Getting the proper health insurance is one of the most essential factors you should consider when it comes to retirement. If you’re over 65 and eligible for Medicare, you might consider purchasing supplemental insurance to help pay for out-of-pocket expenses. Before you retire, you must have a health insurance plan that will allow you to cover your expenses until you’re officially eligible for Medicare.

If You Retire Before Age 65

If you’re planning on retiring before you reach 65, you can still get health insurance coverage for preexisting conditions. The Affordable Care Act, signed into law in 2010, allows you to purchase health insurance through a state-based exchange. These plans must provide various benefits, such as emergency services and prescription drugs.

Although buying insurance through the ACA can be expensive, you can still lower your monthly premium by choosing a high-deductible plan. This plan typically reduces your monthly payment but comes with higher out-of-pocket expenses. You might want to consider higher premiums if you don’t have the money or savings to cover these costs.

Group Retirement Health Benefits

Unfortunately, many companies no longer offer their retired employees health care. If you’re still working for a company, you might be able to keep your current insurance coverage through retirement. 

Before you retire, make sure to contact your company’s human resource department to ask if you’ll still be able to access health insurance after retirement.

Talk to an Agent

An agent can help you navigate the various options available to you when buying health insurance. They can help you determine which plan will provide the best value for your needs.

You can also find a state-based program to help you enroll in a health insurance plan. This can be very helpful if you are unsure which option will work best for you.

Review Plan Choices Yearly

Before you retire, make sure that you thoroughly evaluate your current health insurance options each year. This will allow you to make informed decisions when choosing a plan.

Even though the cost of buying insurance has increased, a new plan could provide you with better coverage at a lower price. If you’re unsure which option will work best for you, you might want to contact an agent or state-based program.