Health Insurance Exchanges May Encourage Early Retirement for Boomers

According to an article in the Kansas City Star, those baby boomers that are holding off on retirement just to retain their health insurance until they qualify for Medicare, now realize that they may be able to obtain health insurance through the health insurance exchanges and thus may be able to retire sooner than previously anticipated.

Health Insurance Exchanges for Boomers

According to the article:  “Insurance providers and financial planners expect the Affordable Care Act (ACA) to encourage a flood of workplace departures from the 50-to-65 age group, which accounts for about 43 million members of the U.S. labor force.”

Health insurance exchanges “…will allow anyone, regardless of pre-existing conditions, to buy health insurance. It’s also expected to lower premium costs for the boomer age group, perhaps by hundreds of dollars a month compared with comparable coverage they would buy on their own, assuming they could get it. “Boomers win in two ways: Their insurance will be more affordable, and they can get it,” said Ron Rowe, a vice president at Blue Cross and Blue Shield of Kansas City. “We’ve said all along that there will be winners and losers under the ACA, and this demographic is a clear set of winners…They’re waiting to see the prices before deciding to retire.”

Health Insurance Exchanges vs Employer Coverage

“An employee’s cost of coverage in an employer-sponsored health plan may still be the best deal. And premium costs alone won’t be the thing that keeps someone on the job or gives a shove out the door. But brokers expect more cost shopping among older workers…In states that are operating their own exchanges and already have revealed plans and pricing, premiums have been a pleasant surprise to many older comparison shoppers…And another potential benefit remains to be discovered: Retirees whose income drops to a certain level may be eligible for government subsidies to help cover the cost of buying insurance through the marketplaces.”

Health Insurance Exchanges Open October 01, 2013

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