One of the important issues to understand when you get to the age where you want to retire—whether it’s been imposed on you or it’s your own choice—is how to plan for your health insurance. It’s a good idea to get some expert advice at this time to plan for health insurance, life insurance, and some of the other types of insurance that are important during your senior years.
A typical retirement age is around 65. If you want to retire before that age, you’d be an early retiree. You should give yourself about a one-year window to have these conversations before retirement so you know what factors you need to consider.
What to Do if You Retire Before You Are Eligible for Medicare
Currently, Medicare doesn’t come into play until you’re 65 unless you are disabled. So what do you do if you’re 62 and want to retire? You’re not eligible to enroll in Medicare. Therefore, you’ve got to deal with questions like these:
- What can you do for health insurance until you do qualify for Medicare?
- How do you coordinate your coverage with the Marketplace (also called the Affordable Care Act or Obamacare)?
- How do you coordinate your health coverage with a COBRA extension of your employer’s insurance?
- How do you coordinate your retirement dates?
These are the topics you should talk over with an expert about six to twelve months before your planned retirement time. When you’re 64 and starting to make your plans, also start to have these conversations about Medicare eligibility so you know all your options.
Get Expert Help Making the Right Decisions at This Important Time
By getting expert guidance, you find out what you need to know for your financial planning and how to budget for healthcare expenses. Any of my staff at MBhealth Insurance Agency will be happy to help you work through the pre-retirement decisions you need to make. Call us at (314) 544-5400 so we can help you plan your future.
