Early Retirees Health Insurance

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If you aren't 65 years old, you likely aren't eligible for Medicare. Find out about early retirees health insurance with help from an expert at Combs & Company in this free video clip.

Part of the Video Series: Insurance Questions Answered
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Video Transcript

Hi. My name is Susan Combs, and today we're going to talk about early retirees health insurance. When it comes to retiring early, you're few and far between, but it's a great thing if you're able to do so. But the thing that might be something like a stressor for you is how am I going to get my health insurance now that I've retired early. Because, if you've retired prior to age 65, you're not going to be eligible for Medicare, So, if you're not eligible for Medicare, where else can you get your health insurance? You know, the first place to look at is with your prior employer. I mean, is there a pension set up? Do they cover retirees? Some companies will cover retirees and you can get from point A to point B. So, if you retired at 55, sometimes they'll let you be on their coverage until 65 before you're Medicare eligible. There's also, if they don't do that, they'll offer you COBRA. Depending upon your state, they'll give you different times that you can have COBRA for. For example, all states will give you for 18 months but some states, like New York, actually give you that coverage for 36 months. Another place to look at it for is, if you're married and your spouse is still working, maybe you can come on to your spouse's health insurance because it is a "qualifying event" because you've now lost your coverage because you retired early. The other place to look now is also the exchanges, so either the state-run exchanges or federal exchanges and you can sign up for coverage depending on what your needs are. So, the main thing to do is just really do your homework, you know, go to your former employer first, see what their policy is on, you know, covering retirees and if that's not an option, see how much the COBRA's going to cost . If that's not an option, see about your spouse and then take a look at the exchanges.


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