e specialize in helping to ensure you are as informed as possible on the health insurance options available at the most affordable cost during this gap phase between health care coverages so you can put your hard-earned money toward what matters most to you.
According to a study conducted by the Employee Benefit Research Institute (EBRI) & Greenwald Research, 70% of Americans retire before they are old enough to be eligible for Medicare.[i] You are not alone when it comes to trying to figure out what to do next and we have helped countless individuals and families make the critical decisions that align with their retirement and financial goals.
You spent your career relying on employer-sponsored health insurance coverage, but it ends. Around 21% of large firms extend their coverage to retirees, so the first step could be to contact your plan administrator to inquire whether this is an option for you. If that is not the case, you will be expected to cover the full cost of your premiums until Medicare becomes available at age 65. Whether you get coverage through your old company or take a different course of action, we can provide you with adept professional guidance to help you manage your finances as you adjust to this life-changing event.
Connecting with us to discuss your options can help save you money and lower the stress of navigating the complex world of insurance and the financial impact on you and your family. We are an authority on this subject and are confident our knowledge and skills can help you incorporate insurance until Medicare eligibility into your retirement strategy.
Preparation for this healthcare coverage gap is an essential factor that can’t be overlooked as it can have significant financial repercussions. Here are five examples of insurance options that we can help you understand and provide insight into how each may impact you in the short- and long-term:
1) Private insurance
There is always the option of purchasing insurance through a private insurer. You can explore choices through the health insurance marketplace, by reaching out to a company directly or through an insurance broker.
2) Public Health Insurance Marketplace
The passing of the Affordable Care Act legislation established a public health insurance marketplace that offers options for individuals not yet eligible for Medicare plans. In 2025, 24.2 million people enrolled in health insurance through the Affordable Care Act (ACA) marketplaces.[i]
3) Cobra
As your employment is winding down and you are preparing for retirement, consider asking your employer if you are eligible to extend your existing coverage under COBRA (the Consolidated Omnibus Budget Reconciliation Act).[ii]
4) High-deductible plan and a health savings account (HSA)
A high-deductible plan that allows you to open a health savings account (HSA) is another option that may align with your retirement strategy. It is tax-deductible and can be used for out-of-pocket expenses not covered by the insurance plan.[iii]
5) Spouse’s employer-sponsored plan
If you retire and your spouse is still employed, you may consider joining their employer-sponsored plan. This is probably the easiest strategy to cover the gap until you are old enough for Medicare. There are financial pros and cons to this strategy which a financial professional can assess with you.
Schedule a meeting with us today!
If you are looking to get a head start on your post-retirement insurance plans or make a change, get in touch with Adam and our team today to learn more about your options.
