What are Your Healthcare Options if You Retire Early?

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What are Your Healthcare Options if You Retire Early?

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While early retirement is tempting, eligibility for benefits like Medicare and Social Security remains a mystery for most. If you plan to retire early, you must have weighed whether or not your savings can last you without the need for retirement benefits.

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Once you’re determined to retire early and pursue your personal goals, you have to find ways to manage your medical needs according to your financial status. Here are a few ways you can do it.

Available Healthcare Options

1.     Health Insurance Through Federal Marketplace

As per the Affordable Care Act, you can have similar health coverage as you had with your employer. This means the deductibles, premiums, and benefits from healthcare.gov will be the same as you had with your employer.

However, it can cost you as much as $1,000 a month if you’re not eligible for subsidies and you have to pay full costs for healthcare. However, the volatile nature of this act makes it very difficult to plan ahead within a limited budget.

2.     Cobra Coverage

COBRA (The Consolidated Omnibus Reconciliation Act) required employers to cover for your healthcare after the end of service for a limited period. It’ll cost you what you pay in premiums in addition to your employer’s payment. Usually, employers negotiate a better price for your healthcare.

One drawback of COBRA coverage is that it’s temporary and would only last for 18 months. Once it ends, you’d have no option but to go for exchange. Keep in mind that it’d cost you much more than what it costs you now.

3.     Private Health Plans

Private health plans are independent of the Affordable Care Act, so you’re more likely to find coverage for your condition at affordable rates. The premiums in this plan also tend to be more stable. It also comes with the ease of subscribing to suit your needs.

However, it won’t be useful for your current health issues as it doesn’t cover pre-existing health conditions.

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If you’re still unsure how to go about it, start planning right now. One of the things you can do is maximizing your payments to HSA so you can pay to COBRA without taxes using that account. Alternatively, get a base idea for insurance on the federal exchange so you can plan for it right now.

Advocate My Meds is a prescription assistance organization that provides full-service prescription assistance programs for patients looking for healthcare facilities in the US. If you’re looking for similar services, reach out to us today to get a plan.