Thinking of retiring early? There are so many things to consider. Here are some options for health insurance.

If you’re retired and need health coverage, you can use the Marketplace to buy an insurance plan.

If you have retiree health coverage, you have different choices to consider.

If you retire before age 65 without health coverage

If you retire before you’re 65 and lose your job-based health plan when you do, you can use the Health Insurance Marketplace to buy a plan. Losing health coverage qualifies you for a Special Enrollment Period. This means you can enroll in a health plan even if it’s outside the annual Open Enrollment Period.

When you fill out a Marketplace application, you'll find out if you qualify for a private plan with premium tax credits and lower out-of-pocket costs. This will depend on your income and household size.

You’ll also find out if you qualify for free or low-cost coverage through the Medicaid program in your state.

If you have retiree health benefits

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 qualifyto 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.

More answers: Coverage for retirees without Medicare

You can get a Marketplace plan to cover you before your Medicare begins. You can then cancel the Marketplace plan once your Medicare coverage starts.

You may be able to buy insurance in the Marketplace and get lower costs on monthly premiums and out-of-pocket costs based in your household size and income.

Retirees who are self-employed who don’t have retiree health insurance, have the option to apply for health insurance through the Marketplace.

Retirement is a complex decision with many questions. Ask a Licensed Insurance Professional for guidance with your Health Insurance options.

Adapted from an article by healthcare.gov

This article is for information only and should not be considered a recommendation. Talk with a licensed Health Insurance Professional about your specific circumstances. For more information you can go to The Texas Department of Insurance.