How to Find Early Retirement Health Insurance Options

Retiring before 65? Hopefully finding the right health care coverage for you and your family has been at the top of mind. Roughly 90 days prior to your becoming Medicare eligible (at the age of 65), chances are many of the health coverage options will present themselves to you in the mail.

Each carefully crafted message surely tells you all the reasons "insert plan" is the best option for you. Unfortunately, no piece of mail, internet article or neighbor knows your unique individual or family situation, health history, current medications, retirement plans, or budget and each of these items play a huge role in deciding which retirement health insurance makes the most sense for you.

As an early retiree, how do you go about finding health care coverage that will best cover all your health care needs in retirement?

There is no cookie cutter health insurance coverage option for retirees. Everyone’s situation is unique. Take the next steps with the goal of understanding; what options are available to you, how do they work, and how does each plan option fit into your current life and future.

1. Talk with your Financial Advisor

Bring your retirement hopes and dreams to your financial advisor and nail down a budget. This will tell you what health care coverage you can afford, and help you allocate money for prescription medications, doctor visits, surgeries and other health related needs that may come up in your retirement years.

2. Talk with a Health Insurance Expert

Your trusted Health Insurance Expert will know the ins and outs of every option available to you including COBRA, the health insurance marketplace, private insurance market options, health sharing ministry programs, and short term medical policies.

3. Consider your Options

Take home all the information you are given and thoroughly digest it. Consider your health history, current medications, budget, retirement lifestyle and family needs to make the best and most educated decision.

4. Choose & Enroll

Once you have chosen the plan that makes most sense for you, take your decision to your Health Insurance Expert to guide you through enrollment in that plan.

Common Mistakes to Avoid as an Employee Nearing Retirement:

Doing nothing, or waiting until the last minute.

The complexity of the health care system coupled with fear and anxiety of change in health care plans causes many individuals to do nothing or wait until the last minute to get information on retiree health plan coverage.

Making decisions with mail & online information only

The bombardment of retiree healthcare information in the mail as well as information on the internet can often be misleading and not paint you the whole picture. Talk with your financial advisor and Health Insurance Expert on how each plan interacts with your healthcare needs.

Forsite member? We're here for you.

If you're a Forsite client, remember, we are always here to support you in the retirement process. You can have your employees reach out directly to our advocacy team using the button below.

Contact our Advocacy Team