No matter what your age is, health insurance has to be your first consideration when it comes to planning your retirement.

If you're retiring soon, hoping to retire early or just starting out in your career, you can't be prepared for retirement without adequate health insurance. As health care costs continue to rise, consumers continue to pay a growing share of costs--even retirees on a fixed Social Security income.

Traditional Retirement
Most people take advantage of the low group insurance rates offered by their employer for as long as possible. Upon reaching the age of 65 you will become eligible for Medicare benefits. Additionally, most large employers continue to offer additional retirement benefits.

As health premiums and drug costs continue to increase, even for Medicare recipients, it is still important to save what you can towards these future medical costs. These increasing costs have forced some retirees to go back to part-time work.

Planning for Early Retirement
If you are considering an early retirement, prepare for it as early as possible.

Health Savings Account (HSA). For younger, healthy workers, HSA accounts might be the best possible way to save for your future health care needs. If you get started on an HSA while young, you can save a substantial amount towards your retirement needs. Even if you're older, and careful with the way you use your healthcare, they can be of great use.

These savings accounts can be funded on a tax-deferred basis by you, your employer, or both. The money in the account continues to accrue interest and unused funds roll-over from year to year. Maximum contributions for individual coverage are currently $2,850.

For those with family coverage, the maximum contribution amount is $5,650. Those over 55 can contribute $800 extra per year.

Keep in mind, these funds will be also be used to pay for medical expenses and deductibles. But, as large companies continue to cancel benefits for their retirees, HSAs continue to become more attractive as a safety net.

Get in on a policy early. The earlier you get in on your health insurance policy, the lower your premiums will be. Some employers will allow you to continue to receive group policy rates after your retirement. That way, you can simply extend your coverage until your eligible for Medicare.

If you're employer doesn't allow this, or you are self employed, get in on group rates as early as possible to get a lower premium. Professional organizations, alumni associations and self-employed coalitions can be good sources for group coverage.

If you have to get an individual policy, be sure to do so as early as possible. You will be offered better rates when you are younger and healthier, before any potential complications with pre-existing conditions may develop. If pre-existing conditions cause you to be denied for individual coverage, 33 states currently offer risk pools, but they are not inexpensive.

COBRA. Depending on how early you plan to retire, you can take advantage of COBRA legislation. Under COBRA, you can continue on your employer's group coverage for up to 18 months. You will have to pay the premium yourself, but this might be the best way to retain affordable coverage until you become eligible for Medicare.