Early Retirement Health Insurance Options
Insurance Options If You Retire Early
If you retire before age 65, you have several options for health insurance until you become eligible for Medicare. Your income and eligibility for other insurance programs are important factors when exploring health insurance options as an early retiree.
Is Medicare an option?
Because you are retiring before the age of 65, you are not yet eligible for Medicare. When you get close to Medicare eligibility, you can begin to explore your options.
Types Of Health Insurance For Early Retirees
Individual and family health insurance plans
You can shop for individual and family health insurance Marketplace plans, including those plans available from Anthem.
You can enroll in a Marketplace health insurance plan during the Annual Open Enrollment Period, which typically runs from November 1 to January 15 in most states.
A significant other’s health insurance plan
If your spouse or significant other is working and has health insurance through their job, you can usually enroll as a dependent on their plan.
Medicaid
You may be eligible for Medicaid if your income has decreased, or because of a disability. Look into the income or disability eligibility requirements for your state if you think you may qualify.
Review Early Retirement Health Insurance Costs By Monthly Premiums
Compare the premiums of early retirement health insurance options to find a plan that fits your coverage needs and budget.
State health insurance Marketplace premiums for early retirees
Purchasing a health insurance plan through the Marketplace gives you access to financial help to lower your monthly premium if you qualify. Health insurance subsidies are based on your earnings and family size. Subsidies also consider the cost of health coverage in your state. If you qualify, you may be able to reduce or eliminate your monthly premium.
Joining a spouse or significant other’s health plan
A spouse or significant other’s health coverage monthly premium may increase if you join their plan. The cost varies depending on the plan and how much the employer contributes.
Medicaid for early retirees
Medicaid premiums are based on income level and, in most instances, are no cost.
Health Insurance Factors To Consider In Early Retirement
Early retirement may affect healthcare costs in different ways.
Couples with age differences
When one person is eligible for Medicare already and the other has retired early but is not eligible:
The Medicare-eligible person can enroll in Medicare during the Annual Enrollment Period. The early retiree can sign up for an individual health insurance Marketplace plan or a limited duration healthcare plan until they are Medicare-eligible.
Retirees with healthcare benefits through a union or prior employer
When healthcare benefits from a union or prior employer continue for an early retiree:
The early retiree should compare the costs and coverage carefully with private healthcare plans to see which one is more affordable. They may also be subject to additional rules regarding their costs and eligibility.
We Can Help You Navigate Your Health Insurance Options
Count on our experience and support to enroll in the right health coverage that meets your needs and budget as an early retiree. We can help you choose a health insurance plan with Anthem and guide you through the process.
Find Health Insurance Plans
Compare health insurance plans and find one that fits your needs.
Related Articles
How to Choose a Health Insurance Plan
Health Insurance Subsidies - What Is It?
Balancing Health Insurance Costs
Anthem Blue Cross and Blue Shield is the trade name of: In Colorado: Rocky Mountain Hospital and Medical Service, Inc. HMO products underwritten by HMO Colorado, Inc. In Connecticut: Anthem Health Plans, Inc. In Indiana: Anthem Insurance Companies, Inc. In Georgia: Blue Cross Blue Shield Healthcare Plan of Georgia, Inc. and AMGP Georgia Managed Care Company, Inc. In Kentucky: Anthem Health Plans of Kentucky, Inc. In Maine: Anthem Health Plans of Maine, Inc. In Missouri (excluding 30 counties in the Kansas City area): RightCHOICE® Managed Care, Inc. (RIT), Healthy Alliance® Life Insurance Company (HALIC), and HMO Missouri, Inc. RIT and certain affiliates administer non-HMO benefits underwritten by HALIC and HMO benefits underwritten by HMO Missouri, Inc. RIT and certain affiliates only provide administrative services for self-funded plans and do not underwrite benefits. In Nevada: Community Care Health Plan of Nevada, Inc. and Rocky Mountain Hospital and Medical Service, Inc. HMO products underwritten by HMO Colorado, Inc., dba HMO Nevada. In New Hampshire: Anthem Health Plans of New Hampshire, Inc. HMO plans are administered by Anthem Health Plans of New Hampshire, Inc. and underwritten by either Matthew Thornton Health Plan, Inc. or Anthem Health Plans of New Hampshire, Inc. In 17 southeastern counties of New York: Anthem HealthChoice Assurance, Inc. and Anthem HealthChoice HMO, Inc. In these same counties Anthem Blue Cross and Blue Shield HP is the trade name of Anthem HP, LLC. In Ohio: Community Insurance Company. In Virginia: Anthem Health Plans of Virginia, Inc. trades as Anthem Blue Cross and Blue Shield, and its affiliate HealthKeepers, Inc. trades as Anthem HealthKeepers providing HMO coverage, and their service area is all of Virginia except for the City of Fairfax, the Town of Vienna, and the area east of State Route 123. In Wisconsin: Blue Cross Blue Shield of Wisconsin (BCBSWI) underwrites or administers PPO and indemnity policies and underwrites the out-of-network benefits in POS policies offered by Compcare Health Services Insurance Corporation. Compcare underwrites or administers HMO or POS policies. Independent licensees of the Blue Cross and Blue Shield Association. Anthem is a registered trademark of Anthem Insurance Companies, Inc.
CA: Anthem Blue Cross is the trade name of Blue Cross of California. Independent licensee of the Blue Cross Association. Anthem is a registered trademark of Anthem Insurance Companies, Inc.
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