3 Facts About Health Insurance Every Retiree Must Know
Most Americans get their health insurance coverage through work, and so retirement can be an extremely disruptive event in terms of protecting yourself from the ever-rising cost of healthcare. Health insurance is tricky enough to understand when you're part of an employer's group health plan, but when you're on your own, getting the information you need to figure out your healthcare options can be even more difficult. Although Medicare plays a vital role for most retirees, not everyone who has retired is eligible for Medicare, and even those who do get Medicare coverage sometimes have to navigate some complex provisions to make sure they get all the benefits they need. The following three health insurance facts are especially important for those who've just retired as well as those who've been out of the workplace for a long time.
When most people think of retirement healthcare, they first think of Medicare. Medicare provides healthcare coverage for millions of American retirees, but just because you retire doesn't mean you automatically become eligible for Medicare. Most people qualify for the federal government's healthcare program when they turn 65, so if you've retired early, you might not be able to get Medicare coverage right away.
Regardless of whether you're fortunate enough to be able to plan for retirement or whether it's thrust upon you due to job loss, there are a few helpful hints to keep in mind. The first is that the easiest way to get coverage is if you have a spouse who is still working and has group health coverage. As soon as you lose your own coverage, you can generally use a special enrollment period to get family coverage seamlessly.
Source: Fool.com
