Between 60 and 65? Health Insurance Options Revealed
While early retirement – planned or unplanned – can mean no more commute or mandatory overtime, it could also mean no more group insurance coverage through an employer.
And anyone who is age 60 or over but not yet age 65 and eligible for Medicare could be left in a quandary without health insurance benefits.
The good news is that there are some options available, even though one of the most significant factors in qualifying for health insurance is an applicant’s age. In fact, individual health insurance coverage is available to applicants up through age 64½. However, at that point, applicants are no longer allowed to apply for individual coverage, as they will soon be eligible for Medicare benefits.
With this in mind, an individual in the age group between age 60 and 64½ needs to take special precautions to ensure that he or she has health insurance coverage prior to the age restriction. Otherwise, the individual could be left “in the gap” for several months until Medicare benefits begin at age 65. And that could be taking a very big risk.
There are a variety of individual health insurance plans available to those in this age category.
In addition to just individual coverage, applicants could also consider going with a high-deductible health insurance plan coupled with a health savings account.
This could help to reduce insurance premium costs, while still allowing a savings component to pay for some services that may not be covered in the insurance plan.