Retiring & Ending Employer Coverage
If retirement is on your horizon, figuring out Medicare is a vital step. Here's a roadmap to guide you
through the process:
- Check Retirement Health Options: Reach out to your Human Resources person or department to better understand if your company offers retirement health insurance.
- Compare Benefits: If your company provides retirement healthcare, assess if these benefits outweigh Medicare's offerings in terms of coverage and cost.
- No Employer Coverage? If your employer doesn't offer post-employment health insurance, it's time to consider your Medicare status.
Currently Enrolled in Medicare Part A ONLY
- Apply for Medicare Part B through your local Social Security office.
- You'll need two forms filled out: one by your employer and one by you.
- If you've had credible insurance since age 65, there's an 8-month window after losing employer coverage to enroll in Part B without penalties.
Currently Enrolled in Medicare Parts A & B
- Obtain a letter from your employer insurance detailing coverage dates and its end.
- This letter allows you guaranteed enrollment in many Medicare Supplement plans and prescription drug or Medicare Advantage plans.
Concerns About Spousal Coverage?
- Medicare is only for an individual; spouses and dependents can't be covered as a family.
- If your spouse is Medicare-eligible, they follow the same process.
- If your spouse isn't eligible, explore options like COBRA or the Affordable Care Act.
Understanding Medicare
- Medicare is federally run, but plans availability differs by state.
- You can get Medicare Part A (hospital) at no cost if you or your spouse worked for 10+ years in the country.
- Part B (doctor) comes with a monthly fee. If you collect Social Security, enrollment is automatic at 65; if not, you must enroll manually through your local Social Security office or their website.
Types of Medicare Plans
- Original Medicare: Part A (hospital) and Part B (doctor).
- Medicare Part A, which covers hospital care, home health, or care in nursing facilities, and Hospice Care.
- Medicare Part B, which is for doctors, outpatient hospital visits, X-rays, and lab tests.
- Medicare Advantage (Part C): Insurance policies that use private companies to administer your Medicare coverage. These plans must be at least as good as what you would get with Original Medicare but will have different cost sharing. Many of these plans include additional benefits such as prescriptions (you don’t have to have a separate drug plan), gym membership, and limited dental and vision coverage. Most Medicare Advantage plans are either an HMO or PPO that have networks of doctors and hospitals. It’s important to know whether your doctors and hospitals will accept this option before enrolling.
- Prescription Drug Plan (Part D): Private plans, regulated by Medicare, helping with medication costs.
- Medigap: Also called Medicare Supplemental plans. These can help cover deductibles and co- insurance not covered by Original Medicare.
Navigating Medicare doesn't have to be daunting. Consider reaching out directly to me for additional
guidance or to answer any of your questions. Let our team ensure that you have a smooth Medicare
journey.