Health Insurance Options for Seniors Over 60

Did you know that you may be able to enroll in your employer's health insurance (for a cost that may be higher than you are used to) for up to 18 months after retirement? Or that you can check your eligibility for Medicaid for free online? You might also be eligible for government assistance or for special private health insurance plans. There are many great health insurance options for people ages 60 and over.

Consolidated Omnibus Budget Reconciliation Act (COBRA)

What Is COBRA?

If you get health insurance through your employer, you will likely lose it when you retire, unless you take advantage of a COBRA. COBRA insurance lets you continue your existing coverage for up to 18 months after you retire. People eligible for Medicare can extend this coverage for up to 36 months.¹

Your health plan may have been subsidized by your employer when you worked for them, so you may need to pay the full premium once you retire and go on COBRA. This can mean a hefty increase in your costs.

Who Is Eligible to Participate in COBRA?

You are eligible for COBRA insurance once you retire if your employer had at least 20 employees and provided health insurance as part of your benefits.

How Do I Apply for COBRA Insurance?

If you are eligible, your insurance company will send you an “election notice." You will have 60 days after receiving it to decide if you want to keep your health insurance through COBRA. If you are not sure if you will qualify, talk to your company's human resources professionals.

The Health Insurance Marketplace

What Is the Health Insurance Marketplace?

The Health Insurance Marketplace is an online service operated by the federal government that allows you to shop around and enroll in health insurance plans, sometimes at subsidized rates. The Health Insurance Marketplace can also help you determine if you are eligible for Medicaid or other federal assistance programs.

Who Is Eligible to Participate in the Health Insurance Marketplace?

Any U.S. citizen or naturalized citizen can buy health insurance through the Marketplace.²

How Do I Apply for the Health Insurance Marketplace?

To find a policy, all you have to do is answer a few questions on HealthCare.gov, which will then tell you if you qualify for special services or rates, or Medicaid. If you retire or lose coverage through your job, you will likely be able to buy coverage via the Marketplace within 60 days of your change of status. If you wait longer than 60 days, you will need to wait for the Open Enrollment Period, from November 1 to December 15.

Medicaid

What Is Medicaid?

Medicaid is a government program that offers free or low-cost healthcare for qualified applicants.

Who Is Eligible to Participate in Medicaid?

Eligibility for Medicaid is determined based on the state you live in, your income, and your family size. When you fill out a Health Insurance Marketplace application, you may also be considered for Medicaid, or you can use this tool on HealthCare.gov to learn if you may be eligible. If you qualify, your information will be sent to the appropriate state agency, and they will contact you about enrollment.

How Do I Apply for Medicaid?

Most states allow you to apply both online and in person. You can enroll through HealthCare.gov or apply directly to your state's Medicaid agency or social services office. You can find a list of appropriate agencies by state here.

Medicare

What Is Medicare?

Medicare is a federal health insurance program offered to individuals who are 65 or older. There are four different elements of Medicare, called “parts," some of which are optional:

• Medicare Part A pays for hospital care, post-hospitalization, nursing home care, and home healthcare.
• Medicare Part B pays for other types of medical care, including doctor visits, diagnostic medical tests, and medical equipment.

Medicare Parts A and B together are often referred to as “original Medicare" and are managed by the federal government.

• Medicare Part C is also known as Medicare Advantage. It is a type of Medicare plan you can buy from private companies that contract with Medicare. These plans include Parts A and B and often add in additional coverage and services, such as dental and vision coverage. weight loss programs, and other tools to help manage health. It often includes Part D coverage for prescription drugs.
• Medicare Part D: Provides prescription drug coverage and is usually included with Part C in Medicare Advantage plans.²

Who Is Eligible to Participate in Medicare?

How Do I apply for Medicare?

You can apply for Medicare online through the Social Security Administration. If you decide not to sign up for Medicare Part B or Medicare Advantage when you first enroll, you can always change your plan during the General Enrollment Period, from January 1 to March 31, or the Open Enrollment Period, from November 1 to December 15.

Managing Healthcare Costs With The CareCredit Credit Card

If you are looking for an option to help manage your medical bills, consider healthcare financing with the CareCredit credit card. The CareCredit card can help you pay for the care you want and need and make payments easy to manage.* Apply today and use our Acceptance Locator to find a provider near you that accepts CareCredit. Continue your wellness journey by downloading the CareCredit Mobile App to manage your account, find a provider on the go, and easily access the Well U hub for more great articles, podcasts, and videos.

Our Expert Reviewer

Patty Caballero and her team of consultants together have more than 35 years of health insurance knowledge working for some of the biggest health insurance companies in the US. She has knowledge in building brands and strategic initiatives to help consumers better understand their health benefits.