health insurance expert and senior browsing different retiree health insurance options

What Are the Different Types of Retirement Health Insurance Plans?

Navigating through the complexities of retirement health insurance can be one of the most overwhelming experiences after retirement. If you are over 65, you may be eligible for Medicare although you may still want a supplemental retirement health insurance plan for additional assistance. If you are under 65, you’ll need to continue with your current plan or find another option to cover you until you can be eligible for Medicare. The good news is that you still have many options to choose from no matter your age.

For instance, your employer can offer the option to continue your plan after retirement although they will not be very willing to share the costs. Alternatively, you can use the benefits of the Consolidated Omnibus Budget Reconciliation Act until you get a more permanent plan. 

Let’s consider the available retirement health insurance options for those who retire before and after they are 65. 

Pre-65 Retirement Health Insurance Options

When you retire before you are 65 and therefore not eligible for Medicare, you still have the option to demand coverage for any pre-existing condition through the Affordable Care Act. 

The Affordable Care Act was passed in 2010 and can be bought via your state’s health insurance marketplace. The plans offer 10 benefits including preventive care, prescriptions, and emergency services among others. 

Keep in mind that some ACA plans can be a bit expensive so keep your premiums down by choosing a high-deductible option.

Group Retirement Health Insurance 

Although the number of organizations and businesses that continue to provide healthcare for retired employees has been on the decline, some employers, especially in the public sector, offer the option to maintain employees’ health insurance into retirement. 

You can contact the company’s human resource department while preparing for retirement and inquire if you’ll still continue having health insurance after retirement and how much it will cost you. You can then compare costs with the COBRA benefits, if you have one, then choose the better option. 

Post-65 Retirement Health Insurance

In most cases, you’ll be eligible for Medicare if you are 65 years of age or older after retirement. If you were in gainful employment for a minimum of 10 years and paid Medicare taxes, you will qualify for the Part A free Medicare plan. You also qualify for Medicare if you have a permanent disability. 

Learn More From The Retirement Health Insurance Experts at Benistar 

The best retirement health insurance plan will largely depend on your unique circumstances. That’s why it helps to talk to an experienced professional in retirement health insurance. 

The professional will ask about your existing medical needs and do a detailed analysis of the best options for your case. The goal is to come up with the most cost-effective plan based on your medical situation and needs.

Benistar specializes in retiree benefits administration. We focus on the administration of retiree medical as well as prescription drug plans. We are a third-party administrator that presently manages health and drug prescription benefits for more than 1,200 post-65 retiree groups. Contact us today to find out the best retirement health insurance plan for you!

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