Thursday, September 5, 2013

What if I retire but I'm not eligible for Medicare yet?

Medicare at age 65


You qualify for Medicare at age 65. Some people qualify for Medicare younger based on disabilities, but for most people, it is based on age. It does not matter what age you get Social Security income, Medicare will still begin at age 65.

Retiring before age 65


If you retire before age 65, you'll need to secure health insurance coverage to avoid paying a penalty in 2014.

You might qualify for reduced premium or lower out-of-pocket plans based on your income through the exchange.

You might qualify for extending your employer health insurance benefits through COBRA.

You might qualify for Medicaid, which is low-cost or no-cost insurance for low-income individuals or families.

If your employer offers retiree coverage, then you can take that and meet the individual requirement to have insurance under the new Health Reform law.


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