Healthcare is expensive, so you must know about the health insurance options available to you after you retire. According to a survey, nearly 50% of Americans receive health insurance coverage through their employers before retirement.
In the blog, we will discuss your health insurance options and how to select the most suitable plan for your unique needs.
If you retire early, you may have to wait for a few more years to qualify for Medicare, but there are several other health insurance options.
You have access to affordable health plans through your state or federal health insurance marketplace.
You can buy a commercial health insurance policy from an insurance provider.
If your financial condition is adversely affected after retirement, you may be eligible for Medicaid, a health assistance program for people with limited resources.
They range from 3 months to 3 years, and you can buy a plan till the time you are eligible to access Medicare.
Your spouse may be able to add you to their company’s health insurance plan once your coverage ends.
You must ask your employers if they offer group retirement health plans for their retired workers such as:
Several companies offer health plans for their retired employees.
It is a federal law that allows you to continue on your employer-sponsored health insurance plan even till 18 months after your retirement.
Medicare is the federal health insurance program. It provides coverage for:
It covers hospital or nursing facility stays and hospice and home health care.
It covers doctor’s services, preventive care, medical supplies, and outpatient care.
It covers medicine-related expenses.
You may enroll for any one of the following plans:
Selecting the right health insurance is not easy. You may consult an insurance expert for advice to help you select the right plan based on your health condition and budget. You may also approach your state’s State Health Insurance Assistance Program (SHIP) for help.
Once you select a Medicare plan, you must review the plan each year during open enrolment that occurs each fall and make changes depending on your changing health status and coverage costs.
It may vary depending on age, medical condition, and health plan.
Having a health savings account may help you to pay the premiums.
Adopting a healthy lifestyle will lead to reduced healthcare expenses.
For more information on your health insurance options, contact our team today. At Expert Insurance, we can help you find a plan with extensive coverage for your medical needs.
