Should I retire now or wait?
Should I go on Medicare or stay working for a few more years?
What will my options be if I retire, but haven’t reached the age of 65 and can’t get Medicare until then?
My spouse in on my plan and if I retire, what will his/her options be?
When contemplating retirement, health insurance or the benefits you receive from your employer are one of the key questions that come up. Other than how much money you will need to live on, insurance can be the reason people will or will not retire early.
The answers to these questions really depend on the situation. Obviously, finances have to be taken into consideration. If you have investments, speaking with your financial planner about when to retire is a great place to start. You can also speak with your financial planner about when to start Social Security. Taking it early may be an option for an earlier retirement, but making sure to know what option is best for you is always what to consider first.
Once finances are established, you will then need to look at what benefits you will need.
If you aren’t yet eligible for Medicare, you may be able to get Cobra for yourself and your spouse. Not only is the premium of the plan important, but so is your potential out of pocket costs. Costs to consider would be deductible, co-pays, and out of pocket maximums. It’s important to note here that the majority of the time the premium for Cobra is higher, however, the deductible, co-pays, and out of pocket costs are considerably less.
Because of this, it is helpful to do side by side comparisons of Cobra and other plans you can get either directly through the insurance company or through Healthcare.gov.
If you decide to stay working and are eligible for Medicare, you can stay on your employer’s plan. Your plan has to be deemed credible coverage which means that the plan’s benefits have to be equal to or better than what Medicare offers. You can find this information out through your employer’s human resources department. If the plan through work isn’t deemed credible coverage, you can still work for as long as you wish, but you should enroll into Medicare.
If you are eligible for Medicare and your spouse isn’t, then you could go on Medicare and your spouse would either be eligible for Cobra or can purchase a plan either directly through the insurance company or through Healthcare.gov.
Plans on Healthcare.gov always go by income so it’s helpful to check with them first to see if you qualify for any type of subsidy which is a discount on your health insurance.
Questions will always come up when considering retirement.
The bad news is that time flies too fast and deadlines can be missed.
The good news is that you are the pilot of your time.
If having a co-pilot along with you is important to you, Balanced Care can help fly you through the transition with ease.
Terri Trepanier is the owner of Balanced Care Health and Supplemental Insurance and a licensed insurance consultant and broker with Associated Brokers. Licensed in both Maine and NH, her specialty is working with small businesses, individuals, and families with their health and life insurance needs. She is certified to offer health plans both on and off the exchange and is contracted with every health insurance company that offers plans in both New Hampshire and Maine. Her other passion is assisting Medicare beneficiaries with their Medicare Supplemental, Medicare Part D Prescription Drug Plans, and Medicare Advantage plans. Terri has seen firsthand the importance of insurance products and how they help families. Her goal with Balanced Care is to “Insure Security and Peace of Mind One Family at a Time”.