When I retire?

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Health insurance considerations weigh heavily on the

minds of people wanting to retire before Medicare

coverage kicks in at age 65. Many people put off

retirement simply because the cost of an individual

health insurance policy is too great on a limited



What options for health insurance do you have if you

choose to retire before age 65? Although they are not

required to, you may be able to get COBRA-like

coverage from your employer.


As an added retirement benefit, your employer may

allow you to pick up the premium on your policy;

although paying 100% of your premium may initially

appear to be an expensive option, purchasing an

individual policy apart from a group may be even more

costly and not provide you with the level of coverage

you previously had.


Some companies are offering basic high-deductible

insurance reasonably in the hopes that they will be

able to enroll you in Medicare Part C (supplemental

insurance) when you retire.

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Another option is to budget and save money to cover

your anticipated medical costs for the time period

between retirement and age 65. If you are in very good

health, this may be a viable alternative for you.


Pre-planning for retirement is an important issue; the

earlier you start planning, the better. Realizing the

Medicare does not pay all of your medical expenses,

you should budget money for medical expenses even

after retirement.

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