What Happens When I Retire
Health insurance considerations weigh heavily on the minds of people wanting to
retire before Medicare
coverage kicks in at age 65. Many people put off retirement simply because the
cost of an individual
health insurance policy is too great on a limited income.
What options for health insurance do you have if you choose to retire before age
65? Although they are not required to, you may be able to get COBRA-like
coverage from your employer.
As an added retirement benefit, your employer may allow you to pick up the
premium on your policy;
although paying 100% of your premium may initially appear to be an expensive
option, purchasing an
individual policy apart from a group may be even more costly and not provide you
with the level of coverage
you previously had.
Some companies are offering basic high-deductible insurance reasonably in the
hopes that they will be
able to enroll you in Medicare Part C (supplemental insurance) when you retire.
Another option is to budget and save money to cover your anticipated medical
costs for the time period
between retirement and age 65. If you are in very good health, this may be a
viable alternative for you.
Pre-planning for retirement is an important issue; the earlier you start
planning, the better. Realizing the
Medicare does not pay all of your medical expenses, you should budget money for
medical expenses even
after retirement.
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