Open Enrollment Is Here

Open Enrollment for Medicare, October 15, 2023 to December 7, 2023
Open Enrollment for ACA, November 1, 2023 – January 15, 2024

Open Enrollment Is Here

Medicare Open Enrollment- October 15, 2022 through December 7, 2022

Health Insurance Open Enrollment – November 1, 2022 through January 15, 2023

Raleigh, NC Early Retirement Health Insurance

Find the Right Healthcare Plan in Raleigh, North Carolina

While work may no longer be a concern for individuals retiring before the age of 65, health insurance usually is. Many people approaching retirement age spend several hundred to upwards of a thousand dollars per month on health insurance premiums as they await to qualify for Medicare.

Prescription drug coverage, specialists, and other health care needs are important and necessary to have before Medicare eligibility. But what are the early retirement health insurance options for people under 65? Can those healthcare coverage solutions be affordable before Medicare eligibility kicks in?

Carolina Insurance Professionals specializes in finding affordable healthcare options for individuals fortunate enough to retire early. Call us or contact us online to speak with an independent insurance agent who is ready to find the best early retirement health insurance that will fit both your needs and budget.

Senior couple in health insurance agent office

Early Retirement Health Insurance Options For Raleigh, North Carolina Residents

Many retirees are looking forward to Medicare eligibility in the United States. However, most Americans aren’t eligible for Medicare coverage until the age of 65. However, there are some exceptions to this rule which may make you eligible for Medicare even though you haven’t reached the age of 65, such as if you’ve been diagnosed with the following conditions: 

  • End-stage renal disease (ESRD)
  • Lou Gehrig’s Disease (ALS)
  • A disabling condition for which you have received Social Security disability benefits for 24 months or more

Take a few minutes to check with one of our experienced insurance agents in Raleigh, NC and see if you might be eligible before the standard retirement age. 

If you haven’t received one of the above-referenced diagnoses and aren’t eligible for Medicare just yet, there are some options definitely worth exploring with our Raleigh-based Carolina Insurance Professionals team. Together, we’ll walk through your early retirement healthcare options, such as health insurance plans, including (but not limited to):

  • Consolidated Omnibus Budget Reconciliation Act (COBRA): COBRA coverage allows you to remain on your employer’s current health plan, but you will be liable for the entire financial contribution. This can be an ideal option if you want to maintain the health coverage that you already have for a limited time into your retirement. 
  • Medicaid: Medicaid is a joint federal and state program offering health coverage to eligible low-income adults, children, pregnant women, elderly adults, and people with disabilities. It’s designed to be a safety net for those who find themselves with limited income during retirement. Qualification criteria include income level, family size, and disability status, among others. Each state has its own rules about who is eligible and what is covered. An experienced health insurance agent can help you check your state’s Medicaid program for specifics.
  • The federal health insurance exchange, also known as the health insurance marketplace: Often referred to as the health insurance marketplace, this platform allows you to shop for and enroll in affordable health insurance plans. Created under the Affordable Care Act (ACA) (often referred to as Obamacare), the marketplace offers plans that cover essential health benefits, pre-existing conditions, and offer preventive care. For those in early retirement, this can be a valuable resource to find a plan that fits your needs and budget, especially if you don’t have access to employer-sponsored health insurance or aren’t yet eligible for Medicare.
  • Employer-sponsored health insurance or group health plan (through a former employer or a part-time position): Your current employer might offer specialized health insurance plans for their retirees. To explore this avenue, it is important to get in touch with your human resources office. They can provide you with insights and explanations of the healthcare coverage options that are tailored for retiring employees. Before you commit to this option, you should be sure to review the other options that are available to you, as private health insurance plans offer a wide network of providers, ensuring you’re covered even if you need care out-of-network. 
  • Private insurance: If you’re looking for more personalized coverage options, exploring private health insurance might be the route for you. This includes plans purchased directly from health insurance companies or through a broker. Private health insurance plans often offer a broader network of doctors and specialists than government-funded programs. However, they can also come with higher premiums, so comparing costs and benefits against your healthcare needs and financial situation is key.
  • Your spouse’s health insurance plan: If you are married, it is worth considering your spouse’s employer group health plan. Our independent health insurance agents can help you check to see if you can be added to their existing coverage to provide you with a seamless transition into retirement without compromising on your health insurance.  
  • And more

Factors That May Impact Early Retirement Health Insurance Options You Have

The cost of an individual health insurance premium through the options above for early retirees is going to vary greatly. Your expenses will likely depend on factors such as:

  • Your income
  • Your location (in this case, North Carolina)
  • Whether you are a current tobacco user
  • Your age
  • Your health insurance plan’s category or status (Bronze, Silver, Gold, etc.)

Carolina Insurance Professionals specializes in finding competitive rates for early retirees in Raleigh, North Carolina. We evaluate your circumstances and quickly find quotes from multiple carriers to compare costs. Our independent insurance agents work closely with you, at no extra cost to you, to find your ideal health coverage.

Find The Perfect Plan

It’s our pleasure to evaluate all your health insurance needs and help you choose the right policy. With Carolina Insurance Professionals by your side, you will be ready for any surprises that life throws your way.

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Early Retirement Health Insurance Income Guidelines

As an early retiree, you may qualify for a tax credit to offset the high cost of your health insurance premium each month. However, your income does impact how much you pay for health insurance each month and whether you qualify for that credit.

We’ve put together a table below outlining income thresholds to qualify for tax credits based on income and household size in 2022. Please keep in mind that these thresholds are subject to change from year to year. It’s important to consult with our Carolina Insurance Professionals in Raleigh, NC each year to ensure you still qualify. If you cross the income threshold for your household size, you risk financial penalties come tax time.

For retirees who aren’t yet 65, Carolina Insurance Professionals recommends keeping your income below the Modified Adjusted Gross Income (MAGI or Maximum AGI) for your household size. See the income guidelines below for thresholds.

2022 Early Retire Health Insurance Income Guidelines

Household SizeMinimum MAGIMaximum MAGI
For each additional person$4,540$18,160

Factors To Weigh When Choosing Between Companies Offering Early Retiree Health Insurance

As we’ve already discovered, there are several health insurance options for individuals in Raleigh, North Carolina who are able to retire early. Should you choose to explore carriers offering early retirement health insurance to North Carolina residents through private insurance or the federal health insurance exchange, you may have a tough decision on your hands.

Health insurance companies offer different plans, of course. When evaluating these health plans, it’s important to consider how costs and benefits impact you. For example, a low health insurance premium may at first be appealing as you look to keep your cost of living low here in North Carolina. However, if your health plan doesn’t cover your prescription drugs, you may end up paying more out-of-pocket than you would have with a higher premium plan.

Carolina Insurance Professionals not only finds you competitive rates, but we also find you the healthcare coverage that works for you and your budget. Some things to consider when choosing a health insurance plan include:

  • Monthly premium costs
  • Annual deductibles
  • Out-of-pocket maximums
  • Prescription drug coverage
  • Copays to see primary care physicians or specialists
  • If a necessary treatment is not covered by medical insurance
  • Catastrophic coverage
  • Whether your current physicians are network providers or out-of-network
  • And more

Consult with our Raleigh health insurance professionals to discuss which companies offer early retiree health insurance options that make sense for you. Our health insurance services are available at no extra cost to you, and each of our health insurance agents are experienced and licensed in the state of North Carolina. Get a quote for health insurance that will cover any medical care costs that you need to stay healthy.

Health Insurance in North Carolina for Retirees Under 65

For individuals under the age of 65, you’re likely not eligible for Medicare just yet. If you have a few years until Medicare eligibility, explore affordable options in Raleigh, NC with Carolina Insurance Professionals. We’re able to find you competitive rates and evaluate your specific health needs to get you the best health insurance coverage possible.

Additionally, we help you transition from private health insurance (or other insurance plans) to Medicare once you’re eligible. Our health insurance agents are trained and licensed in the state of North Carolina to guide you through understanding your options and can help you evaluate which medical plan you should choose.

Rest assured and embrace the peace of mind of knowing you’re retiring early. Don’t waste time worrying about health insurance when you can easily contact us and find affordable rates for quality healthcare coverage. We compare health insurance rates for you so you can spend more time doing what you love and enjoying your well-earned retirement.

We’re conveniently located in Raleigh, NC, and proudly serve all 100 counties in North Carolina. Give us a call, text us, or contact us online for more information about early retirement health insurance. We gladly offer free, no-obligation consultations and easy appointment booking services to get your questions answered quickly.

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