5 health insurance tips for those who soon retire
Moving from medical care provided by your employer to a medical care program for retirees in the US Medicare can be difficult. Most medical plans from an employer have a limited selection of insurance options, and most of the associated costs are borne by the company. Medicare has a much wider choice, insurance premiums are more, and no one can help you figure out what is best for you.
TIME Money compiled a list of 5 things you need to know in order to preserve the personal health and health of your wallet, making the transition from one medical plan to another.
- В Medicate no family plan. If regular working health insurance usually covers you and your spouse, in Medicare, each participant gets their own medical plan. Most likely, you two have different health conditions and need for treatment, so it makes sense for everyone to form their own conditions for Medicare care.
Make sure you know when each of you needs to sign up for Medicare. As a rule, this is done at the age of 65 years, but it is possible and later, if you are still working and have insurance from your employer.
If you are a pensioner whose retirement plan also includes a younger spouse or spouse (up to 65 years), then you need to check whether your plan will continue to cover the spouse’s medical expenses and until what age. Also specify what your plan says about children.
- Cash limit is not set automatically. In most medical plans from an employer, your cash costs for medical care are governed by annual limits. In contrast, Original Medicare only covers 80%, without limiting the amount you have to pay. Medigap and Medicare Advantage plans to protect your cash outlay.
Medigap or Medicare Advantage plans are not much different from private insurance, says Dr. Christine M. Parker, a medical care expert at Mercer, an advisory firm. But if a pensioner chooses Original Medicare (Parts A and B) and a separate Part D pill plan, the difference in the amount the patient has to pay compared to the employer's plan will be palpable - your costs will increase after switching to retirement health insurance.
- Strategically plan your procedures. You need to compare your cash costs with your employer's medical plan and Medicare, say UnitedHealthcare retirement experts. For example, Medicare may be more beneficial in ensuring hospitalization than in a commercial medical plan. Based on this, you can decide when it is better to go to the hospital for a planned operation.
And vice versa - if insurance from your employer offers better terms for reimbursing your medical expenses, it makes sense to take advantage of it before switching to Medicare.
- Health options may vary.. Medicare offers a wide range of free health services, while plans from employers tend to provide better conditions for regular checkups, says Parker. However, for people with chronic illnesses and more specific medical needs, it’s still more beneficial to use Medicare, the expert said.
In addition, Medicare has better conditions for personal visits to doctors, while commercial medical plans often rely on telephone counseling.
Your social benefits department should help you decide whether it is worth doing the necessary tests and examinations now, or defer until you switch to Medicare.
- Do a little research with Medicate You can limit the cost of medication. As part of the medical plan from the employer, you have almost no control over the medicines that are included in it, or their prices. And Medicare Part D medical plans, on the other hand, are offered by private insurers. Can be used Medicare special toolto compare their plans, depending on where they live, and find the best one for themselves.
In this way, with a little Medicare Part D study, you can find a more convenient and affordable health insurance coverage than your employer provided.
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