What are the average costs of health insurance plans for individuals 55 and older?

The average cost of healthcare for people 65 and older is three times higher than for people under age 65, making health insurance crucial for this age group.

For those aged 55 and older, the average cost of a Silver Plan with the Affordable Care Act (ACA) for two non-smoking adults would be $1,797 per month, assuming no subsidies.

Medicare is the cheapest health insurance option for people 65 and older or those with a qualifying disability, with two options: Original Medicare and Medicare Advantage.

Federal rules limit the impact of age on health insurance costs, which means that while age affects premiums, there are limits to how much more older individuals can be charged.

Only 8% of people aged 55-64 have individual market coverage, making it essential to explore all options, including ACA plans and Medicare.

Kaiser Permanente, UnitedHealthcare, and Blue Cross Blue Shield are among the top health insurance companies for retirees and seniors, according to Forbes Advisor's analysis.

AARP recommends five health insurance options for retirees, including Blue Cross Blue Shield, UnitedHealthcare, and Kaiser Permanente, which offer excellent coverage and competitive premiums.

The cost of health insurance varies widely depending on age, location, plan type, and coverage level, making it crucial to compare plans and options.

In 2024, 92% of people who were enrolled in private plans through the exchanges during the open enrollment period for 2024 coverage were receiving premium subsidies.

Since the American Rescue Plan temporarily eliminated the "subsidy cliff," the number of people receiving premium subsidies in the Marketplace has increased.

Medicare is health insurance for people 65 or older, and some people get Medicare automatically, while others have to actively sign up, depending on their eligibility.

Medigap policies can only be bought if you have Original Medicare, and you get a 6-month "Medigap Open Enrollment" period, which starts the first month you have Medicare Part B and you're 65 or older.