Health Insurance for Young Retirees

Let's say you were lucky enough to be able to retire early. Or maybe you find yourself in an early retirement not out of your own choice. Chances are, not only have your regular paychecks stopped coming, but your company-provided health insurance is also gone.

Oh, sure, there's always Medicare. But that doesn't start until you're 65 years old (for most people). Until then, you may feel you're stuck. Here's some (relatively) good news, though: You have a few options. For one thing, you can probably continue with your employer's health-care plan for the first 18 months after you stop working -- through COBRA.

Another option is a new one, offered by health-benefits firm Humana (NYSE: HUM  ) . The company recently introduced its "HumanaOne" portfolio of health-insurance plans, targeting groups such as the young, the self-employed, and early retirees. According to the company, the plans offer deductibles ranging from $1,000 to $7,500 for single coverage and from $2,000 to $15,000 for family coverage, with premiums as low as $30 per month for singles.

Weighing the costs
Monthly premiums below $100 are certainly cause for celebration, but deductibles of $7,500 are rather ... steep. That translates to $625 per month. Still, that's not too far off from what many folks are paying on their own for their health-insurance plans. If it's the best deal you can find, it might be worth considering, at least to carry you to age 65 and the open arms of Medicare.

In the meantime, look for others in the health-insurance arena, such as Cigna (NYSE: CI  ) , Aetna (NYSE: AET  ) , WellPoint (NYSE: WLP  ) , and UnitedHealth Group (NYSE: UNH  ) , to come out with competing products of their own.

Keep learning
Learn more in our Insurance Center. You may not have thought about some kinds of insurance, such as disability or long-term care insurance, but they're vital for many people. And, of course, properly insuring your property is vital, too. Take a little time to learn more and you may be very happy you did.

These articles may also be of interest:

Read/Post Comments (0) | Recommend This Article (5)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 538992, ~/Articles/ArticleHandler.aspx, 10/21/2016 9:33:09 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 12 hours ago Sponsored by:
DOW 18,162.35 -40.27 0.00%
S&P 500 2,141.34 -2.95 0.00%
NASD 5,241.83 0.00 0.00%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

10/20/2016 4:00 PM
AET $110.93 Down +0.00 +0.00%
Aetna CAPS Rating: ***
ANTM $124.03 Down +0.00 +0.00%
Anthem CAPS Rating: *****
CI $123.63 Down +0.00 +0.00%
Cigna CAPS Rating: ***
HUM $174.55 Down +0.00 +0.00%
Humana CAPS Rating: ****
UNH $145.07 Down +0.00 +0.00%
UnitedHealth Group CAPS Rating: ****