48 • The Beacon September 19 , 2024

Dear Savvy Senior ,

I ’ m going to retire in a few months and need to get some temporary health insurance until I can enroll in Medicare at age 65 . What are my options ?

Early Retiree

Dear Early , There are several places early retirees can find health insurance coverage before Medicare kicks in , but the best option for you will depend on your income level , your

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healthcare needs and how long you ’ ll need coverage . Here ’ s where to look :

Affordable Care Act

For most early retirees who aren ’ t yet eligible for Medicare , the Affordable Care Act health insurance marketplace , also know as Obamacare , is the best option for getting comprehensive health coverage . And you won ’ t be denied coverage or charged extra for preexisting health conditions .

And if your income falls below the 400 % poverty level after you retire — anything below $ 60,240 for a single or $ 81,760 for a couple in 2024 — you ’ ll also be eligible for a subsidy that will reduce your monthly premiums . The ACA also ensures , at least through 2025 , households with incomes above that 400 % poverty level will not have to pay more than 8.5 % of their income for a benchmark policy .

To see how much subsidy you may be eligible for , use Kaiser Family Foundation subsidy calculator at www . KFF . org / interactive / subsidycalculator .

To shop for ACA plans in your state , visit www . HealthCare . gov or call 800-318-2596 . Or if you want some extra help , contact a certified agent or broker at www . Health- Care . gov / find-assistance .

COBRA

Another temporary health insurance option you may be eligible for is the Consolidated Omnibus Budget Reconciliation Act . Under this federal law , if you work for a company that has 20 or more employees , you can remain on your employer ’ s group health plan for at least 18 months — but could last up to 36 months . But be aware COBRA isn ’ t cheap . You ’ ll pay the full monthly premium yourself , plus a 2 % administrative fee .

To learn more , talk to your employer benefits administrator or contact the Employee Benefits Security Administration at www . Askebsa . dol . gov or 866-444-3272 .

If , however , the company you work for has

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fewer than 20 employees , you may still be able to get continued coverage through your company if your state has “ mini-CO- BRA .” Contact your state insurance department to see if this is available where you live .

Short-term health insurance

If you can ’ t find an affordable ACA plan and COBRA is too expensive , another possible option is short-term health insurance . These plans , which are not available in every state , are cheaper , barebones health plans that provide coverage for up to three months with a one-month extension available . But be aware short-term plans don ’ t comply with the ACA , so they can deny sick people coverage , they don ’ t cover preexisting conditions and they can exclude coverage essentials like prescription drugs .

To find and compare short-term health plans , try sites such as www . eHealthInsurance . com or www . PivotHealth . com .

Healthcare sharing ministries

If the previously listed options don ’ t work for you , another temporary solution could be healthcare sharing ministries . These are cost-sharing health plans in which members — who typically share a religious belief — make monthly payments to cover expenses of other members including themselves .

HCSMs are cheaper than paying full out-ofpocket costs for traditional health insurance but be aware HCSMs are not health insurance . They don ’ t have to comply with the consumer protections of the ACA , and they also can reject or limit coverage for having preexisting health issues and limit how much you ’ ll be reimbursed for your medical costs . Preventive care typically isn ’ t covered either .

To look for these plans , comparison shop at the three largest providers : Samaritan Ministries at www . SamaritanMinistries . org , Medi-Share at www . MyChristianCare . org and Christian Healthcare Ministries at www . Chministries . org .

Send your senior questions to Savvy Senior , P . O . Box 5443 , Norman , OK 73070 , or visit www . SavvySenior . org .