There are several steps to retirement planning, most of which happened during your 30s and 40s. You begin to save money so you will be able to live comfortably when you do retire. However, a step that happens later in life is finding health insurance. In your late 50s and early 60s, it is time to begin searching for alternatives for health insurance. You want to be sure that you are covered to be able to deal with current medical conditions as well as anything that may happen along the way after you are no longer employed.
Retiree Medical Insurance
One option that can be available through your employer or your spouse’s employer is retiree medical insurance. Most do not offer this but you should inquire to see if the insurance type is available to you. If it is an option, check the eligibility requirements to see if you qualify and how much you would need to be paying for premiums. You may not be able to afford this option compared to others.
Semi-Retirement for Insurance
Another option is to go into semi-retirement and continue to work, but only part time. Your employer would need to offer insurance for part time employees, so this would allow you to be covered but to work less. Many companies will offer this option because they want knowledgeable employees who will continue to work.
Continuing with your provider after retiring
One of the most expensive options can be to continue to use the same provider after retiring. Many insurance companies allow you to keep your insurance but you will be paying full price. Most employers will cover a portion of the cost for your insurance as part of your employment. Once you are no longer working, you would be required to pay more. Plus insurance companies have high premiums when it comes to those who are no longer working. This is usually not an option that can be done but one to look into nonetheless.
Overall, it is important to do your research once you hit your 60s. You want to make sure you pay the least amount that you can but also be covered as you need to be. Without any coverage, you could owe huge amounts in medical bills when you add up doctor visits, hospital stays, surgeries or medications you require. Doing your homework will allow you to be covered and to pay less as you still have medical care after retirement.