If you are losing your healthcare coverage at retirement age, you have options to consider.
- You can enroll in Medicare, a federal health insurance program that provides coverage to people who are 65 or older. You may be automatically enrolled in Medicare Parts A and B if you are already receiving Social Security benefits when you turn 65, or you can apply by contacting the Social Security Administration or applying online.
- If you were covered under an employer-sponsored health plan and are losing your coverage due to retirement, you may be eligible for COBRA continuation coverage. COBRA allows you to continue your current health coverage for a limited period of time, up to 18 months, after your retirement. However, you will have to pay the full premium cost, which can be expensive.
- You are able to purchase private health insurance through the Health Insurance Marketplace or directly from insurance companies. Keep in mind that the cost of private health insurance can be higher than Medicare.
- If you have a spouse who is still working and has health coverage, you may be able to join their employer-sponsored plan. You can also consider getting coverage through a retiree health plan, which may be offered by your former employer.
It is important to explore all of your options and carefully compare costs and coverage before making a decision. It may also be helpful to consult with a licensed insurance agent or financial advisor to ensure you make the best choice for your individual situation.
For additional questions please don’t hesitate to call us at (815) 801-7010. We are able to Make Medicare Easy for you!