Ever wonder how most people get Health Insurance in Early Retirement? Well, most early retirees see their income drop substantially upon retirement. This lower income will typically qualify you for APTCs (Advanced Premium Tax Credits) that apply directly to your health insurance premium (Monthly Cost). So the lower your income, the lower your health insurance premium will be. This is why 90% of early retirees sign up for an ACA (Affordable Care Act) plan through the Health Insurance Marketplace. Remember that only ACA plans are eligible for APTCs. Also remember that not only are these plans affordable, but they also cover any pre-existing conditions from day one!

How To Avoid The ACA Pitfalls:

While we almost always recommend an ACA plan when retiring before 65, that is never the only thing we recommend. Almost all ACA plans use something called a narrow network (HMO/EPO), which means your benefits only apply when you seek healthcare in-network. If you want (or need) to seek healthcare outside of the network, you’ll want to add supplemental coverage. These additional plans have no network restrictions and can cover you in case you receive treatment outside of your ACA plan network. This is especially helpful if you plan to travel or might want to go out-of-state for disease care.

While we recommend you use the guidance of a health insurance professional (Here is our Calendar Link) to shop for your plan, we also want you to have the tools to do it yourself if you prefer. Here’s a checklist you can use with the following process.

Step-By-Step Health Insurance in Early Retirement:

1. Gather The Following Information: Date of Birth, Zip Code, List of Prescriptions (with dosages), PCP (Primary Care Provider), Specialists, Hospitals/Facilities You Want In-Network
2. If You’re Leaving A Job With Benefits, Contact HR And Get Your COBRA Details
3. Calculate Your Projected Household MAGI (Modified Adjusted Gross Income) For The Year You Retire And Subsequent Years
4. Contact Your Dentist To Get A List Of Insurances They Accept
5. Head to the Health Insurance Marketplace With Your Information
6. Watch This Video Tutorial On How To Select The Right ACA Plan With Your Information
7. Look At What Supplemental Plans Will Cover And See If They Fit Your Retirement
8. Head Over To Delta Dental, Cigna Dental, Manhattan Life, Or Any Other Dental Plan Through Google
9. Mark Your Calendar 6 Months From Your 65th Birthday To Come Back And Learn About Medicare
10. Stop Worrying About Health Insurance And Enjoy Your Retirement!

Overview

Most early retirees qualify for a solid ACA Plan. They also want to make sure they aren’t limited to the network on their ACA plan so they add a supplement in case they need care outside of their ACA network. Finally, they adda a Dental/Vision plan that fits with what their current providers accept.

We know what you are thinking… 3 different plans (ACA, Supplement, Dental/Vision)? What does this cost? If done correctly this will cost hundreds, not thousands.

We understand that each situation is unique, if you want help, you can book a free call with no obligation. We have been doing this for 10 years, and have seen every case you can imagine. Fill out our Health Insurance Snapshot or schedule with our link below.

Click to book a meeting

Matt Allen: Founder of Iconic Insurance (317) 828-5880

Does this not apply to you? (The 10%)

• Not getting a tax credit
• No pre-existing conditions
• Don’t want an ACA Plan (ObamaCare)

This will require a meeting. Schedule here.