Retiree Health Insurance

If you are nearing retirement and needing help to figure out what your retiree health insurance options are, look no further. Today we will cover the different options for those retiring before age 65 and those retiring that are eligible for Medicare. We will provide you with links and other information pertaining to your retiree health insurance options so you make an informed decision.

Retiree Health Insurance - Not Medicare Eligible

If you are retiring before the age of 65 and not yet Medicare eligible here are your options:
  1. COBRA - you can choose to stay on your current employers plan for the period of time allowed. Usually this time frame is 18 months which can carry those 63 1/2 to Medicare eligibility. Premiums are not cheap for this option but it does provide you with health insurance (without health questions) that is equal to your current plan.
  2. Spouse's Employer Health Plan - If your spouse is still working you could possibly hop on their health plan. If you are retiring this will usually be a "qualifying event" which means that you can get on this coverage within a specific time frame of losing your employer health plan.
  3. Individual Health Insurance - You may be able to qualify for an individual health insurance policy. This is not an option for most people as of right now but once the Affordable Care Act takes place their should be more options available.

Retiree Health Insurance - Medicare Eligible

If you are retiring and Medicare eligible there are more options available for retiree health insurance. There also is a window where no insurance company can ask you health questions after losing your employer health insurance. Below are a few of the options along with the ability to receive Medicare Supplement Rates online.

  1. Medicare Supplements - The most popular option for those coming off a group health plan and looking to enroll in a health insurance plan that provides them the flexibility with providers is the Medicare Supplement (Medigap) plan. These plans offer comprehensive coverage, guaranteed renewable plans, no health questions if applying after losing health insurance through an employer, and no network restrictions. Click here to compare Medicare Supplement rates.
  2. Medicare Advantage Plans - For those looking to find a less expensive coverage with more cost sharing a Medicare Advantage Plan is something to consider. These plans have different supplemental coverage by zip code but their plans sometimes can even have premiums as low as $0. There are limitations on the networks (doctors/hospitals), but if you are aware of this upfront they could offer some great benefits for a low premium. Click here to learn more about Medicare Advantage Plans.
  3. Medicare Part D Plans - These plans are prescription drug coverage. Once you are eligible for Medicare and do not have Creditable Coverage for your prescriptions you are required to enroll in a Medicare Part D plan or a MAPD plan. This insurance will help you cover the costs of your prescriptions and can save you a large amount on out of pocket expenses.
  4. Medicare Alone - You also have the option to have just your Medicare coverage. This option is better than nothing; however, it does not leave you with a ceiling for out of pocket expenses. In my opinion, you need a ceiling for your health care expenses (Catastrophic Coverage).

We hope you enjoyed this article on Retiree Health Insurance. If you have questions pertaining to Supplemental Medicare Plans please contact our office at 1-877-759-5760 to speak with one of our licensed agents. They can help you with just about any insurance plan in the senior market.

This article was brought to you by Medicare Insurance Finders.