When I Retire do my Health Benefits Change?

Dave Ramstack
Dave Ramstack
Published on March 15, 2021

Maintaining health benefits after you enter retirement may seem daunting, but there are ways to keep yourself insured.

Many questions arise when your career is coming to a close and your future retirement inches nearer. A predominant problem may be, “How do I maintain my health benefits once I leave my job and retire?” The inquiry into health insurance during retirement can seem daunting, but depending on your living and employment situation, several health benefits options are available to you.

If you are over the age of 65, you likely qualify for Medicare, but extra health insurance is sometimes needed to cover medical expenses and needs later in life. If you work for the government or public services, your employer may offer you benefits even after retirement.

Another possibility is purchasing health benefits through an insurance agency that offers policies specified for retired individuals. Choosing insurance benefits that are right for you can seem intimidating; however, contacting an experienced insurance agent can make the ordeal seem much more manageable.

Do I Qualify for Medicare?

If you are over the age of 65, you worked for a company for at least 10 years, and during that time you paid into Medicare taxes, you are more than likely eligible for Medicare benefits after you retire. If your health has declined due to permanent disability or you have been diagnosed with end-stage renal disease, then you would qualify for Medicare before you reach the age of 65.

Medicare, however, does come with its limitations, and the healthcare benefits that they offer have gaps in coverage. This leaves the room where secondary coverage may be needed to maintain your health and keep the costs at a more manageable level for your retirement budget.

What if I Retire Before the age of 65?

If you can retire before the age of 65 and do not have a qualifying medical condition, you would be unable to enroll in Medicare. If you are a public servant or work in a government job, your employer may offer to continue to give you healthcare coverage even after you have retired. However, if you do not hold a government job, the chances of your employer offering that become far less likely.

If you are curious about what your employer offers to its retirees, contact your Human Resources representative. They will be the most knowledgeable about your company’s benefits.

Luckily, you cannot be denied healthcare coverage from a preexisting condition through the Affordable Care Act, also known as “Obamacare.” You can purchase an ACA insurance plan through your state’s Health Insurance Marketplace. These plans offer essential benefits, such as prescriptions, preventative care and testing, and emergency services.

Can I Take Advantage of Group Retirement Health Benefits?

Some health insurance companies continue to offer health care plans to senior citizens who have retired. Roughly 30% of the companies on the insurance market offer policies to retirees.

To take advantage of these companies, you can get in touch with a seasoned insurance agent who would be happy to walk you through your health care options post-employment.

Medicare does not always cover everything that you may need, so secondary coverage is likely a necessity.

Final Thoughts

Retirement leaves a lot of questions on the mind as you approach the end of your career. How will I hold on to my health benefits? Do I still need a life insurance policy? How will I continue to bring money into the home to live off of it?

The professionals at American Senior Benefits specialize in walking you through all of these questions. Their top priority is educating their senior clients and finding the best insurance policies for their lives and budgets.

The agents affiliated with American Senior Benefits are the most experienced in their field and look forward to assisting you in every way possible.

How do I Learn More?

To learn more about annuities and how they benefit seniors, contact the experts at American Senior Benefits. Our licensed experts will be happy to answer any questions you have.

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