Before 65

If you are looking to retire before 65, you may have Medicare options available to you if you are disabled or have End-Stage Renal Disease. If you do not fall into either of these categories you have a few options for health coverage.

 

 

COBRA

Your company may offer you COBRA benefits for up to 18 months (36 in special circumstances) which will allow you to continue on your current plan for the full cost of the coverage plus up to a 2% administration fee. Depending on the time of year you retire and if you have already met your deductible and maximums, it may be worth staying on the plan until the end of the year. Additionally, once you shop around, you may also find the premium is competitive for the amount of coverage you receive.

 

Affordable Care Act/ Healthcare.gov

You can also shop for insurance on healthcare.gov to show what options you have for coverage from private insurance carriers. Depending on your income, you may be able to qualify for a subsidy and cost sharing reduction. Please visit healthcare.gov for more information.

 

Short Term Insurance

If you are near 65, you may look to a short term insurance policy to cover you until you reach your Medicare eligibility at 65. These plans do not cover pre-existing conditions and are not considered creditable coverage per the Affordable Care Act and may subject you to a penalty. If you would like more information on short term insurance, please Contact Us.