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Finances » Health Insurance

Why It's Important

In general, health insurance costs to employers are higher for older adults. Workers whose employers provide health insurance have an incentive to keep working until they are eligible for Medicare at age 65. Availability of health insurance is a factor that may affect the timing of retirement.

“Most Americans obtain health insurance through their employers; however, job-based coverage has declined in recent years. The percentage of firms offering coverage dropped from 69 percent in 2000 to 60 percent in 2007, which was in part due to rising premiums. In 2007, the annual employer group premium for a family of four was $12,106, nearly double what it was in 2000.”

See Data By: Richmond MSA | Virginia | National

How Richmond Is Doing

Seven in 10 Boomers Have health insurance paid for at least partially by their employer, Richmond MSA

How Virginia Is Doing

85 percent of employers say they offer health insurance (ODP BUSINESS LEADER, 2008)
31 percent say they offer long-term care insurance (ODP BUSINESS LEADER, 2008)
28 percent of Boomers in Virginia say they have long-term care insurance (ODP RESIDENT, 2008)

Benefits Offered by Employers Include Health and LTCI

How the U.S. Is Doing

According to an AARP Fact Sheet on income and poverty in the US:

An estimated 47 million persons were without any health insurance coverage in all of 2006 (15.8% of the total population).
- This number was 2.2 million persons more than in 2005.
- The increase was statistically significant.
The percentage of persons without health insurance for all subgroups except age 15 to 24 was higher in 2006 than 2005.
Among persons age 65 and older, half a million (1.5 percent) were without health insurance in 2006, higher than 2005.

(AARP, FACT SHEET ON POVERTY, 2006)