior at age 62, the amount of money they would need to hand out to have health insurance would be up to $10,800 for three years or double that for a couple. Living on Social Security benefits and a pension may not allow people to find that kind of extra money.