Ask Terry Questions Private health insurance before Medicare

Private health insurance before Medicare

By Terry Savage on January 21, 2023 | Financial Planning / Retirement

Hello-
My spouse will be eligible for Medicare in 2 years and wants to retire at that time. I am 57 years old and wondering what my options are for health insurance coverage? My small employer does not offer these benefits and we are currently on his plan. Love your segments on WGN. Thank you!

Terry Says

You will have to purchase benefits under the Affordable Care Act at Healthcare.gov. And it will likely be more expensive. (And by the way, tell your husband that he should NOT take Social Security until age 70, because taking it early will cost him plenty. Read recent column.

Oh, and speaking of that, I didn’t write about this small biz healthcare deal this year, but I have for several years in the past. There is a special period in which small business owners can provide healthcare WITHOUT HAVING TO PAY FOR IT — instead if one or more employees opt to get it, the employees can pay on a pre-tax basis. It’s a very special deal, happens in December. And there is a link to my expert in the article. Show this to the boss– because it costs him nothing and is a great opportunity for people in your situation who are his employees.

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