Health Insurance for Seniors without Medicare
Are you retiring soon? But haven’t worked your forty-quarters? You might be wondering what do I do now for Insurance? I’ve got the answers for you!
65 or older and not eligible for Medicare
You may be able to buy insurance thru the marketplace to get lower cost monthly based on your household income and size. Yet without health coverage, you will be subject to pat the penalty that most pay without coverage for health insurance
What is this ” penalty “? Well, this happens when you can afford or if you are offered health insurance but you do not take it. You will then will have to deal with this penalty. it is called “Individual shared responsibility payment”
- health insurance that qualifies as minimum essential coverage.
- You pay the fee when you file your federal tax return for the year you don’t have coverage.
- In some cases, you may qualify for a health coverage exemption from the requirement to have insurance. If you qualify, you won’t have to pay the fee.
If not, Marketplace then where?
You also have the option to but into Medicare. Although this may be more expensive it’s always a good idea to looking into.
Health Insurance for Seniors without Medicare,
If you have retiree health benefits
If you have retiree health benefits, you’re considered covered under the health care law. You don’t have to pay the penalty that people without insurance must pay.
If you have retiree coverage and want to buy a Marketplace plan instead, you can. But:
- You can’t get premium tax credits and other savings based on your income. This is true only if you’re actually enrolled in retiree coverage. If you’re eligible for but not enrolled in retiree coverage, you may qualify for premium tax credits and lower out-of-pocket costs based on your household size and income.
- If you voluntarily drop your retiree coverage, you won’t qualify for a Special Enrollment Period to enroll in a new Marketplace plan. You won’t be able to enroll in health coverage through the Marketplace until the next Open Enrollment period.
Have more questions? Give me a call at (475) 88CARLY / (475) 882-2759