Damita King

Many Americans approaching 65 learned the federal health program was not free, and that complete coverage often still required premiums, supplemental insurance, and careful planning.
Hospital coverage usually had no premium for people with enough payroll-tax history, but doctor visits, outpatient care, prescriptions, deductibles, and coinsurance still added costs.
Routine dental care, eye exams for glasses, hearing aids, and long-term custodial care generally were excluded, creating important gaps families needed to understand early.
Enrollment also required attention: some people were signed up automatically through retirement benefits, while others had to enroll or face long-lasting penalties.
These costs helped explain why some older Americans kept working, yet others still found coverage better than employer plans once they understood choices.

Turning 65 Doesn’t End Health Care Bills

Industry research cited by a firm's recent post showed new workplace life insurance premium reached a record $4.5B in 2024, after ↑8% yearly.
That marked the fourth consecutive year of growth, reinforcing a supportive demand backdrop for insurers and benefits platforms serving the workplace life segment.
Many consumers appeared to overestimate coverage costs and made enrollment choices without matching benefits to needs like mortgage obligations, childcare, or income replacement.
The education gap may have contributed to inefficient benefit elections and potentially higher aggregate premium flows across group life, highlighting value in clearer guidance.
The trend also pointed to ongoing opportunities for advisory, fintech, and benefits-optimization providers helping employers and employees make more informed coverage decisions.