Many people cannot wait to be able to announce their retirement plans. Some people wait to retire until they are old enough to obtain Social Security and Medicare. However, not everyone does.
As you age or get ready to move away from your current employer, consider your health insurance needs. This is especially necessary if you are currently on your employer’s health insurance plan.
What happens when you retire? What if you are not ready to file for Social Security and Medicare coverage?
What Does Your Employer Offer?
Some employers offer employees with a track record with the company continuous health insurance coverage. Though this is not as common as it used to be, employers may offer group insurance options. If this is available, it could be the most affordable option for you as a retiree.
If not, your employer will likely provide access to COBRA coverage. COBRA is part of the Consolidated Omnibus Budget Reconciliation Act. This coverage generally extends for a limited time after you leave your employer. You will maintain your benefits but you will pay for them out-of-pocket.
Consider Further Options
It’s important to recognize that COBRA costs are generally high. Most employers no longer offer health insurance beyond retirement either. That means you need to find your own coverage.
Here are a few things to know:
- An insurance provider cannot deny you health insurance if you have a pre-existing condition. The Affordable Care Act makes that clear.
- If you plan to retire before your retirement age, you likely won't qualify for Medicare. You will need to shop for an individual health insurance plan. A variety of options exist and you can customize your plan to fit your specific needs. Also get coverage for your family if your existing policy with your employer covers them.
- Work with a health insurance agent to determine the best policy and coverage for your needs. Compare multiple policies to ensure you find the one that meets all your needs.
In many situations, purchasing health insurance can be easier to do than most expect. You can often find policies that fit most of your needs along with your budget.
Working with professional who can help you to obtain this protection is important. As the U.S. health insurance landscape continues to change, keep in touch with your agent.
Millers Insurance is here to help you choose the health insurance plan that is right for you. Visit our website to learn more about the options we offer. Give us a call today at (610) 269-4500 for more information.