Florida Health Insurance for Early Retirees

Early retirement is meant to be an exciting part of life and not one that is fraught with stress. Fortunately, finding Florida health insurance benefits after early retirement does not have to be as daunting as it seems. There are plenty of ways to make sure that the coverage you select is both comprehensive and affordable.

If You Already Had a Plan

If you already had a Florida health insurance plan that you were paying for on your own rather than from your employer, then there is nothing you need to do. You may need to report your retirement to your insurance company, but this will not affect your premiums in any way. People who purchased their own health insurance do not need to worry about any health conditions they will develop in the future, either. This is the best way to preserve health insurance benefits after an early retirement.

Separate the Family when Applying for New Coverage

If your employer-provided insurance coverage will terminate after your early retirement, then you can save money on your new insurance plan by separating your family. Sometimes, the premiums you will pay for a family insurance plan are based upon the age of the oldest member of the family. Thus, if you are 54, your wife is 49 and your college-aged child who is still covered under your plan is 22, then separating the family may actually save money. If you still choose to go with a family plan, be sure that the insurance policy is in the younger spouse’s name. This way, things are much easier for you when you decide to switch to Medicare.

Check out State Pool Insurance Programs

In some cases, the premiums for individuals aged 55-65 who are purchasing Florida health insurance for the first time are so high that it may be better to actually look into state-guaranteed programs that are funded from a pool. Although these programs are usually intended for individuals who are considered unhealthy or otherwise uninsurable, they present a great opportunity to save money on premiums while still receiving ample coverage. You may need to provide a letter from a reputable insurance agent that states you would have been rejected had you applied for coverage, though.

Negotiate with Your Employer

Perhaps the best thing you can do if you are faced with the problem of finding Florida health insurance after early retirement is to negotiate with your employer to see if you can receive ongoing health benefits. Chances are, however, that your employer is paying double—or even triple—the amount for your insurance premiums than it is paying for your younger coworkers. However, even with this being said, the costs associated with the group plan are likely less than what you would pay on your own. You may be able to convince your employer to allow you to pay these premiums in full out of pocket to save you money.

Florida health insurance for early retirees can be complicated and expensive. If you have questions or you aren’t quite sure which route to take, please speak with your insurance agent and your employer prior to retiring.