The Norman Transcript

Features

June 3, 2014

Health insurance options for early retirees

NORMAN — Dear Savvy Senior,

At age 63, I will be retiring in a few months and need to find some health insurance coverage for my wife and me until Medicare kicks in. Is Obamacare my only option?

About to Retire

 

Dear About,

There are actually several places early (pre-Medicare) retirees can go to find health insurance coverage — Obamacare isn’t the only game in town. Here are your options depending on your income and health care needs.

Government

marketplaces

If your yearly income falls below the 400 percent poverty level, the Obamacare insurance marketplace is probably your best option for getting health coverage because of the federal tax credits they offer, which will reduce the amount you’ll have to pay for a policy.

To qualify for the tax credits, your household’s modified adjusted gross income for 2013 must have been under $45,960 for an individual, or $62,040 for a couple. If your income will drop below the 400 percent poverty level in 2014 or 2015 because of your retirement, it may still make sense to buy coverage through the Obamacare marketplace, even if you don’t qualify for the tax credits based on last year’s income.

To help you see how much you can save, see the subsidy calculator on the Kaiser Family Foundation website at kff.org/interactive/subsidy-calculator. 

To shop for marketplace plans in your state, visit Healthcare.gov or call their toll-free helpline at 800-318-2596.

 

Outside

the marketplace

If you aren’t eligible for the government subsidy, or you want additional policy options to what Obamacare offers, you can also buy health coverage outside the government marketplaces directly through insurance companies, brokers or agents. This option is not available if you live in Washington, D.C., or Vermont. 

These policies do not offer the federal tax credits, but they are required to offer the same menu of essential benefits as Obamacare policies do, and they can’t deny you coverage or charge extra for pre-existing health conditions. You might even find slightly lower premiums on outside policies, assuming that you don’t qualify for the tax credits.

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