H-insurance coverage between 59 and Medicare eligibility

[disciplebrady]

I may retire early and am looking into what options exist to get Health Insurance for my wife and I — before 62?

 

[lizzie18]

@disciplebrady Its 65, not 62, unless that changed recently.

Healthcare.gov is really your only option but depending on where you live you might not even have that. It boils down into 3 categories.

• Income between 100 and 400% of the poverty line, and no employer insurance: Subsidies will be available to you, and possibly special plans (CSRs, HIPP, state-designed).
• Income below 100% of the poverty line and living in most of the South, Wyoming, Wisconsin, or South Dakota:
  • You will likely get nothing (insert Wonka joke here) as the marketplace subsidies are no longer available, and Medicaid wasn't expanded to meet the ACA's rules (meaning no disability or work requirement).
• Income below 138% of the poverty line, and not living in one of those places. Expanded Medicaid will be available until you turn 65, at which point Medicaid reverts to the same rules as the other states.
  • This is generally the best option, even though the networks tend to be small, as there is low-no cost sharing on your end.

If your income is above 400% of the poverty line, most healthcare.gov premiums will be priced below 9% of income. If this is not the case you can apply for subsidies, or the state might have its own assistance programs.