Under the Affordable Care Act, you can secure health insurance coverage through either your state’s exchange or the federal exchange. Plans are categorized as Bronze, Silver, Gold and Platinum. All cover certain essential benefits, but premiums and out-of-pocket costs vary. As you might expect, the Bronze plan offers the most affordable insurance but has the highest out-of-pocket costs; conversely, the Platinum plan has higher premiums but offers the lowest out-of-pocket costs. You’ll want to carefully weigh your choices. That’s because the premium for each plan level is just the “sticker” price; depending on your income, you may be eligible for tax credits that lower the cost of your coverage. You can go to gov to get started. Also, the Kaiser Family Foundation provides an easy-to-use calculator to help you estimate the cost of coverage, including any available subsidies.
Monthly premiums for medical insurance before age 65 can be costly. To get the best coverage at the most affordable price, you’ll want to explore all of your options, get a good estimate on your monthly premium costs and factor these into your retirement budget. The good news is that your costs for medical insurance are likely to fall once you’re eligible for Medicare.