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ABOUT THIS VIDEO
You have a lot of health care options if you retire before age 65. In this clip of Retiring Today, Loren Merkle and Molly Nelson discuss one specific option that could allow you to retire early.

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Loren Merkle, CERTIFIED FINANCIAL PLANNER™, RETIREMENT INCOME CERTIFIED PROFESSIONAL®, CERTIFIED FINANCIAL FIDUCIARY®

Molly Nelson, Host of Retiring Today

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This video does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or any other product or service by Merkle retirement planning LLC, Elite retirement planning LLC, MRP Insurance LLC, or any other third party regardless of whether such security, product or service is referenced in this episode. Furthermore, nothing in this episode is intended to provide tax, legal, or investment advice and nothing in this episode should be construed as a recommendation to buy, sell, or hold any investment or security or to engage in any investment strategy or transaction. Merkle retirement planning, LLC does not represent that the securities, products, or services discussed in this episode are suitable for any particular investor. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your business advisor, attorney, or tax and accounting advisor regarding your specific business, legal or tax situation….(read more)

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How to Pay for Health Care if you Retire at 62?

Retiring at the age of 62 is a common goal for many individuals. It signifies the much-awaited freedom from the daily grind and the opportunity to pursue personal interests and hobbies. However, one major concern that arises when considering early retirement is how to pay for health care.

In the United States, health care costs can be extremely high, and Medicare, the government health insurance program for seniors, does not kick in until the age of 65. So, if you plan to retire at 62, it’s essential to have a plan in place to cover your healthcare expenses until you become eligible for Medicare. Here are a few options to consider:

1. Employer-sponsored retirement health benefits: If you are fortunate enough to have an employer who offers retiree health benefits, make sure to thoroughly understand what is provided. Some employers offer continued coverage until Medicare eligibility, while others may offer subsidies for individual health insurance plans. Contact your HR department or review your employment contract to get a clear understanding of your benefits.

2. COBRA coverage: If your employer does not offer retiree health benefits, you can opt for COBRA coverage. COBRA allows you to extend your employer-sponsored health insurance plan for up to 18 months after retirement. However, it’s important to note that COBRA is not a permanent solution, and premiums can be significantly higher, as you are responsible for the full cost of coverage.

3. Health Insurance Marketplace: If your COBRA coverage ends or is too costly, you can explore options available through the Health Insurance Marketplace. The Marketplace offers a variety of health insurance plans suitable for individuals and families. You may be eligible for subsidies depending on your income level, which can help make coverage more affordable. Explore different plans and find one that meets your needs and budget.

4. Spousal coverage: If you have a spouse who is still working and has access to health insurance, joining their plan may be another option. Inquire about coverage options and costs associated with adding a dependent spouse. This option can provide continuous coverage until you are eligible for Medicare.

5. Health Savings Account (HSA): If you retire before the age of 65 and have a high-deductible health plan, contributing to an HSA can help you save for future healthcare expenses. HSAs allow you to contribute pre-tax funds, which can be used to cover eligible medical expenses. The unused money in the account rolls over year after year, providing a financial safety net for medical costs during retirement.

6. Self-pay: If none of the above options are feasible, you may have to self-pay for health insurance until Medicare eligibility. This can be expensive, so it’s crucial to budget for health care costs as part of your retirement plan. Research individual health insurance plans and compare costs to find the most affordable option.

Retiring at the age of 62 can be a fulfilling experience, but navigating health care costs can be a challenge. It’s crucial to explore all available options and plan ahead to ensure that you have adequate coverage until Medicare kicks in. Remember, it’s always wise to seek advice from a financial planner or insurance expert who can guide you through the process and help you make an informed decision.