Get the Right Insurance for Early Retirees to Safeguard Your Future

Insurance is an important part of life, especially for people in retirement. Learn about your options on insurance for early retirees.

insurance for early retirees

Early retirement is a dream for many people, and for those who can save a significant amount of money and have that dream come true, it is a special thrill. Now, planning for life after your career comes with new challenges and a few questions you may have never thought about, such as what kind of insurance for early retirees might be available.

Yeah. Probably not your first thought. It’s probably more like: what are you going to do with your extra time, where do you want to travel, and are you going to move to a new location? 

Your work-sponsored insurance coverage is comfortable, but once that is gone, how do you manage the high-expense world of insurance? The experience is undoubtedly a new one, but you can manage it.

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Recognize the types of insurance for early retirees to consider

If you have a low income, you could qualify for Medicaid even as an early retiree. But, if your household income is too high to be eligible for Medicaid, you can look into the Health Insurance Marketplace.

The Health Insurance Marketplace is available to you until the age of 65, and you might be able to get some help with paying your premiums if your income is low but not low enough to qualify for Medicaid.

A health sharing plan or health sharing ministry is also an interesting option. These groups share the costs of health coverage between members. Getting involved with these groups can be helpful but also tricky. They are known for being selective and only accepting people without existing conditions and sometimes they don’t accept people who drink or smoke.

Know your options when it comes to insurance for early retirees

Before you put your money into any expensive private insurance contract, check to see if any of the following situations apply to you.

You might be able to stay on your former employer’s health insurance plan. This is rare now, but was once the norm. More and more companies have eliminated this option because of the related costs. However, you should still check with the human resources department to see if there is an option available.

You can also see if COBRA (Consolidated Omnibus Budget Reconciliation Act) applies to your situation. Under COBRA, you’re allowed to stay on your employer’s plan for up to 18 months. You will have to pay the full premiums, which will likely increase, but there are benefits to staying on that plan until you find something to replace it.

Most importantly, if you have a spouse that’s still working, consult with their Human Resources department to see what kind of health insurance is available through them. If your spouse isn’t planning to retire soon, this can be the perfect plan to cover your insurance.

Finding the best options for insurance for early retirees

Depending on what you’re looking for, some of the most popular insurance companies include United Healthcare, Humana, Cigna, and Golden Rule Insurance Company.

Look for each of them to set a standard and browse to see which best fits your specific needs.

What are your biggest Healthcare concerns going into your early retirement?

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Navigate the insurance world with ease, with these top tips for ensuring that insurance always works for you—revealed in this FREE report, 5 Tips for Making Insurance Work for You.


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