Navigating Health Insurance Options After Retirement

After retirement, you may be eligible for Medicare, which is a federally-funded health insurance program for people 65 years or older. You can also purchase private health insurance plans, including Medicare Supplement plans, through insurance companies or the Health Insurance Marketplace. Some employers also offer retiree health benefits.

Medicare is a federal health insurance program that covers people 65 years or older, people under 65 with certain disabilities, and people of any age with End-Stage Renal Disease (ESRD). Medicare has several parts, including Part A (hospital insurance), Part B (medical insurance), Part C (Medicare Advantage plans), and Part D (prescription drug coverage).

Medicare Supplement plans, also known as Medigap plans, are private health insurance plans that can help pay for some of the out-of-pocket costs that Original Medicare (Parts A and B) doesn’t cover, such as deductibles, copayments, and coinsurance. There are 10 standardized Medigap plans, labeled A through N, and each plan offers a different set of benefits.

The Health Insurance Marketplace, also known as the Obamacare Marketplace, is a website where people can compare and purchase private health insurance plans. The plans available on the Marketplace meet certain standards, and depending on your income, you may be eligible for financial assistance to help pay for your premiums and out-of-pocket costs.

Some employers offer retiree health benefits, which allow you to keep your employer-sponsored health insurance after retirement. However, not all employers offer this benefit, and the plans may be subject to change. It’s important to check with your employer to see if you are eligible for retiree health benefits and what the coverage entails.