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With the changes in the healthcare industry, including the so-called Obama-care law, soon-to-be retirees in places like Northwest Indiana are well advised to carefully look into their options in Medicare insurance. Keep in mind that, as your age advances, your needs in medical insurance changes and you must keep up with these changes so that your retirement will be more enjoyable for it.
Medicare Shoulders the Bill
Medicare is a national social insurance program guaranteeing access to medical insurance for specific cohorts including senior citizens (individuals age 65 and above) as well as younger people with disabilities, end-stage renal disease, and Lou Gehrig’s disease. You will soon obviously fall into the first category wherein most Medicare members belong.
Your medical bills will be shouldered by Medicare only up to a certain point. On average, the social insurance program shoulders approximately one-half – 48%, to be exact – of the total bills but the actual amount can vary depending on the coverage chosen (i.e., Part A, Part B, Part C, and Part D). Our suggestion: Talk with the expert in Medicare insurance here at Hefty Insurance so that you can choose which of the Medicare Parts will best serve your needs.
Medicare Pays First
Let’s assume that you have group health plan coverage (retiree) from your former employer and it is time to pay your medical bill. Who pays first? In general, Medicare pays first and then the group health plan provider pays second.
Keep in mind that the group health plan may or may not work in the same way as your chosen Medicare health insurance. You must then find out:
• If you can actually continue employer coverage after your retirement since employers are not required to offer retiree coverage
• The price, benefits and coverage of the retiree plan including coverage for your spouse and type of coverage (i.e., stop loss)
• The effect of your Medicare insurance on the retiree coverage (Keep in mind that enrollment in Medicare Part A and Part B may be required to enjoy the full benefits of your retiree coverage)
• The impact of the retiree coverage on your health insurance and that of your spouse and
• The effect on your coverage when your former employer files for bankruptcy or closes its business for good (COBRA rules may provide protection or you may have the option of getting a Medigap policy)
You may be in a tizzy about the complexities involved in choosing the best one Part for yourself. Again, ask the best insurance service provider in Northwest Indiana, Delores Hefty of Hefty Insurance. You will find that Medicare does not seem so intimidating anymore when you can understand its terms and conditions as these affect your health as a retiree.
Medicare Supplement Insurance May be Necessary
Unfortunately, you will find that there are certain healthcare costs that Medicare insurance cannot cover. You should then secure supplemental health insurance known as Medigap insurance, which is sold by private companies. Keep in mind that this is a different policy than the Medicare Advantage Plan (Part C).
Our advice: Don’t wait when you are just a year away from retirement. You should discuss your best options in healthcare insurance including supplemental insurance with the experts here at Hefty Insurance.