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Early retirement is defined as anything before the age of 65.1 If you decide to retire early, you may wonder about your health insurance options. Luckily, there are many ways to get early retiree health insurance.
If you decide to wait until you are 65 to retire, you may be able to qualify for Medicare. Medicare is a government program designed to help citizens over 65 pay for necessary healthcare.2 It’s important to note that Aflac does not offer traditional health insurance for early retirees, but we provide supplemental coverage to complement your existing plan.
If you find yourself with expensive out-of-pocket costs after your primary health insurance has been used, supplemental insurance can help you pay for the care you need. Some of our plans pay you cash benefits (unless benefits are assigned) that you can choose how you want to use — whether it be for treatments, medication, or everyday utilities like electricity and groceries.
For example, we offer accident insurance to help you recover from an unexpected injury, critical illness insurance to aid you back to health after a life-altering illness and cancer insurance to help pay for the necessary treatments and procedures involved with a cancer diagnosis. These are just a few of the options at Aflac for early retirees, so we recommend chatting with an agent to learn more about your options.
Read on to learn about how early retirement health insurance works, some types of plans available, and how supplemental insurance can provide additional coverage.
If you have employer-sponsored health insurance, you may be able to extend it for a few extra years after early retirement. If that isn’t the case, you can still find an early retirement health insurance plan that meets your specific coverage needs.
Deciding to retire early counts as a special enrollment period, allowing you to opt into a health insurance plan outside the typical enrollment schedule.1 Early retirement health insurance can fluctuate depending on the state you live in, your income, and how many dependents you have.
Don’t wait until it’s too late. Help cover yourself and your family with competitive coverage from Aflac.
If you don’t have employer-sponsored health insurance, you can still get a plan through the government, your state or a private company. Let’s discuss how each one of these coverage options works.
A health insurance marketplace is a place where residents can buy health insurance through the state they live in. In some cases, you may be able to receive certain tax benefits and less expensive out-of-pocket costs depending on your income and who you are supporting.1
COBRA stands for Consolidated Omnibus Budget Reconciliation Act. This act helps employees receive continued health insurance benefits from their employer if they lose their job or their hours are scaled back. Usually, businesses with over 20 employees are required to honor COBRA.3 COBRA usually can extend health insurance coverage anywhere from 18 to 36 months.3
Lastly, you can always buy health insurance from a private company, separate from what is offered through the state. Usually, you may be able to get better benefits from a private health insurance company, but it can be more expensive than a state-run program.4
The cost of health insurance for early retirees varies greatly depending on the plan you choose and your specific coverage needs. Costs can be influenced by the state you live in, your income, your dependents and whether you choose a private or public health insurance plan. As noted earlier, private health insurance options may be pricier than government-run programs.
When choosing the right early retirement health insurance plan, here are some factors you should consider:
Supplemental insurance can offer additional coverage for treatments and costs your primary insurance plan doesn’t cover. Here are some supplemental plans Aflac offers for early retirees:
If you’re planning for early retirement, we recommend you look at each health insurance plan closely before making a decision. For those looking for additional support and fewer out-of-pocket expenses, Aflac supplemental insurance can make all the difference in getting you and your family the coverage you deserve. From critical illness insurance to final expense whole life insurance, our plans come with reasonable premiums that may fit your budget. Explore our variety of supplemental insurance products to discover better support.
1 Health Care Gov - Coverage for Retirees. Accessed March 1, 2024. https://www.healthcare.gov/retirees/.
2 Medicare - What's Medicare. Accessed March 1, 2024. https://www.medicare.gov/what-medicare-covers/your-medicare-coverage-choices/whats-medicare.
3 Investopedia - COBRA Health Insurance Features and Coverage. Updated September 14, 2023. Accessed March 1, 2024. https://www.investopedia.com/articles/insurance/11/intro-cobra-health-insurance.asp.
4 Thrivent - 8 Early Retirement Health Insurance Options. Updated Jun 9, 2022. Accessed March 1, 2024. https://www.thrivent.com/insights/financial-planning/8-early-retirement-health-insurance-options.
Coverage underwritten by American Family Life Assurance Company of Columbus. In New York, coverage is underwritten by American Family Life Assurance Company of New York.
Accident: In Delaware, Policies A36100DE—A36400DE, & A363OFDE. Policies A371AA & A371BA. In Idaho, Policies A36100ID–A36400ID, & A363OFID. Policy A37000ID. In Oklahoma, Policies A36100OK– A36400OK, & A363OFOK. Policy A37000OK. In Virginia, Policies A36100VA – A36400VA, & A363OFVA. Policies A371AAVA & A371BAVA. Cancer/Specified-Disease: 72200: In Delaware, Policy A72200. In Idaho, Policy A72200ID. In Oklahoma, Policy A72200OK. In Virginia, Policy A72200VA. 75000: In Virginia, policies A75100VA–A75300VA. B7000: In Delaware, Policies B70100DE, B70200DE & B70300DE. In Idaho, Policies B70100ID, B70200ID, B70300ID, B7010EPID, B7020EPID. In Oklahoma, Policies B70100OK, B70200OK, B70300OK, B7010EPOK, B7020EPOK. Hospital: B4000: In Delaware, Policies B40100DE & B4010HDE. In Idaho, Policies B40100ID & B4010HID. In Oklahoma, Policies B40100OK & B4010HOK. In Virginia, Policies B40100VA & B4010HVA. Final Expense: In AR, ID, OK, OR, PA, TX and VA: Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22.
Coverage is underwritten by Tier One Insurance Company.
Cancer: In Delaware, Policy T70000. In Idaho, Policy T70000ID. In Oklahoma, Policy T70000OK. In Virginia, policies T70000VA & T70000GVA. Accident: In Delaware, Policy T37000. In Idaho, Policies T37100IDR, T37200IDR, & T37300IDR. In Oklahoma, Policy T37000OK. Critical Illness: In Delaware, Policy T71000. In Oklahoma, Policy T71000OK. In Virginia, Policy T71100VA.
Aflac Final Expense insurance coverage is underwritten by Tier One Insurance Company, a subsidiary of Aflac Incorporated and is administered by Aetna Life Insurance Company. Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (Tier One NAIC 92908).
In AR, DE, ID, OK, and VA: Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22. Aflac Final Expense policies are not available in New York.
This is a brief product overview only. Coverage may not be available in all states including but not limited to DE, ID, NJ, NM, NY, or VA. Benefits/premium rates may vary based on plan selected. Optional riders are available at an additional cost. The policy has limitations and exclusions that may affect benefits payable. Refer to the policy for complete details, limitations, and exclusions. For costs and complete details of the coverage, please contact your local Aflac agent.
The content herein is provided for general informational purposes and is not provided as tax, legal, health or financial advice for any person or for any specific situation. Employers, employees and other individuals should contact their own advisers about their situations.
Aflac WWHQ | Tier One Insurance Company | 1932 Wynnton Road | Columbus, GA 31999
Aflac New York | 22 Corporate Woods Boulevard, Suite 2 | Albany, NY 12211
Z2400201
EXP 4/25
