How to Retire Early AND Have Health Insurance!

For those interested in learning how to retire early, there are many questions, but chief amongst concerns is what to do about health insurance! Everyone knows that you can enroll in Medicare at 65, but what if you want to retire early?

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If your workplace employs more than 50 full time employees, they are required to offer health insurance and COBRA. Basically, COBRA is a way for you to keep your exact same employer sponsored health insurance for a specific period of time even after you are no longer working for your employer. You and your dependents will have a seamless transition because there is no change in insurance, unless of course you want there to be. When you enroll in COBRA, you can consider it a new open enrollment period, so if there are any changes to your insurance that you’d like to make, you can do so at that time.

Usually, you will be eligible for COBRA for a period of up to 18 months. So if you’re only retiring a little early, perhaps this is an option for you. However, COBRA can definitely be cost prohibitive. With group health insurance, your employer will cover at least 50% of your monthly premiums. With COBRA, you are responsible for the entirety of the costs plus a possible 2% administrative fee.

Marketplace insurance provides comprehensive coverage, but when compared to employer sponsored group health insurance it can be costly. Many qualify for a tax credit which will lower your monthly premium significantly.

A good money saving option is short term medical insurance.

Positives:
They are very inexpensive compared to traditional health insurance. In fact, a healthy single person can get a plan for less than $100/month
They afford many of the same benefits as ACA plans including doctor’s visits and prescription drug coverage
You can enroll at any time
They’re not so short term. In many states, you can enroll in a plan for up to 36 months
Nationwide PPO coverage

Negatives:
If you have many or expensive pre-existing conditions, they may not be ideal for you
Pre-existing conditions will not be covered in the first year of a plan and may never be covered if they are expensive or difficult to treat
Pregnancy is not covered
They are not ideal for people with young children; too many doctor’s appointments
They are not offered in every state

There are also many state specific programs that you may qualify for if your income is below a certain level. You can contact your local medicaid office for more information.

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[petertarantelli]

Glad I stumbled upon your video - very informative.

[khaledamin]

I like your video presentation. It is informative too, at the same time. Thanks a lot for your guidance!

[jhors]

Thank you for posting this helpful video!

[susanmcdowell]

Thank you so much for this information! My husband wants to retire early and this answered a lot of questions that we had.

[PSCA]

This is great information. I also looked on your channel and there is tons of other related videos. I am wanting to retire early so this is all very helpful. I liked and subscribed!

[anniesshenanigans]

the ACA income limits have been changed, so if you do it now, you can get big subsidies.

[mrnjo]

I had to retire early due to complicated symptoms of fibromialgia and Pos + Rh ! Here in The Caribbean where I live its too humid and it drives me bazerk ! I must be in an A/C room that is also a humidity control ! I have a good health insurance and I believe next year it will be even better !?? So stay in YouTube so l can follow your excellent information !

[johnscott]

I am covered under my wife’s insurance from her job. She is much younger than I am so I will be on Medicare when she retires at age 55. I am doing Roth conversions each year and when she retires our taxable income will, by design, be at a level to get her the greatest subsidy on an ACA policy until she turns 65. It’s all in the planning.

[josephinebardot]

Found your video interesting to watch. I can't wait to see your post soon. Good Luck with the upcoming update.

[markziety]

Health sharing plans should be part of this video as well. They are often lower cost than non subsidized health insurance and can work great for people without a pre-existing condition.

[jpturner]

Thank you for your informative video! We will be retiring next year my wife is several years younger than me so we will need to be looking for health insurance for her. My first inclination was to go to an insurance company thanks for steering me away from that!

We are looking forward to your informative videos keep up the great work!

As we say in the Marine Corps…. Semper Fi! 🇺🇸

[amydecker]

We plan to emigrate to Canada. This insurance enigma is ridiculous.

[tony-ceqp]

wow im calling very soon i want to stop at 62 and need good health ins, great video!

[RetrieverTrainingAlone]

I retired at 62 and we limit our gross income to less than $89k up here in Alaska. That way we qualifiy for subisidize health insurance under Obamacare. Our subsidized Blue Cross Gold policy cost less than $1, 000 per year. The same policy would cost over $27, 000 per year unsubsidized. Thus by limiting our income, we saved over $75, 000 in 3 years until medicare kicks in.

[VegasNegus]

I will be retiring outside of the US early before age 65. Do you also carry international plans? Also do you recommend keeping MediCare coverage even if not in the US for most of the year? thx.

[julieyu]

Thank you for sharing the information. My husband is on disability. Tricare covers him. He is 65 this year, does he need to register part B for medicare or this is automatic?

[clemzahrobsky]

if your company is downsizing try and stay on the company health insurance and i did that 28 years ago and never regretted it as i use it for my medicare supplement. they tried to buy me out but i refused.

[stevemlejnek]

Do ACA plans offer coverage when traveling abroad? As a soon to be early retiree, I want to make sure I have some coverage when enjoying travel. What do you suggest? Thank you!

[dougm]

great information. i'm 55 . don't know if i will make 7 more years. health care for the family is one of the things holding me back .

[Mark-oqfl]

Do you receive the same commission from all plans you work with, or do they vary?