One of the most reliable health insurance options for retirees aged 65 years or higher is Medicare, according to Zacks Investment Research. This coverage can be augmented with Medigap, which helps pay for the deductibles typically associated with Medicare. Good options for retirees below the age of 65 years include the continued employer-provided health benefits mandated by the Consolidated Omnibus Budget Reconciliation Act, coverage through a spouse’s employer and employer-provided retiree medical insurance, explains the U.S. News & World Report.Continue Reading
Retirees aged 65 years or higher are automatically enrolled into Medicare Part A, reports Zacks Investment Research. The plan partially covers the cost of hospice care, home nursing and inpatient treatment. Because enrollees pay for the plan during their working years, they are not required to fork out any premiums.
Enrollees can supplement the coverage offered by Medicare Part A by purchasing Medicare Part B, which pays for outpatient treatment and services, and Medicare Part D, which covers prescription medication. Enrollees can also opt to pay for Medicare Part C, alternatively referred to as Medicare Advantage, which offers additional cover for dental, hearing and vision treatment, reports Medicare.com.
Retirees aged less than 65 years can benefit from COBRA-mandated extensions to employer-provided health plans. However, that option comes with several caveats. First, the extension does not extend beyond 18 months. Second, retirees are required to pay the full premium and an administrative fee, warns the U.S. News & World Report. Third, retirees stand to lose their coverage if their former employer goes bankrupt. However, despite these caveats, COBRA-mandated health plans are generally cheaper than individual plans.Learn more about Health Insurance