Healthcare for Retirees
One of the biggest questions facing those who choose to retire before the age of 65 is – What are my healthcare options? The answer is going to be different based on whether or not you have retiree health benefits.
The key thing to remember is, even though you’re retired, you’re still required to have health insurance under the Affordable Care Act, at least until you reach the point that you’re eligible for Medicare in Wilmington NC. If you’re under 65 and you don’t have health care, then you will have to pay a fee.
Healthcare Options for Retirees Under 65 With No Coverage
If you are under the age of 65 at the time of retirement, you will have to buy a health care plan through the government’s Health Insurance Marketplace. Because you’re in a state of transition, you will be granted a Special Enrollment Period. This means that even if the year’s annual Open Enrollment Period is over, you’ll still have a certain amount of time to find coverage without being penalized for not having insurance.
Depending on your income after retirement, you will either qualify for a private plan or you will have to accept free or low-cost coverage through your state’s Medicaid program.
What If I Have Retiree Health Benefits?
If you leave your job and you’re granted and enrolled in retiree health benefits through your employer, then you are considered insured under the law and you won’t be at risk of being penalized or fined. But, if you happen to voluntarily drop your retiree policy, then you won’t be eligible to shop for a new plan through the Marketplace until the next Open Enrollment Period and this could have you being fined a certain amount that’s dependent upon the length of time you’re uninsured.
Of course, depending on your unique needs, you may still want to buy a healthcare plan through the Marketplace upon retirement and if so, you can. But, you’ll only be able to take advantage of the premium tax credits and other income-based savings if you are eligible for retiree health coverage but not actually enrolled in it.
Retired But Not Eligible for Medicare in Wilmington NC? Schnitzer-Slate Can Help
These days, more and more workers aren’t waiting until they reach 65 to retire. If you’re one of the lucky ones considering retiring early, then you need to understand how the new healthcare laws will affect you, especially if you’re not getting any retiree health benefits from your employer and you’re not yet eligible for Medicare in Wilmington NC.
Just give Schnitzer-Slate a call today at 910-392-7020. One of our agents will help you find the right healthcare insurance for your needs and budget. Or, just visit our website to learn more about our affordable Blue Cross Blue Shield North Carolina insurance plans designed especially for retirees.
The key thing to remember is, even though you’re retired, you’re still required to have health insurance under the Affordable Care Act, at least until you reach the point that you’re eligible for Medicare in Wilmington NC. If you’re under 65 and you don’t have health care, then you will have to pay a fee.
Healthcare Options for Retirees Under 65 With No Coverage
If you are under the age of 65 at the time of retirement, you will have to buy a health care plan through the government’s Health Insurance Marketplace. Because you’re in a state of transition, you will be granted a Special Enrollment Period. This means that even if the year’s annual Open Enrollment Period is over, you’ll still have a certain amount of time to find coverage without being penalized for not having insurance.
Depending on your income after retirement, you will either qualify for a private plan or you will have to accept free or low-cost coverage through your state’s Medicaid program.
What If I Have Retiree Health Benefits?
If you leave your job and you’re granted and enrolled in retiree health benefits through your employer, then you are considered insured under the law and you won’t be at risk of being penalized or fined. But, if you happen to voluntarily drop your retiree policy, then you won’t be eligible to shop for a new plan through the Marketplace until the next Open Enrollment Period and this could have you being fined a certain amount that’s dependent upon the length of time you’re uninsured.
Of course, depending on your unique needs, you may still want to buy a healthcare plan through the Marketplace upon retirement and if so, you can. But, you’ll only be able to take advantage of the premium tax credits and other income-based savings if you are eligible for retiree health coverage but not actually enrolled in it.
Retired But Not Eligible for Medicare in Wilmington NC? Schnitzer-Slate Can Help
These days, more and more workers aren’t waiting until they reach 65 to retire. If you’re one of the lucky ones considering retiring early, then you need to understand how the new healthcare laws will affect you, especially if you’re not getting any retiree health benefits from your employer and you’re not yet eligible for Medicare in Wilmington NC.
Just give Schnitzer-Slate a call today at 910-392-7020. One of our agents will help you find the right healthcare insurance for your needs and budget. Or, just visit our website to learn more about our affordable Blue Cross Blue Shield North Carolina insurance plans designed especially for retirees.