Insurance For Early Retirees

When a person completely stops employment that situation is referred to as retirement. Retirement usually takes at a certain age usually at the age of 58 yrs. However sometimes, a person due any reason may retire before the age of 58-64 yrs; this is commonly known as early retirement. One can retire early due to total disability, due to mental health, due to a criminal offence etc. While working for a company an employee gets benefits such as group health insurance, group auto insurance etc.

Once a person retires early, he is no longer eligible for group insurance policies, has to take individual policies. However the premiums of individual policies cost more

Finding group coverage: Once you have retired for any reason the first thing that you can check is the group health insurance policy of your spouse and see if you are covered by that policy. Other option is to find a trade group which offers a cheaper alternative to an individual health insurance policy.

If you aspire to the lifestyle of a "perpetual student", you may be able to get low-cost comprehensive health insurance from a college or university. At some institutions, taking as little as one or two courses per semester is enough to show "progress" towards a degree and keep your health coverage in force. Paying in-state tuition at a community or state college is a small price to pay for access to this benefit if you are shut out of other avenues.

Individual health policies Individual health insurance policies are among the most complicated insurance products out there. They are difficult to shop for and hard to evaluate once you do find one. Your employer probably had a staff of experts handling the search for health insurance when you were working. This task falls on you since you're retired.

The Internet is a convenient place to start your search. You should also contact an insurance agent in your area that specializes in individual life and health policies. If you have any pre-existing conditions, your agent may know which companies offer the most favorable rates to individuals with your health history.

Travel insurance: If you plan to spend a lot of time traveling in foreign countries, vacation or "travel" health insurance may be a palatable option. These policies have all kinds of exclusions and may not cover a dreaded "preexisting condition", but they are generally inexpensive. A diligent shopper may find a bargain here.

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