If you’re retired and need health coverage, you can use the Marketplace to buy and insurance plan. If you have retiree health coverage, you have different choices to consider.
If You Retire Before Age 65 Without Health Coverage
If you retire before you’re 65 and lose your job-based health plan when you do, you can use the Health Insurance Marketplace to buy a plan.
Losing health coverage qualifies you for a Special Enrollment Period. This means you can enroll in a health plan even if it’s outside the annual Open Enrollment Period.
When you fill out a Marketplace application, you’ll find out if you qualify for a private plan with premium tax credits and lower out-of-pocket costs. This will depend on your income and household size.
You’ll also find out if you qualify for free or low-cost coverage through the Medicaid program in your state.
If You Have Retiree Health Benefits
If you have retiree coverage and want to buy a Marketplace plan instead, you can, however:
You can’t get premium tax credits and other savings based on your income. This is only true if you’re actually enrolled in retiree coverage. If you’re eligible for but not enrolled in retiree coverage, you may qualify for premium tax credits and lower out-of-pocket costs based on your household size and income.
If you voluntarily drop your retiree coverage, you won’t qualify for a Special Enrollment Period to enroll in a new Marketplace plan. You won’t be able to enroll in health coverage through the Marketplace until the next Open Enrollment Period.
Executive Order Special Enrollment
The recently created and extended Special Enrollment Period signed by the Biden Administration was originally February 15, 2021 through May 15th, 2021 but has been extended to August 15th 2021. This gives ANYONE who is eligible to enroll in a Marketplace Plan without having to wait for the annual Open Enrollment Period that consistently runs from November 1st through December 15th each year.
If you are retired and would like more information on available Health Insurance plans, Group Plans Inc can help!
If you are currently not covered by health insurance or you are covered but would like to know more information about switching plans, please contact us at (623) 889-7600