While we’re working, health insurance is a relatively simple thing: most of the time, our employer provides it. It might be complicated, but we know where the rules are, and there’s usually someone at the office who can help us. But post-retirement health insurance is a different matter: we’re on our own. The National Association of Insurance Commissioners (www.naic.org) has issued a list of 10 tips to consider regarding health insurance after retirement, and it would repay careful review. Here are a couple of them:

  • Plan ahead. If you plan to retire at 65, learn the options available under Medicare. If you plan to retire before 65, learn your options for covering the gap.
  • If you do retire early, find out the rules of the insurance continuation program known as COBRA.
  • When considering Medicare options, pay close attention to the new prescription drug plan available under Medicare.
  • Consider buying long term care insurance to cover stays in nursing homes and assisted living facilities.

Post-retirement health insurance is a very important matter, and the people who get the best results will be those who shop around and get independent advice on what to do.