High costs for individual health insurance programs have made many people worry about how they can afford adequate coverage. This holds true especially for those who want to retire early, but are over the age of 55.

Fortunately, financial assistance will be available for early retirees who are not eligible for Medicare yet. The U.S. Department of Health and Human Services recently approved approximately 2,000 employers and unions to receive funds under the Early Retiree Reinsurance Program.

"In these tough economic times, it is difficult for employers to keep up with skyrocketing health care costs for employees and retirees," said HHS secretary Kathleen Sebelius. "Many Americans who retire before they are eligible for Medicare see their life savings disappear because of medical bills and exorbitant rates in the individual health insurance market."

Older Americans typically end up paying more for health insurance because they are considered a bigger liability to insure. Starting in 2014, health insurance exchanges are slated to be available for people to get individual health insurance quotes and coverage along with other valuable information.