Health Insurance For Retirees
If you retire but don’t qualify for medicare and still need health coverage, you can use the Health Insurance Marketplace to buy an insurance plan even if it’s outside the open enrollment period. If you need retiree health coverage, you have different choices to consider.
If You Retire Before 65
Health insurance is something that may or may not be affordable when you retire, but is something almost every retiree will need. And they need a choice of plans that fit both their needs and budget. Sometimes it’s hard to get answers to all the questions, but there’s a lot of free information available at the government’s health insurance market and it doesn’t cost anything. Most states also have expanded medicare to provide free or low-cost coverage for some people. Check it out here Medicaid program in your state.
If you retire before you’re 65 and lose your employer provided health insurance, you can use the Health Insurance Marketplace to buy a plan.
Losing health insurance coverage qualifies you for a Special Enrollment Period that allows you to enroll in a health insurance plan even if it’s outside the annual Open Enrollment Period that runs from October 15 – December 7 every year. Follow the links on this page (All informational links on this page go to the healthcare.gov website.)
If you lose your job-based coverage for any reason, you can get more information at the marketplace’s Special Enrollment Period page. When you fill out the Marketplace application, you’ll find out if you can qualify for a private plan that offers premium tax credits and lower out-of-pocket costs. This will depend on your income and household size, but the information does cover the health care tax credit and exemptions that might lower your health insurance costs.
Medicare Health Care
What does this mean for people also receiving Medicare? Probably nothing. Generally if you qualify for medicare, you can’t get healthcare through the marketplace. But there are a few situations that might be able to use marketplace plans instead of medicare.
If you’re a Medicare beneficiary, you don’t have to replace your Medicare coverage with Marketplace coverage. You may have to find “medigap” supplementary insurance to help cover other health insurance costs such as part D and home prescription delivery. If you’re retired and need supplemental health insurance, you might find more information at https://www.healthcare.gov/retirees.
The cost of health care and insurance always seem to go up much faster than income increases. If you don’t have Medicare and you need health insurance or know someone who does, learn more at the Health Insurance Marketplace at www.healthcare.gov.