Retired Senior Health Coverage Solutions at Age 65+: Your Roadmap to Wellness
Medicare is the nation’s health insurance program for people who are 65+ or have a qualifying disability. It is the best option for most people if they decide to sign up. It is important to understand the options and apply during the period starting three months before your 65th birthday month through the month after. If you don’t, you will be subject to penalties that will increase your monthly Part B premiums by 10% for every 12-month period you delay enrollment. The Social Security Administration can help you determine your eligibility and assist with the application process. New York State also offers a Medicare Savings Program to help low-income retirees afford their out-of-pocket costs. Contact NY Connects or the Health Insurance Information, Counseling and Assistance Program for more information.
If you decide not to enroll in Medicare, your Read the details options for private health coverage are limited. You can use the health insurance Marketplace to find a plan that suits your needs, and you may qualify for premium tax credits or lower out-of-pocket costs depending on your income. You may also be able to get free or low-cost health coverage through the Medicaid program in your state.
Aetna offers a variety of Medicare Advantage plans that are affordable and offer comprehensive benefits. The company’s offerings consistently rank highly in the Centers for Medicare & Medicaid Services annual star ratings. Aetna has a long history of providing healthcare coverage and is an industry leader.
The best Medicare Advantage plan for you will depend on your specific healthcare needs. You want to choose a plan with doctors who accept your preferred provider network and have reasonable office visit co-pays. Aetna offers plans with a wide range of benefits for various budgets, including prescription drug coverage and dental care.
A Medicare Advantage plan is a type of private health insurance that combines traditional medical coverage with additional benefits, such as vision, hearing and fitness memberships. Most Medicare Advantage plans are run by private insurance companies, and the cost of a plan will vary.
If you’re planning to retire before age 65, or if you lose your job-based health coverage after retirement, you can buy a plan in the Marketplace during a Special Enrollment Period. This allows you to purchase a private plan during the open enrollment period that coincides with your retirement date or the first day of the month in which you become eligible for Medicare.
You should know that these plans aren’t regulated in the same way as traditional insurance. You should consider these plans a temporary solution, only until you can enroll in your Medicare plan or other coverage.