If you’re over 65 and have worked for at least ten years in Medicare-covered employment, you'll qualify for Medicare.
If you’re not yet eligible for Medicare, individual health insurance might be right for you. You’ll pay for it yourself, but you might qualify for financial assistance if you’re earning less during retirement.
Estimate your income
You can get help paying for health insurance if you qualify based on your expected household income. In general, this means taking your household’s modified adjusted gross income from your most recent tax return and updating it based on any big changes you’re anticipating. In your case, there’s an obvious one – you’re retiring, so you’ll want to take out the salary part. However, you’ll want to include any income you’re still getting, such as interest, capital gains, alimony, fees for consulting or project work, and IRA and 401(k) withdrawals.
Choose a plan.
In general, the more you pay in monthly premiums, the less you’ll need to pay for care throughout the year. Premiums increase based on a plan's metal tier — Bronze, Silver, Gold, or Platinum. Bronze plans have the lowest monthly premiums, and Platinum plans have the highest. To make the best choice, review your pattern of using services and medications over the past few years.
Insurance coverage can be overwhelming – confusing options, endless paperwork and tedious legalities.
Cosmo Insurance Agency makes it easy. Our team has mastered every detail of the insurance process and will walk you through the process to the end, so you can be 100% confident when signing on the dotted line.