by Brooke Jarchow
Retirement is supposed to be one of the most relaxing times of your life, but it’s not without its challenges, especially if you retire early. One of the biggest obstacles when retiring before age 65 is finding affordable health insurance. It can be expensive and time consuming to find the coverage you need when you are suddenly without employer-sponsored coverage.
Did you know that retiring early or quitting your job is considered a Qualifying Life Event, which allows you to enroll in coverage outside of Open Enrollment? You will likely have 60 days from retirement to get new health insurance.
While there are other options such as COBRA coverage, enrolling in individual health insurance can be more affordable, since COBRA coverage usually requires individuals to pay their entire monthly premium, plus a two percent administration fee.
Are you retiring before age 65 or losing job-based coverage? GoHealth licensed insurance agents can help determine your eligibility for a Special Enrollment Period and help you find a health plan that fits your needs.