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 leads the Analyst team within Edward Jones Client Needs Research. This team focuses on creating advice and guidance helping investors prepare for retirement, enjoy their retirement, save for education, plan their estates and protect their financial goals.

Meagan is a Chartered Financial Analyst and a Certified Financial PlannerTM.

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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 $7,750 (assuming no employer subsidy) and average deductible of around $1,650 for a single plan

5 Premiums calculated from KFF Health Insurance Marketplace Calculator based on national 2021 averages for unsubsidized single coverage of an adult who doesn’t use tobacco (Silver Plan premiums of about $9,500, $11,500 and $12,700 for ages 55, 60 and 64, respectively; Bronze plan premiums of about $6,900, $8,400 and $9,250 for ages 55, 60 and 64, respectively). The deductibles included are $4,500 for a Silver plan and $6,100 for a Bronze plan based on 2021 averages from the CMS 2021 Open Enrollment Report.