Ten Tips Regarding Health Insurance and Retirement from the NAIC
1. Plan ahead for your retirement health insurance needs. Americans are
eligible for Medicare at age 65, so take this into consideration if you
plan to retire at an earlier age.
2. If you plan to retire from your job before the age of 65 and are not
eligible for Medicare, check to see if you are eligible for COBRA
(Consolidated Omnibus Budget Reconciliation Act). COBRA is a federal
law that typically entitles you to continue your employer's health
insurance coverage for up to 18 months. Check with your state insurance
department to learn about COBRA laws in your state.
3. If you are not eligible for COBRA, you might want to consider a
catastrophic or high-deductible medical plan, which typically carries
lower premiums than other individual policies. Keep in mind that people
with serious pre-existing health problems -- such as heart disease,
diabetes or multiple sclerosis -- typically cannot get catastrophic
4. Before you become eligible for Medicare, you might want to consider
purchasing a major medical plan to cover doctors' visits, drugs and
hospital care. These plans, which can vary in costs and medical
benefits, include indemnity plans, preferred provider organization
(PPO) plans, health maintenance organization (HMO) plans and point-of
service (POS) plans.
5. Take time when researching individual health insurance plans and learn
what kind of policies will p
|SOURCE National Association of Insurance Commissioners|
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