Health Insurance Options After You Retire

The majority of employers offer health insurance as part of their benefits package for full-time employees. What happens, though, when you retire? Most likely, you will lose your health insurance coverage during a season in life when you need it the most. Consider these options as you find health insurance coverage during your retirement years.

Ask Your Employer About Group Health Coverage

Some health insurance plans allow retirees to remain insured under the same policy they had when they worked full-time. Talk to your Human Resources manager to find out the details of your company's benefit package and COBRA options. While you will pay more for this coverage since your employer will not cover a portion of the premium cost, it does give you peace of mind that you can retain the familiar coverage, benefits and healthcare professionals you had before you retired.

Research Your Medicare Options

Retirees over the age of 65 are eligible for Medicare. You can choose different options, though, including original Medicare or a Medicare Advantage Plan. They offer different benefits and cost different amounts. Research available options at or make an appointment with your insurance agent as you explore the benefits and disadvantages of your Medicare options.

Compare Health Insurance Retirement Choices

Your income, expenses and overall health affect which insurance option you choose during your retirement years. Compare several plans to make sure you're getting the best coverage at the most affordable price. Your health insurance agent can assist you in conducting a full analysis of your financial and health situation as you find the most cost-effective insurance for your needs.

Perform an Annual Review

Finding health insurance that fits your needs and budget takes time. Once you find the option that works for you, you may be tempted to stick with it for the rest of your retirement years. However, policy benefits and premiums change annually, so make time to conduct an annual review to make sure the policy you picked is still the one that meets your medical and financial needs. Check out other insurance companies and different policy packages to ensure you're still getting the best fit.

Your healthcare coverage will change after you retire. Begin researching your options now as you seek the most affordable and comprehensive coverage for your needs. Make an appointment with a health insurance agent as you find coverage that works for you today and throughout your retirement years.
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