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Retiring before 65? Here's how you should plan for health insurance and how much to budget.
I’m retiring before 65. How much should I plan for health insurance? For many early retirees, budgeting roughly $10,000 to $20,000 per person, per year is a reasonable planning estimate until Medicare begins. That number surprises a lot of people. But health insurance can become one of your biggest expenses, especially if you want to retire before Medicare kicks in. The good news? You have options. You may be able to stay on your employer's plan through COBRA for up to 18 months. Your premium will likely increase, but your coverage stays the same, which can be a huge advantage if you're in the middle of treatment or don't want to switch doctors. If your spouse is still working, coordinating your retirement around their employer's coverage could be another option. And if neither fits, get an actual quote through the Health Insurance Marketplace. Premiums can vary dramatically based on your state, income, age, and the plan you choose. One more thing: if you have access to an HSA at work, consider funding it as much as possible in the years leading up to retirement. When invested, those dollars can grow tax-free, and qualified medical expenses can be paid tax-free. Making an HSA one of the best tools for covering healthcare costs before Medicare. If you're within five years of retirement, we'll help you map healthcare costs alongside your income, taxes, and Medicare timing so there aren't any surprises. Send us a message. We'd be happy to help. #RetirementPlanning #FinancialPlanning #RetireEarly #HealthInsurance #HSA
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