facebook twitter instagram linkedin google youtube vimeo tumblr yelp rss email podcast phone blog external search brokercheck brokercheck Play Pause
Should I Buy Health Insurance form the Marketplace in Railroad Retirement? Thumbnail

Should I Buy Health Insurance form the Marketplace in Railroad Retirement?

Video Retirement Budgeting Financial Planning

Now that you've retired from the railroad, how will you secure your health insurance?

Welcome to another edition of the Highball Advisors Railroad Retirement whiteboard. I'm John McNamara of Highball Advisors, and today we're addressing a common concern among retirees: health insurance. Many retirees are unsure about how to secure health insurance, especially with the rising costs of healthcare. Let's walk through a checklist to help you navigate this process.

Firstly, the goal is often to reach Medicare eligibility at 65. If you're retiring before 65, you'll need to consider alternatives. If you're over 65, you're likely eligible for Medicare, but if your spouse is still working for a company with 20 or more employees, their employee insurance might be a better option.

If spousal insurance isn't an option, consider the following:

  1. Retiree health insurance: Check if your former employer offers retiree health insurance. Compare this option with the health insurance marketplace.
  2. Health insurance marketplace: If your employer doesn't offer retiree health insurance, explore the health insurance marketplace for coverage until you're eligible for Medicare. Remember, you may qualify for premium tax credits based on your income and family size.
  3. Compare plans: Look for plans that cover your preferred doctors and compare costs. Consider factors like premiums, deductibles, and coverage.
  4. COBRA: COBRA allows you to continue your employer's health insurance plan for up to 18 months after leaving your job. However, you'll have to pay the full premium plus a 2% administrative fee.
  5. Other options: Consider VA benefits if you're a veteran, or explore early Medicare eligibility if you have certain illnesses.

It's essential to carefully evaluate your options and choose a plan that meets your needs and budget. If you need assistance with this process, consider reaching out to a professional for guidance.

I hope you found this video helpful. If you're nearing retirement and need help with this process, consider the boarding for railroad retirement service that I offer. Click the notification bell for the latest updates, and please subscribe to the channel. Thank you for your support. Until next time, stay safe, stay on track, and take care. Goodbye.

Get Free Railroad Retirement Assessment

Disclaimer: This article is provided for general information and illustration purposes only. Nothing contained in the material constitutes tax advice, a recommendation for purchase or sale of any security, or investment advisory services. Highball Advisors encourages you to consult a financial planner, accountant, and/or legal counsel for advice specific to your situation. Reproduction of this material is prohibited without written permission from Highball Advisors, and all rights are reserved from Highball Advisors, and all rights are reserved.