Retiring early? Know your healthcare options

When planning for retirement, you might spend a lot of time thinking about how much to save or when to start taking Social Security. But equally important is having a plan for health insurance. Medicare is typically the answer for people 65 and older. But what happens if you want – or need – to retire before then?

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Are you ready to pay for health care costs in retirement?

Sixty-six percent of pre-retirees and 58% of retirees say their greatest financial worries in retirement are health and long-term care costs, according to a recent study by Age Wave and Edward Jones.1

Having a plan means staying in control

Retirement is the opportunity to live your life on your own terms. Living your healthiest life possible – without worrying about debilitating medical bills – should be part of the plan. Health care may be among the highest expenses in retirement, but by accounting for it and planning for the unexpected, you can help ensure you enjoy those years to the fullest.

Meagan Dow

Meagan Dow is a Senior Strategist on the Client Needs Research team at Edward Jones. The Client Needs Research team develops and communicates advice and guidance for client needs, including retirement, education, preparing for the unexpected and leaving a legacy. Meagan has nearly 15 years of financial services and investment experience. She is a contributor to the Edward Jones Perspective newsletter and has been quoted in various publications.

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Important Information:

1 The Four Pillars of the New Retirement: What a Difference a Year Makes. An Edward Jones and Age Wave Study: June 2021

2 Kaiser Family Foundation: The Uninsured and the ACA, 2019

3 Institute of Medicine (US) Committee on the Consequences of Uninsurance. Hidden Costs, Values Lost: Uninsurance in America. Washington (DC): National Academies Press (US); 2003.

4 Kaiser Family Foundation 2021 Employer Health Benefits Survey: average premium of around $8,400 (assuming no employer subsidy) and average deductible of around $1,700 for a single plan. . Values rounded to the nearest $100.

5 Premiums calculated from KFF Health Insurance Marketplace Calculator based on national 2023 averages for unsubsidized single coverage of an adult who doesn’t use tobacco (Silver Plan premiums of about $9,600, $11,600, and $12,900 for ages 55, 60 and 64, respectively; Bronze plan premiums of about $7,200, $8,700, and $9,600 for ages 55, 60 and 64, respectively). The deductibles included are $4,300 for a Silver plan and $5,700 for a Bronze plan based on 2023 averages from the CMS 2021 Open Enrollment Report. Values rounded to the nearest $100.