Health Insurance For Retirees

One of the biggest challenges for people in retirement is finding affordable health insurance. Most retirees turn to the Federal Medicare program. But Medicare doesn’t cover everything. That’s why private companies offer Medicare Supplement insurance.

Get free quotes on Medicare Supplement plans…

* First Name: * Last Name: * Address: * City: * State: Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Dist. of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming * Zip: * Phone:      * Email:   Gender* Date of birth*   Height*  Weight* Smoker* Applicant M F / / Ft 0 1 2 3 4 5 6 7 In 0 1 2 3 4 5 6 7 8 9 10 11 Spouse -- M F / / Ft 4 5 6 7 In 0 1 2 3 4 5 6 7 8 9 10 11 Children 0 1 2 3 4 5 6 Children  -- M F / / Ft 0 1 2 3 4 5 6 7 In 0 1 2 3 4 5 6 7 8 9 10 11 Children  -- M F / / Ft 0 1 2 3 4 5 6 7 In 0 1 2 3 4 5 6 7 8 9 10 11 Children  -- M F / / Ft 0 1 2 3 4 5 6 7 In 0 1 2 3 4 5 6 7 8 9 10 11 Children  -- M F / / Ft 0 1 2 3 4 5 6 7 In 0 1 2 3 4 5 6 7 8 9 10 11 Children  -- M F / / Ft 0 1 2 3 4 5 6 7 In 0 1 2 3 4 5 6 7 8 9 10 11 Children  -- M F / / Ft 0 1 2 3 4 5 6 7 In 0 1 2 3 4 5 6 7 8 9 10 11 Currently Insured? Yes   No Have conditions? Yes   No HIV/AIDS Diabetes Cancer Heart attack High blood pressure Asthma Stroke Depression requiring medication Other major illness

But what if you retire early? Unless you have certain disabilities, Medicare is only available when you reach 65. And with many companies cutting employee retirement benefits, taking early retirement can mean going without health insurance.

Retirement Health Insurance Options

Federal law prohibits your employer from giving you “special treatment” when it comes to your benefits. So forget about trying to negotiate for health insurance as part of your early retirement plan — unless your employer is willing to extend that insurance to everyone else in your situation, which isn’t likely.

But you can try to negotiate for a larger severance package, and use that money to buy your own health insurance plan. Depending on your age when you take retirement, you can find a health plan that costs less than a few hundred dollars a month.

If your plan is compatible with a Health Savings Account, you’ll be able to save tax-free money to help pay for medical expenses. Federal law allows people over the age of 55 to contribute an additional $800 to their HSA every year — and your deposits are tax-free. If you’re still employed and planning on retirement, you can start contributing to an HSA now and save on your income tax.

If your family also needs health coverage, it may be cheaper to get separate plans. The premium on a health plan is based in part on the age of the oldest person on the plan. So while getting your own plan may be more expensive, the rest of your family will pay less for coverage. Overall, your family will save money.

To get started, talk with our network of licensed insurance agents. They’ll help you take a look at all your options, so you can make a smart choice. Fill out an easy online form, and you’ll be contacted with free insurance quotes. Compare plans, and choose the right one for your retirement.