Archive for

Health Insurance For Early Retirement

Many Americans Want To Retire Early

There are dozens of reasons that older people want to choose early retirement. Some get retired early against their own wishes. Because of the economy, they decide to give up on extending their careers. Others do not plan to give up working, but just want a less demanding job to see them into their retirement years. And still others have always dreamed of starting their own business. They figure they had better do it before they get any older, but this means they will need to leave their current job. Either way, early retirement is becoming common.

The Problem With Finding Affordable Health Insurance In Middle Age

However, one of the biggest problems that these people face is making sure they have affordable health care. When group health gets lost, these people have to seek another way to get their needs covered.

Insurers always charge more money for older people. In addition, many middle aged people start to develop some health issues. Some of these issues may mean coverage will be even more expensive. Some may get them declined for any type of private health plan at all.

However, in my opinion, it is a shame that people have to delay their plans just because they cannot find a way to access affordable health care. If you are between 50 and 64, and are frustrated by the search for health insurance alternatives, make sure you have researched all of your possible alternatives.

Affordable Health Insurance Between 50 and 65

Consider some options before you give up.

  • Many middle aged people can still find affordable private medical plans. Remember, most people can deduct the premiums from their taxes if they do not have access to group medical from a job. This reduces the real cost of coverage.
  • If the first plans you find seem to expensive, consider the advantages of health savings accounts (HSA) and high deductible major medical. This gives you tax advantages, may save money on the actual premium, and is a good way for people to control health care costs.
  • If you get declined by a private company, check into the state or federal high risk health plan where you live. Sometimes the premiums are expensive and not everybody qualifies, but it is a way for people with pre-existing health conditions to get covered.
  • If you cannot afford any private options, check into your county health system. Some offer health plans with a sliding fee scale for people with low to moderate incomes.
  • Very low income people may qualify for Medicaid.
  • There are other resources too. Private and public foundations and charities provide help so low income people can get a variety of help with medical problems. Visit PPARX.org for a variety of these helpful resources.

I am not trying to tell anybody that it is easy to find affordable health plans for people under 65. Where you live, your own personal situation, and your health will affect the choices you will have. It is important to understand how you can access affordable health care before you need it!