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What are some things I should know about health insurance after age 65?

There are a number of things you should know about health insurance after age 65. Retiring can affect your health insurance coverage and benefits. Here are answers to a few common questions.

  • What if I have retiree health benefits? The government considers you covered. You don't have to pay the penalty that people without insurance must pay.
  • What if I turn 65 in the middle of the year? If you have a gap before your Medicare coverage kicks in, get a Marketplace plan and cancel it once your Medicare coverage starts.
  • What if I'm 65 or older but not eligible for Medicare? You will need to go to the Healthcare Marketplace to purchase a private plan. If you don't have coverage, you will have to pay a penalty to the government.
  • What if I'm losing my insurance provided by my employer? Losing job-based coverage qualifies you for a special enrollment period. You can enroll in a Marketplace plan any time within 60 days before and 60 days after the day you lose your job-based insurance.
  • Do my pension, IRA or 401k withdrawals count as income? Usually, yes. You can be taxed on them and they can affect whether you qualify for benefits.

This content originally appeared on HealthyWomen.org.

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Important: This content reflects information from various individuals and organizations and may offer alternative or opposing points of view. It should not be used for medical advice, diagnosis or treatment. As always, you should consult with your healthcare provider about your specific health needs.