Benefits to Meet Your New Status
As you shift to a new life status as a retiree, you have many new considerations to weigh.
Following is high-level information about retiree health insurance coverage and income annuities to assist you with considering your options. We have listed providers who are available to answer your questions and provide further guidance. We encourage you to explore the market to ensure you make the best choice for your unique situation.
There are many options when you are no longer covered by employer-based medical insurance due to active employment:
You may continue coverage with your current employer-based plan for a period of 18 months, without employer contribution. This option ensures continuity of providers and deductibles.
Purchasing through this channel is the only way to receive an income-based tax credit subsidy.
Visit the Marketplace at:
Individuals whose income would not qualify, or do not wish to go through the process of obtaining a tax credit subsidy, may purchase a plan directly from an insurance company at regular pricing.
HUB International Insurance Services offers a broad range of health, dental, vision and similar benefits.
For information about the programs offered through HUB International and to get expert advice, contact Dan Jones at HUB International Colorado at 720.207.2365 or visit hubinternational.com.
Medicare is the Federal Government-sponsored healthcare plan primarily for individuals over the age of 65.
Original Medicare includes Part A to cover hospital expenses and Part be to cover medical expenses. In Colorado, Medicare offers 64 Advantage Plans for additional coverage. For more information about Medicare, please visit the resources provided below:
- A Quick Look at Medicare
- 2021 Medicare Costs
- Coronavirus disease 2019 (COVID-19) vaccine/Medicare
- Colorado SHIP (State Health Insurance Assistance Program)
The Colorado State Health Insurance Assistance Program or SHIP (1-888-696-7213) helps Medicare enrollees navigate the Medicare system and provides free, unbiased and individualized information. Housed within the Division of Insurance, Colorado SHIP has 17 local locations at partner agencies around the state.
- The Colorado Senior Medicare Patrol or SMP (1-800-503-5190, firstname.lastname@example.org), helps Medicare beneficiaries, their families, and caregivers to prevent, detect, and report health care fraud, errors, and abuse.
An annuity is a financial contract purchased through a life insurance company that guarantees regular income (usually monthly) for a specific period of time, your lifetime, or the lifetimes of you and your spouse. The most obvious appeal of annuities is the lifetime guarantee, which eliminates the worry of outliving your money.
As you weigh the benefits of income annuities, know that CRA offers a variety of distribution options for your CRA plan. These may be options to consider as alternatives to or in addition to annuity programs.
As a member of CRA, you have access to a low-cost lifetime income annuity program through Hueler Investment Services Inc.