Upon reaching the age of 65, most retirees are eligible for Medicare. However, for those who haven’t reached this milestone, there are alternative health insurance options tailored for retirees.
One such option is an Affordable Care Act (ACA) marketplace plan. These plans can be accessed through the federal marketplace at Healthcare.gov and other platforms. Notably, ACA health insurance plans stand out as the sole providers offering cost-saving subsidies and premium tax credits for individuals who meet eligibility criteria based on household income. Exploring the available ACA plans can provide retirees with choices that align with their specific health insurance needs.
For retirees navigating the complexities of health insurance, understanding the landscape of ACA plans becomes crucial. By exploring the offerings of various health insurance companies catering to retirees and providing ACA plans, individuals can make informed decisions about their coverage, ensuring it aligns with their healthcare requirements and financial considerations.
How to Choose the Best Health Insurance for Retirees
Choosing the best health insurance for retirees depends on your eligibility.
Here are some choices for health insurance once you retire:
- Sign up for Medicare at age 65.
- Stay on a former employer’s health plan if it offers that option.
- Get added to your spouse’s health insurance plan, if possible.
Here are some other health insurance options for retirees:
Buy an Affordable Care Act plan
The ACA marketplace at Healthcare.gov lets you compare plans available in your area. Entering your location, household income and size allows the ACA website to provide options that include cost estimates.
Check Medicaid eligibility
Medicaid is the federal/state health insurance program for low-income Americans. Eligibility varies by state, but if you qualify for Medicaid, you may find a low-income health plan that offers protections similar to employer health plan.
Short-term health insurance
Insurers offer short-term health insurance in most states. These low-cost plans provide limited benefits and are seen as a stop-gap until you can get standard health insurance, but they may work if you only want safety net coverage and understand short-term plans’ limitations.
Look for catastrophic health insurance if you’re eligible, as a last resort
Catastrophic health insurance is only available to people under 30 and those with severe financial problems, such as homelessness and bankruptcy. These plans have high deductibles and low premiums, so you pay little for coverage but pick up all of the costs for health care services until you reach the deductible.
