Health

North Carolina Health Insurance for Early Retirees

So you’ve decided to take early retirement. Congratulations! Having the good fortune to retire from your career early is great, but it can also come with big changes to your health insurance. Retiring before the age of 65 means you don’t qualify for Medicare just yet. Therefore, it’s important to have health insurance that covers you in the meantime.

Unsure about what your health care options are as an early retiree in North Carolina? Keep reading to find out how you can get the health insurance that works for you and your budget!

COBRA Health Insurance Can Be Costly

If you were part of your previous employer’s group insurance plan, you might be eligible for continued coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (or COBRA for short).

Sounds great, right? Well, not exactly. Prior to retiring, you and your employer split your monthly premium, but after retiring, you’ll be paying the full amount. This option can be very costly as your employer likely shouldered more of the financial burden (even if you contributed to your deductible!).

Health Care Options That Don’t Break The Bank

Purchasing an Obamacare plan can be a good choice for you and your family. Affordable health insurance is definitely out there. Depending on your income level, you may qualify for subsidized health insurance that doesn’t cost you an arm and a leg! With a minimum requirement of around $12,140 per year in income, Therefore, you may be eligible for lower premiums and out-of-pocket costs.

Many early retirees are concerned about getting the quality of health insurance they need at a price that fits their budget. Finding the right health insurance doesn’t have to be a frustrating process. Working with a North Carolina insurance agent is a great resource for navigating the health insurance market.

Retiring Early Qualifies for A Special Enrollment Period

Concerned about missing this year’s open enrollment period? Early retirement and losing your health care coverage is a qualifying life event that allows for a special enrollment period. This life event provides you with extra time in which you can purchase health insurance through the Affordable Care Act.  Therefore, you will have up to 60 days after you’ve officially retired to enroll in a new plan.

As we said before, finding the right health insurance for you and your family can be a tiresome process, but we can make it easy. We will help you find the best health insurance for your situation. Eliminate the frustration by contacting Carolina Insurance Professionals. Our experienced insurance agents can help you find health insurance that doesn’t go over budget!

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