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Early retirement seniors are ineligible for Medicare benefits until they reach 65 years old. Many companies are not offering continued health insurance for early retirees. COBRA helps retired seniors but is temporary. With all of this in mind, you may be wondering what you will need to know about purchasing health insurance until the point at which you become Medicare eligible.
Preferred provider organization (PPO) is managed care health insurance. When you buy this type, you enter into a network of doctors and healthcare services. You will choose your doctor within the network and if you need to see a specialist, you will not need a referral as long you remain in the network.
If you use a doctor outside of the network, this health insurance will help pay some but not all of the costs. PPOs usually have higher monthly premiums compared to HMOs. However, PPOs have lower co-pays, low deductibles, and prescription drug coverage.
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Many health insurance companies provide PPOs for early retirees. Each has different premium costs, deductibles, and co-pays. Here are some of the most popular ones for seniors.
Deductibles vary depending on which state you reside but they usually range from $500 to $5000 for the AETNA PPO Plans. This health insurance company also has Aetna Managed Choice available.
This health insurance company has 65.8 million PPO plans. They have coverage for all of the United States. Each state has its own PPO plans so you will need to contact the company to find out about the programs available for where you reside.
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Humana has one of the largest networks of PPOs. Their PPO called HumanaOne has different levels available to you depending on how much you can afford.
Many seniors who are happy with the coverage they receive from their PPO will decide to keep it once they are Medicare recipients. Medicare will cover most of your medical costs but may not cover all of your healthcare expenses.
Supplemental health insurance will pay for some of these healthcare expenses. Many of the health insurance companies provide specialized plans for Medicare recipients especially for prescription drug coverage.
Dental or vision options can be added to your
coverage.
Living longer means paying more for health care.
A woman who retires at 65 can expect to maintain her health until the age of 84, on average.2
Men who expect high health costs after they turn 65 end up retiring – on average – 13 months later than those who don't.3