The Best Health Insurance For Senior Citizens And Retirees In 2023

As we get older, having proper health insurance becomes increasingly crucial. Medicare is a large insurance plan, but it is often only available to persons over the age of 65 who have paid ten years of Medicare taxes.

There are, thankfully, other methods for senior folks who want to retire early to keep their health insurance. This post will look at some of the best-rated health insurance plans for seniors and early retirees in 2023.

We evaluated many health insurance providers to find the best options across the country. The evaluation criteria are disclosed below in the article.

However, don’t forget that each situation is different, therefore, other health insurance plans might be more appropriate to your or your family’s individual needs. Read on to see which health insurance providers made our top list.

Best health insurance companies for senior citizens and retirees

There are many affordable health insurance options for seniors and early retirees. Medicare is available for seniors over 65 or those under 65 with a qualifying diagnosis.

Another option is to retire partially and continue receiving health insurance from an employer. The marketplace is a great way to purchase individual health insurance for those who do not wish to work part-time.

If you qualify for Medicare but wish to obtain more coverage, a Medicare Advantage plan may be a good option for you as they offer benefits such as prescription drug coverage, vision, and dental coverage. We dive deeper and overview our top picks for seniors and retirees below.

1. Humana – overall best provider for Medicare Advantage Plan

Humana is a well-known Medicare Advantage (MA) plan. They are one of the larger MA plans and are widely available. They also offer affordable plans and prescription drug coverage, as well as vision and dental plans. The average monthly premium is less than $20. Coverage can be purchased directly through their website.

Below are the Pros and Cons:

Pros

• Low monthly cost
• Widely available
• High ratings
• Prescription drug benefits

Cons

• Expensive PPO plans
• Not a large provider network
• Not available for individual purchase on the marketplace
• Must be enrolled in Medicare to purchase a plan

2. UHC – top-class provider for short-term insurance

United Health Care (UHC) has one of the largest provider networks in the US. They offer many benefits, including dental. They offer plans in every state, but coverage will vary based on the plans available in your location.

United Health Care is well known for its short-term plans, which offer coverage for up to 36 months. If you retire early, these plans can help bridge the gap between employee-offered coverage and when Medicare kicks in.

Below are the Pros and Cons:

Pros

• Up to 36-month short term insurance plans
• 3.5 star NCQA rating
• Available in every state

Cons

• High premiums
• No PPOs
• No extended coverage

3. Aetna – offers excellent drug coverage

Original Medicare does not offer prescription drug coverage. Seniors who qualify for Medicare and want this coverage will need to purchase a supplemental Part D plan. Aetna offers Medicare Part D plans starting at just $6/month. These plans are usually not needed for those with MA plans because many include prescription drug coverage.

Below are the Pros and Cons:

Pros

• $0 annual deductible for Tier 1 drugs on their SilverScript Smart Saver plan
• All Medications on Medicare’s top-100 list of drugs are covered
• Home delivery of prescription medications

Cons

• Poor customer satisfaction with mail-order prescriptions
• You must be enrolled in Medicare A/B to purchase.

4. Blue Cross Blue Shield – excellent health insurance for seniors over 60

Blue Cross Blue Shield (BCBS) is offered nearly nationwide. They have Medicare Advantage plans, Medicare supplement plans, and plans available for individual purchase on the marketplace. There are 34 independent organizations under their umbrella, which causes plans to differ depending on your location. Because of their size and availability, they have a large network of providers.

Below are the Pros and Cons:

Pros

• Wide range of Medicare supplement plans
• Highly rated for Medicare Parts D and A Plans
• Lower than average out-of-pocket costs

Cons

• MA plans with higher than average premiums and deductibles
• Regional variations
• Not offered everywhere

5. Kaiser – provider with great customer satisfaction rates

Kaiser Permanente is another large and well-known insurance provider. They offer individual, family, and Medicare Advantage plans and have consistently high customer satisfaction ratings. In 2022 their MA plan took the top rating in the J.D. Power Medicare Advantage Study. They also received top ratings from the Centers for Medicare & Medicaid Services (CMS).

Below are the Pros and Cons:

Pros

• High ratings from NCQA, CMS, Heathcare.gov, and J.D. Power
• Most plans have 24/7 virtual care
• Lower deductibles
• Available for purchase through the marketplace

Cons

• Only available in eight states and the District of Columbia
• HMO restrictions
• Limited to use of Kaiser facilities (except in event of an emergency)
• Higher premiums

6. Medicaid – affordable health insurance for low-income seniors

Medicaid is a public health insurance program that offers free or low-cost insurance for those who qualify. People over 65 and on Medicare can still qualify for Medicaid if they meet the income criteria. However, Medicaid is a state-run program, and therefore, income criteria and coverage vary from state to state.

Pros

• Free or low-cost coverage
• Possible to qualify for Medicare and Medicaid for dual coverage

Cons

• Income limits
• Benefits vary by state

7. Medicare – solid health insurance for seniors over 65

Medicare is the most widely known insurance provider for those over 65. However, if you are younger than 65, you may still be eligible if you have a qualifying diagnosis. Medicare provides hospital and health insurance, but it does not cover all out-of-pocket costs. Supplemental plans are available for things like prescription drug coverage, co-pays and deductibles. Medicare Advantage plans are available for purchase, and many of these offer dental, vision, and prescription drug coverage.

Pros

• Cheapest of all plans
• Accepted nationwide

Cons

• No prescription drug coverage
• Must be 65 or have qualifying diagnosis