For early retirees under 65, there are several health insurance options to consider:
- COBRA: This allows you to continue your employer’s group health insurance plan for up to 18 months after leaving your job. However, it can be expensive since you have to pay the full premium.
- Spouse’s Plan: If your spouse is still working and has health insurance through their employer, you may be able to join their plan.
- Marketplace Plans: Under the Affordable Care Act (ACA), you can purchase health insurance through the Health Insurance Marketplace. Depending on your income, you may qualify for subsidies to lower your premiums.
- Medicaid: If your income is low enough, you might qualify for Medicaid, which provides free or low-cost health coverage.
- Private Insurance: You can buy insurance directly from an insurance company. These plans vary widely in cost and coverage.
- Short-term Health Insurance: These plans provide temporary coverage but often come with limited benefits and do not cover pre-existing conditions.
- Health Savings Account (HSA): If you have a high-deductible health plan, you can use funds from your HSA to pay for medical expenses tax-free.
Conclusion
Each option has its pros and cons, so it’s important to compare them based on your specific health needs and financial situation.
Larrybohboh provides updates on everything you anticipate. Stay tuned for an episode on how to choose the right travel insurance policy for international trips. Have questions about Health Insurance for retirees? Ask in the comments for more details.