If you're about to retire, you need to reassess your insurance needs. First things first: If you haven't already bought long-term-care insurance, now's the time. The younger you are when you buy a policy, the lower your premiums will be. Plus, it's less likely that you'll have a medical condition that could make it difficult to qualify for coverage.

You also need to make decisions about health insurance. If you retire before age 65, you may have a tough time finding affordable coverage until you qualify for Medicare. If your employer doesn't offer retiree health insurance, you may be able to stay on the company policy through COBRA for up to 18 months after leaving your job.

COBRA was the best option for Esther Love of San Antonio. Her husband, Allen, retired in 2003 at age 65 and qualified for Medicare. Esther was only 57 at the time, so she elected COBRA coverage through her husband's ex-employer, which meant she paid 100 percent of the group rates. After that ran out, she had to search for a policy of her own.

If you, too, need to find an individual policy until Medicare kicks in, it's a good idea to get help from a health-insurance agent (find one in your area at www.nahu.org). Many states have high-risk pools or laws requiring insurers to continue your coverage even after COBRA runs out, as long as you follow certain procedures (go to kiplinger.com/money/insurance for a link to your state insurance department).

Raising your deductible can lower your premiums. And if your policy has a deductible of at least $1,100 for an individual (or $2,200 for family coverage), you can open a health savings account that lets you use tax-free money to help pay for medical expenses.

Even after you turn 65, Medicare pays only a portion of your health-care costs. You have two choices: Buy a medigap policy to supplement Medicare, plus a separate Part D policy for prescription drugs. Or purchase all of your coverage through a private insurer with a Medicare Advantage plan, which can be either an HMO or a regional preferred-provider network.

Allen Love ended up going with a Medicare HMO. He pays nothing beyond his Medicare Part B premium because of generous government subsidies to Medicare Advantage plans (to compare prices, use the Medicare Options tool at www.medicare.gov/mppf).

It also pays to notify your other insurers when you stop working. Your auto-insurance rates may drop when you no longer use your car to commute. You may qualify for a retiree discount on your homeowners insurance because you're likely to be spending more time in the house. And you probably don't need life insurance, unless you want to protect your spouse because you have a life-only pension that will end after your death.