Medical/Dental Insurance in Retirement – Leaving a Group Insurance Plan

Jon Glougie

November 18, 2021

As you near retirement, you will have lots of choices to consider and decisions to make. Most people tend to focus on income sources and needs the most, as they should because it will perhaps be the most important factor to consider. However, one of considerations that seldom gets talked about is medical and/or dental coverage. If you are/were a member of a Group Insurance plan while you are/were working, you will need to decide how and if you would like to keep this coverage with you when you retire. Some group plans will allow you to take the coverage with you, while in some cases, you may be required to get your own coverage in retirement. The biggest issue surrounding medical/dental insurance in retirement arises when you do not have an option to take your benefits with you. You can apply for your own medical/dental policy, but if you have any pre-existing conditions, these can often be excluded from your new medical/dental coverage in retirement. There are medical/dental plans that allow you to apply for coverage in retirement that will continue to cover pre-existing conditions, but they typically require you to apply within a specific period of time after terminating your employment or leaving your existing group plan. As you near retirement, don’t forget to consider and explore all of your medical/dental insurance options. After all, retirement is better when you are healthy enough to enjoy it.