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Health Insurance for Retirees Under 65

How do you get insurance when you are retired? We can help meet the needs of early retirees like you. When it’s time, we’ll tell you when and how to apply for Medicare.

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Health Insurance for Early Retirees

Sweet freedom! You’re no longer tied to a schedule. You’ve retired early, and the years ahead are yours to enjoy. But there’s the question of health insurance. If you’ve been getting your health insurance through your job and you’re not yet 65 years old, you may be asking, “what now?”

How can I save money?

You may enjoy your retirement close to your own backyard. Or, maybe you spend your days far from home. The right health insurance plan can help you save money on out-of-pocket costs. When you visit in-network providers, you get access to the lower rates that they’ve negotiated with your health plan. When you see an out-of-network provider, your costs are typically higher. That’s why it’s important to choose a plan with in-network health care providers and hospitals in your area.

How can I save time?

You’re probably more interested in keeping up with your grand-kids, or improving your golf game, than thinking about health insurance. Save your time for the things that matter. It helps to choose a plan with a customized, easy-to-use online website and mobile app, so you can manage your health wherever you are. Get health information, find in-network providers, pay your health insurance premiums, view your health care claims, and print temporary ID cards.

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Health Insurance Options Before & Until Medicare Starts

If alternative options aren’t a good fit, the private marketplace offers health insurance for seniors without Medicare. The Affordable Care Act (ACA) makes private marketplace plans easier and more affordable for qualifying seniors.

Through the application process, you can find out if you are eligible for Medicaid or qualify for premium tax credits. Premium tax credits can help you reduce your monthly premiums, and typically apply to households with incomes between 100% and 400% of the federal poverty level (FPL).

Early Retirement Health Insurance Options

Retiring early can come with some changes to the benefits you receive. While a senior’s Social Security benefits can be collected starting at the age of 62, Medicare benefits do not kick in until the age of 65.

This means seniors need to bridge the gap in health insurance until Medicare can apply. While it may be more affordable to wait, having health insurance while aged 62 to 65 is crucial to avoid hefty medical fees.

Fortunately, there are several ways to get health insurance for retirees under 65, including COBRA, short-term retirement insurance plans, Medicaid and marketplace plans.

1. Different Workplace Insurance

If your spouse is still working, you may be able to join their employer-sponsored health insurance plan. However, note that there may be cost implications, such as an increase in your spouse’s premiums. You may also get employer-sponsored insurance if you get another job after retirement.

2. COBRA

Under the Consolidated Omnibus Budget Reconciliation Act (COBRA), employers are required to offer the option to let retirees continue their health benefits for a limited time. However, eligibility depends on your circumstances, such as if you voluntarily or involuntarily lose your job, reduce your hours worked, switch jobs or lose a spouse. Those who qualify will have to pay the premium or up to 102% of the policy’s cost.

3. Short-Term Insurance

A short-term insurance plan is another health insurance plan for retirees under 65. It replaces gaps in coverage for up to one year, although it can be extended. However, a short-term insurance plan does not provide comprehensive coverage and doesn’t provide long-term financial protection for most health needs. Not all individuals are eligible, as providers can deny an application based on your medical history.

4. Medicaid

Medicaid is an affordable health insurance option for low-income individuals. However, eligibility is based on your income and can vary from state to state. For instance, in Arizona, you must be 138% below the poverty level to qualify for Medicaid, while in the District of Columbia, the requirement is 215%. Make sure to check your state’s Medicaid income eligibility limits.

5. Marketplace Plans

Seniors can get affordable health insurance through the Health Insurance Marketplace in their state. While there is typically an enrollment period, losing employer-based health insurance is a qualifying event that grants seniors a special enrollment period. Seniors may also qualify for a premium tax credit, depending on their eligibility.

Affordable Health Insurance for Retirees Under 65

Medicare is only available for individuals 65 and older, which makes it critical for retirees under 65 to know how to bridge health insurance until Medicare starts.
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Health Insurance for Seniors FAQ

Finding health insurance for retirees under 65 is crucial to remain protected. Review the commonly asked questions on how to bridge health insurance until Medicare.

The best health insurance for early retirees depends on a number of factors. These include when they retire and how long they expect to be without coverage, their medical needs, their financial status and the options available to them.

In most states, a Bronze plan is the cheapest option available to seniors, costing an average of $781 per month for 60-year-olds. However, note that this plan offers limited coverage and may not be enough for a senior’s medical needs.

No, you cannot get Medicare if you are younger than 65. In the meantime, you can supplement your health insurance with other options, such as an employer-based health benefit, a private marketplace plan, Medicaid, COBRA or short-term insurance.

No, if your spouse is younger than 65 and you are already on Medicare, they cannot join you.
In general, health insurance costs $970 per month for 60-year-olds, but other options may make it more affordable.
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