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Medicare is designed to replace your employee health insurance that you receive through your job. But not everyone retires at age 65 — so, if you aren’t eligible for Medicare, what can you do?
First, let’s make sure you really aren’t eligible. To be eligible for Medicare while under 65, you must:
If any of these conditions apply to you, you’re eligible for Medicare under 65.
But not everyone is eligible for Medicare under 65. So, what are your options?
If you’re retiring 18 months before you’re eligible for Medicare, you will still be legally covered by your employee health insurance through the Consolidated Omnibus Budget Reconciliation Act (COBRA). Your employer must have 20 or more employees, but it’s a good short-term option for your transition.
Similarly, short-term health insurance offers minimal coverage in case of emergencies between your health insurance plans. This is likely less expensive than COBRA, but it won’t offer full benefits, and likely won’t be available if you have a pre-existing condition.
If you meet the income requirements, you can also rely on your Medicaid coverage until you can enroll in both Medicare and Medicaid. Keep in mind that Medicaid alone isn’t accepted by a lot of people, so you may have to switch providers or pharmacies for a short time.
You also have the option of looking into ACA Plans. Also known as the Affordable Care Act, this major medical insurance will:
No matter your situation, Valley Insurance Markets will work with you. It’s not just about finding what works, it’s making sure that everything is tailored to your needs, from early retirement to Medicare enrollment.