Invest in You: Ready. Set. Grow.

Here's how much health insurance costs if you retire early

Retiring early: How much your health insurance will cost
Retiring early: How much your health insurance will cost

Health insurance is a large budget item for many Americans. 

The average health insurance plan costs nearly $5,500 per year for an individual and close to $14,000 for a family, according to a 2020 study by eHealth.

Those totals vary based on factors like your age, where you live and whether or not you receive employer or government subsidies. 

And if you are among the 49% of Americans who receive health insurance through your job, there is a good chance your health insurance will get much more expensive. Especially if you retire before becoming eligible for Medicare at age 65

The millions of people with nongroup insurance, however, may become eligible for subsidies if their income drops enough in retirement. 

Check out this video to hear from people who retired early and to learn how much you can expect to pay for insurance if you retire early. 

More from Invest in You:
'Predictably Irrational' author says this is what investors should be doing during the pandemic
Coronavirus forced this couple into a 27-day quarantine amid their honeymoon cruise
How to prepare for a family member with COVID-19

SIGN UP: Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox.

CHECK OUT: Why January is a particularly great time to invest your money via Grow with Acorns+CNBC.

Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.