While you were working, you likely relied on employer insurance. But after retirement your options are different, and that requires careful planning.
Some 58% of people in the U.S. today get their health insurance through an employer, either their own or a spouse’s (or a parent’s, if under 26). Employers usually subsidize the premiums, so employees generally pay far less than the full cost of the insurance. Premiums for family coverage averaged $19,616 in 2018, according to the Kaiser Family Foundation 2018 Employer Health Benefits Survey, but employees paid just 29% of that, or $5,547 ($462 per month). The subsidy was even greater for single coverage: employees paid just 18% of the $6,896 annual premium, or $1,186 ($99 per month). These are averages, so your situation could be different.
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Health Care Options in Retirement –Elaine Floyd, CFP®
Elaine Floyd, CFP®, is the Director of Retirement and Life Planning, Horsesmouth, LLC., where she helps people understand the practical and technical aspects of retirement income planning.