Baby Boomer Lifeboat   

    Tips for Comfortably Retiring on a Tight Income

Baby Boomers can still retire, even on a tight income, by taking steps to stretch their dollars! 

Tips, ideas and advice for making Baby Boomer retirement income go further!


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Click here to go to Baby Boomer Lifeboat Home page. Use menu below to learn about alternatives available to Baby Boomers seeking to retire on a limited or fixed income.

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Baby Boomers and Healthcare -

Shopping Health Insurance

Tips for Baby Boomers Who are Too Young for Medicare

baby Boomers & health insurance.Seeking affordable Healthcare insurance for Baby Boomers has been a particularly difficult undertaking for those who are not covered by a pension plan and too young to qualify for Medicare (65).  It has been a big expensive void.

Obamacare to the Rescue!

As The Associated Press reports, the Affordable Care Act, commonly called Obamacare, has made a big impact on those "unwanted by employers, rejected by insurers, struggling to cover rising medical costs and praying to reach Medicare age before a health crisis."

Boomers in their 50s and early 60s have been signing up in droves to buy health insurance through the state and federal online marketplaces, where they'll find several tiers of plans and learn if they're eligible for a federal tax credit to help them afford the premiums. Eligibility for the credit is based on income, and many likely will qualify, but you have to buy insurance through a marketplace to get it. 

Every Boomer who is still too young to qualify for Medicare should investigate Obamacare as a lower-cost solution to healthcare insurance. It is a Godsend for our generation, especially for those who do not enjoy employer-provided insurance coverage.

Smart for Life

What about the new healthcare law - how does that affect you? We suggest reading these AARP articles for fast answers:

Health Insurance Considerations

Some things to look for when you are evaluating health insurance programs are:There's no way to get around it - Baby Boomer health insurance is expensive!

What the out-of-pocket expenses are for co-pays and deductibles for doctor visits and prescriptions.

Does the hospitalization portion includes the room and board and incidentals, and whether the surgical coverage includes the surgeon's fee as well as the procedure.

Bear in mind that although health insurance provides some major benefits that cannot be discounted. For example, your co-pay is based on significantly reduced rates negotiated by the insurance company.  If you had to pay the full amount yourself, it would be considerably higher. Without health insurance, an accident or serious illness could wipe out all your assets.


If you are eligible for Medicare, explore commercial options for the best supplemental insurance, Medicare Part D Drug and Medicare Advantage coverage among  health insurance providers.

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Cutting your Prescription  Costs

Baby Boomers can cut prescription costs by requesting generic brands.In addition to the AARP/Aetna health plan, alternative actions you can take to reduce prescription costs are:e:

  • Ask your doctor to redirect you to a generic version(s) of your drug(s).

  • Tell your doctor that you cannot afford the prescribed drug(s).  They usually have free samples from pharmaceutical companies that they can give you.

  • If you are a veteran, go to the VA to get your prescriptions - you can save up to 50%!

  • Generally, if you earn less in a year than $39,200 for single people or $52,800 for couples, you may qualify free for some or all of the prescription drugs you need.  Learn more at the Free Medicine Foundation.

  • Get a free True Care card, that provides nationwide discounts of up to 75% on drugs purchased at Rite-Aid, Walgreens or Target.

  • Pharmacists have banned together to offer discounts and deals to consumers. learn more at RX Savings Solutions.

  • Pharmaceutical companies patient assistance programs will provide free drugs to families making as much as $40,000 - $70,000 annually.  For details, go to the pharmaceutical company's Website or call their 800 number.  

Even if you already have independent healthcare insurance, you may be able to save money by canceling the prescription drug part of your policy and taking advantage of one of the above programs or tactics.


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