Retiring early is something that most Americans dream of. You’ve worked hard your whole life, scrimped and saved, made good investments or have been fortunate in the business world and now your dream becomes a reality. Before you hit the golf course there is one challenge you need to plan for – health insurance.
For many early retirees gettting health insurance can be a real challenge and it is also something you need to budget for. If you are eligible for Medicare then you should have some good guarantee issue options, provided you apply in a timely manner after enrolling in Medicare Part B. However, retirees under the age of 65 are the ones that sometimes face real challenges.
Going to a good individual health insurance broker like Colorado Health Insurance Brokers to help you shop for the right plan at the best price is fairly simple, as they will do all the hard work for you. Your broker will get your general and health related information, desired benefits and start shopping appropriate plans for you. Most good brokers will be happy to give you a preliminary quote to help you budget for this expense well before you retire.
The real challenge is finding out if you and your wife and dependents under age 25 will be able to medically qualify for health insurance. Again, contact a good health insurance broker before you announce your retirement plans to get an idea about what you might be in for. Be very honest about your family’s health history, so the broker can give you an accurate preliminary read on the likely underwriting outcome.
Industry reported figures show that 20 percent of health insurance applicants in their 50’s and 30 percent of applicants aged 60 to 64 are declined by health insurance carriers. However, there are some health conditons that may be declined by one carrier, but may be approved standard, excluded or rated by another carrier. An experienced health insurance broker should be able to help direct you to the carrier not just with the lowest premium, but also to a carrier that has a good probability of having a successful outcome.
If it turns out that you or your loved one is not insurable, there are typically still quality health insurance options available, but there will be fewer and more costly choices. All the more reason to start doing your homework early so you can plan and budget accordingly. Beware of discount plans that may look like health insurance, but are not. If it looks too good to be true it almost certainly is.