Staying Safe: Your Complete Guide to Finding Insurance After You Retire

Staying Safe: Your Complete Guide to Finding Insurance After You Retire
13 Jan 2020

The number of employers offering retiree health insurance is dropping fast, from 66 percent in 1988 to just 23 percent in 2015. Those that still provide this insurance have put strict limits to keep their costs low. 

This creates a problem for you, the retiree. How do you plan to obtain health insurance coverage once you retire? The task of purchasing retirement insurance becomes a daunting one when you’ve always had employer-provided health insurance. 

Follow this guide to find the right insurance after you retire. 

What Do You Currently Have?

Before you get started shopping for insurance, you need to know what you currently have. What does your current insurance cover, how much does it cost, and how well does it address your current needs. 

Then consider how your needs will change in retirement. 

Decide on a Type 

You’ll need to start by deciding what type of insurance you need to purchase during retirement. The obvious is health insurance, but there are so many others that can provide you with protection. 

  • Whole life
  • Term life
  • Disability 
  • Fixed indexed

Since you’re retired, you don’t have as large of a regular income coming as when you were working.  You need to think about this and how you plan to handle mounting bills. Purchasing a combination of insurance policies can ensure complete coverage. 

Explore Your Options 

Thanks to the Affordable Care Act, you can’t be denied because of a preexisting condition if you’re retiring before the age of 65. But your insurance may not be affordable. This is why it’s important to look at other options. 

If you’re retiring at 65, then you qualify for Medicare. Then you need to decide if you want the regular or the advantage plan. 

Work with an Agent 

When you work with an agent, you’re leveraging someone else’s experience to get the best rate for your insurance. Most agents will work with one or more insurance companies to offer you different insurance solutions. 

You’ll give the agent all of your information, and they’ll do the comparison shopping for you. They’ll then help you determine which plan will offer you the best coverage for your needs at a price you can afford. 

Review Your Plans Each Year 

Take a few minutes each year to sit down and review your plan. Make sure that it addresses your current needs and change the coverage if necessary. You should also shop around to ensure you get the best rate for your desired coverage. 

Plan to Purchase Retirement Insurance

By following this guide, you should be able to purchase retirement insurance without too much struggle. Remember, start by understanding your current coverage and how your needs will change after retirement. 

Then explore your options and work with a professional to find the right coverage within your budget. Then review that coverage every year to ensure it still works for you. 

Contact our team of asset managers today and let us help you plan for retirement by finding the right insurance for your needs. 


Daryl Seaton