Individual Health Insurance for Early Retirees

Congratulations on embarking on this exciting journey of early retirement.

Health Insurance is no longer a barrier to early retirement. With individual health insurance purchased through the marketplace, you can retire early without the burden of high-cost health insurance.

The Affordable Care Act (ACA) has made it much easier to retire before 65 because all ACA health insurance policies have to cover pre-existing conditions. From a cost standpoint, the ACA has made it much more affordable through premium assistance. Premium assistance is determined by taxable income. The best way to describe this is that you will only pay 9% of your income toward a policy if you qualify.

Most early retirees experience a decrease in taxable income, which can create a very affordable monthly premium.

Carrier Options for Early Retirees

When researching individual health options, you will see carriers with name-brand recognition. Take caution. These plans do not offer employer-based networks with extensive network access. Hoosiers have always demanded PPO networks from their group health plans.

The name-brand carriers have remarkable customer service for resolving specific issues.

Network access with individual name-brand carriers is typical with one or two hospital systems. It is essential to research the network before enrolling. To many surprise, the nonname brand carriers have more extensive network access.

Plan Designs

Through the marketplace, you can design different plans with metallic indications.: Bronze, Silver, Gold, and Platinum.

Your health insurance needs will determine which is the best option.

The best way to decipher these plans is to look at the out-of-pocket maximum and then determine how you get to that point. Upfront deductible, Co-pays, Co-insurance.

Health Savings Account (HSA): If you currently have an HSA, you should consider an individual HSA and continue to take advantage of tax incentives.

The name-brand carriers have remarkable customer service for resolving specific issues.

Network access with individual name-brand carriers is typical with one or two hospital systems. It is essential to research the network before enrolling. To many surprise, the nonname brand carriers have more extensive network access.

Timing to Enroll

Retiring at the first of the year makes for the smoothest transition for individual insurance. That way, you can better estimate taxable income for premium assistance. If you are retiring mid-year, consider electing Cobra coverage. If you or a spouse have already hit your out-of-pocket maximum, it may make more sense to elect Cobra for the rest of the year.

The name-brand carriers have remarkable customer service for resolving specific issues.

Network access with individual name-brand carriers is typical with one or two hospital systems. It is essential to research the network before enrolling. To many surprise, the nonname brand carriers have more extensive network access.

If you contact us with your specific situation, we can advise you on the best policy

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