Congratulations! You are one of the lucky few that gets to retire before you turn 65! (Or, maybe you’re just thinking about it…) One of the main reasons that people wait until they turn 65 to retire is because they can keep their employer-sponsored health insurance coverage until they go on to Medicare. But you may not have to wait!
Many people think that “The Affordable Care Act” or “Obamacare” is not very affordable. However, if you’ve lost or dropped your employer coverage either due to early retirement or a job loss. Then you can probably qualify for financial assistance to make individual private insurance more affordable.
The program is actually pretty simple. The extra help provided through the ACA drops your monthly premium automatically and health insurance on the marketplace has the same benefit structure as your employer-sponsored plan. That’s it!
The monthly financial assistance can bring your premium down by $150-$1700 per month in some cases. That means you can put more of your retirement income towards important stuff like home improvements (and that new margarita machine you know you deserve).
Some people earn too much to qualify for monthly financial assistance; that’s why it’s important to work with an insurance agent and financial advisor who can help you plan how to save money and take advantage of these benefits. Proper planning can make it easier to leave your job, so you can spend time with your friends or grandkids. (If you want to just tell people you did, but instead go fishing…I won’t tell.)