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#3 of Series

Writer's picture: Jeff BernierJeff Bernier

If I retire prior to age 65, how do I get health insurance?


Many people are hesitant to retire prior to the Medicare eligibility age of 65 for fear of not having the access to affordable healthcare coverage. With proper planning and research, obtaining health insurance is possible and doesn’t have to derail your early retirement plans. It’s important to pick the option that is appropriate for your circumstances.


Here are some of the most common options:


  1. Spousal insurance – If your spouse is still working, joining his or her employer-sponsored plan is a great option as often the employer will subsidize some of the insurance payment. Be sure to enroll in the spouse’s plan within 30 days of the qualifying event.

  2. Employer-sponsored retiree benefits – Some employers (albeit not many) do offer insurance plans for retirees. The cost and coverage vary significantly. Some employers will allow retirees to remain on the plans with subsidized premiums, others will expect the retiree to pick up the entire cost of premiums. Depending on the cost and coverage, there may be better options available.

  3. COBRA – Many employers are required to give employees the option to continue coverage for 18 months upon leaving an organization. However, the full cost is covered by you.

  4. Health Insurance Marketplace – You may qualify for a special enrollment on the healthcare.gov website. Depending on the qualifying event, you may have 60 days from the event to obtain insurance. The American Rescue Plan has extended subsidies for marketplace plans through 2025. Since eligibility for subsidies is based on income, it’s important to review your situation to see if this is an affordable option.


Which health insurance option is right for you? It depends! A qualified financial advisor may be able to help. We encourage you to find a guide.


See important disclosures: bit.ly/3MbScI5

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Jeff Bernier is the sole Member and an investment adviser representative of TandemGrowth Financial Advisors, LLC, (“TandemGrowth”) an investment adviser registered with the U.S. Securities and Exchange Commission. Registration as an investment adviser is not an endorsement by securities regulators and does not imply that TandemGrowth has attained a certain level of skill, training, or ability. No person will receive cash or non-cash compensation, directly or indirectly, in exchange for an endorsement of this book. Any endorsement of the book, ‘The Money and Meaning Journey’ are endorsements of the book and are not endorsements of Jeff Bernier’s reputation or experience as an investment adviser representative of TandemGrowth, or of TandemGrowth itself. The information presented in this book is general commentary intended to inform its readers, including current and prospective investors, about the broader financial ecosystem. All profits from the sale of this book are ultimately paid to the Bernier Family Gift Fund at the National Christian Foundation, which makes charitable distributions to various qualifying nonprofit organizations. Except for the “Contact Page,” the book is not intended as an offer of Mr. Bernier’s or TandemGrowth’s advisory services related to the sale or recommendation of securities. Not all services will be appropriate or necessary for all clients, and the potential value and benefit of TandemGrowth’s services will vary based upon the client’s individual investment, financial, and tax circumstances. The effectiveness and potential success of a tax strategy, investment strategy, and financial plan depends on a variety of factors, including but not limited to the manner and timing of implementation, coordination with the client and the client’s other engaged professionals, and market conditions. Past performance does not guarantee future results. All investment strategies have the potential for profit or loss, and different investments and types of investments involve varying degrees of risk. There can be no assurance that the future performance of any specific investment or investment strategy, including those undertaken or recommended by TandemGrowth, will be profitable or equal any historical performance level. Additional information about TandemGrowth, including its Form ADV Part 2A describing its services, fees, and applicable conflicts of interest and its Form CRS is available upon request and currently at https://adviserinfo.sec.gov/firm/summary/125490.

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