Yahoo Finance Planning for Retirement? These Jobs Offer Great Health Insurance After You Retire
There are many factors to consider when planning your retirement.
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One such factor is health insurance and whether you want to get it from your employer or through the health insurance marketplace. The Marketplace is known to offer lower monthly premiums or out-of-pocket savings, so it makes sense to explore which is the best option for you.
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Post-Retirement Health Insurance
Federal employees are granted health insurance that continues after retirement through the Federal Employee Health Benefits (FEHB) program. They receive the benefits as long as they have been enrolled or covered by a family member in the FEHB for the five years leading up to their Annuity Commencement Date. If they’ve been enrolled for less than five years, they only need to have remained enrolled for that entire time. They also need to be eligible for an immediate annuity through a retirement system that applies to Federal civilian employees. Note that the MRA+10 rule (Minimum Retirement Age plus 10 years) of the Federal Employees Retirement System (FERS) qualifies as immediate.
If you are an education employee, such as those working at universities, you’ll also get access to post-retirement health insurance. These benefits are typically calculated based on your age and the number of years you worked for the university. Retired public school teachers often receive a similar benefit through their union.
If you’re up for working part-time, there are a number of jobs that offer health insurance to retirees. Costco, UPS, REI, and Chipotle all offer medical insurance for part-time employees. For instance, Costco offers health care coverage by Aetna for those who work 23 hours or more per week for 180 days. You might also be able to enroll in COBRA, which allows a continuation of employer health care coverage post-retirement — though only for up to 18 months.
Marketplace Health Insurance
It’s also possible that you didn’t work for the federal government or as part of the education system, and aren’t interested in working in your retirement years. You may have been offered insurance from your former employer, but it was too expensive for your budget.
This is where the Marketplace becomes a viable option, where you’ll either qualify for a premium tax credit, subsidy or Medicaid per your income level. Given the fact that many companies don’t offer health care benefits to retirees, the Marketplace is your best choice if you don’t have spousal insurance or membership in organizations like AARP.
When browsing the Marketplace, it’s recommended that you consult a health insurance agent. These brokers can help you enroll in plans through the Marketplace or from somewhere else. They’re licensed, so they can recommend a particular plan. Throughout the general process of evaluating retirement costs and what your best options are, you should get help from a financial advisor. They can assist you in determining whether an employer or Marketplace health care plan is right for you.
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The right decision depends heavily on your job history and personal circumstances. Be sure to give yourself the time you’ll need to make an appropriate choice.
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This article originally appeared on GOBankingRates.com: Planning for Retirement? These Jobs Offer Great Health Insurance After You Retire
