What Is Health Insurance for Retirees?
Health insurance for retirees often comes through Medicare but can also be offered by former employers and you can also get a plan through the Affordable Care Act (ACA) marketplace at Heathcare.gov.
Your age isn’t factored in rates in if you get coverage through Medicare or a former employer. But the ACA marketplace allows health insurance companies to use age as a factor when setting rates.
You can sign up for a Medicare plan once you turn 65.
What Does Health Insurance for Retirees Cover?
Health insurance for retirees through an ACA plan covers:
- In-network hospital and physician visits
- Essential health benefits
- Preventive services
- Prescription drugs
- Pre-existing conditions
Health insurance plans generally cover care that is a medical necessity. That means a health plan covers medical care but won’t pay for things like cosmetic surgery. It also may not cover new technology or services and off-label prescriptions.
It’s vital that you stay in network when you get care. Depending on the type of plan, an insurance company may not cover any out-of-network care or will pay at a lower rate, which means more costs for you.