How to Get Health Insurance if You’re Retired but Not 65

Retirement can open up a new and exciting chapter in your life. Turning this page at a younger age can be particularly enjoyable, as you may gain extra years of enjoying your hobbies and spending time with your loved ones. However, retiring early may also lead to certain complications. Regardless of your health and lifestyle, you’ll likely require medical services and products as you age. At United Benefits Solutions, we can help you maintain coverage even after retiring early.

Where Can I Get Coverage During This Period?

For many people, Medicare plays a key role in post-retirement health insurance. This government-sponsored program can offer cost-effective coverage for eligible individuals, potentially allowing you to access preventive care, medical devices and prescription drugs. However, if you’re younger than 65, you typically won’t qualify for these programs. Fortunately, other options exist. Consider the following:

• A spouse’s plan—If you’ve retired but your spouse is still working, you can be added to their employer’s group health plan. This can often be your most straightforward and cost-effective option to bridge the gap between retirement and Medicare eligibility.

• COBRA coverage—The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) can help you retain the health insurance you had through your employer, even after you no longer work there. These arrangements can typically last up to 18 months, but your employer will likely no longer contribute toward your premiums, meaning you’ll have to pay more.

• Marketplace plans—The Health Insurance Marketplace can offer various individual and family plans that are compliant with the Affordable Care Act standards. Although these policies may be more expensive than your employer-sponsored coverage, you may be able to better customize your plan to suit your unique needs.

• Medicaid—Your state government operates these government programs and may offer coverage for those with low income or disabilities. Since you’ve retired, your household income may decrease, potentially opening up Medicaid eligibility.

We’re Here to Help

Contact United Benefits Solutions in Rockville Centre, New York, today to learn more about health coverage options and secure an appropriate policy.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.