For most people ages 50 to 64, the primary source of health insurance is an employer, either theirs or their spouse's, according to an AARP Public Policy
For most people ages 50 to 64, the primary source of health insurance is an employer, either theirs or their spouse’s, according to an AARP Public Policy Institute analysis. If they are retired, however, they are less likely to have access to coverage through an employer. In addition, about 9 percent of those 50 to 64 are uninsured but still working. Either they are self employed, or they work for employers too small to offer benefits or for too few hours to qualify. Options exist to fill the insurance gap between age 60 and Medicare eligibility at age 65.
There are a few situations in which you might still have children who are dependent on you in your 60s. One case would be if you had your children late in life, and they are still in high-school or university. Another would be if you are raising your grandchildren because their parents are not around.
If your children are grown up, but they suffer from a mental or physical disability, you might also want to keep your life insurance. This way, you would be able to help ensure that they get the support they need if you pass away.
There was once a penalty tax imposed on those without healthcare, known as the “.” However, that tax was effectively repealed by the Tax Cuts and Jobs Act, so there are no longer any upfront costs to forgoing healthcare coverage. It’s important to understand that medical debt is among the leading causes of bankruptcy, and you never know when a costly medical emergency will arise, so being uninsured comes with serious financial risks.
As with pricing for employer-sponsored plans, the cost of health insurance on a marketplace plan partly depends on your location, how many people are covered, the type of coverage, and the benefits the plan offers. The biggest difference is that theres no employer to contribute to the plan costs, which means youre on your own.