Lumaktaw sa pangunahing content

Medicare & group health plan after you retire


Will my group health plan still work after I retire?

It would depend on the terms of your specific plan. Other employers might not offer any health coverage after your retirement and even if you can get one, it might have different rules and might not work the same way with Medicare.

When you have retiree coverage from an employer or union, they usually manage this coverage. Employers aren't required to provide retiree coverage, and if they would, they can change benefits or premiums, or even cancel coverage.  They may offer coverage that limits how much it will pay. It might only provide a stop-loss coverage that starts paying your out-of-pocket costs only when they reach of coverage that's covered.


What happens to my retiree coverage when I'm eligible for Medicare?

When you become eligible for Medicare, you will need to have both Medicare Part A and Medicare Part B to get full benefits from your retiree coverage. If your former employer offers retiree coverage, and you didn't sign up for Medicare even if you're eligible, then the coverage might not pay your medical costs during your eligibility period. 

If you're not sure how your retiree coverage works with Medicare, get a copy of your plan's benefit materials or look at the summary plan description provided by your employer or union. You can also call your employer's benefits administrator and ask how the plan works when you have Medicare. 

1-800-MEDICARE (1-800-633-4227)
TTY users - 1-877-486-2048














How does retiree coverage compare to a Medigap policy?

Your retiree coverage is likely to be similar to coverage under Medigap policy since Medicare pays first after you retire. However, Retiree coverage isn't the same as a Medigap policy but, like a Medigap policy, it usually offers benefits that fill in some of Medicare's gaps in coverage. Sometimes retiree coverage includes extra benefits, like coverage for extra days in the hospital. 

If you choose to buy a Medigap policy, the best time to get is during your 6-month Medigap Open Enrollment period. At this time, you can buy any Medigap policy sold in your state even if you have health problems. This automatically starts the month you're 65 and enrolled in Part B, and once it's over, you can't get it again. 


What happens if I have group health plan coverage after I retire and my former employee goes bankrupt or out of business?

If your employer goes bankrupt or out of business, federal COBRA rules may protect you if any other company within the same corporate organization still offers a group health plan to its employees.  The plan is required to offer you COBRA continuation coverage. If you can't get COBRA continuation coverage, you may have the right to buy a Medigap policy even if you're no longer in your Medigap Open Enrollment Period. 

Mga etiketa:

Mga Komento

Mag-post ng isang Komento

Mga sikat na post sa blog na ito

Everything you need to know: Medicare Dental Coverage

ADA, The American Dental Association said that individuals 60 and over face some rather unique dental concerns. Approximately one in four seniors have gone five years or more since their last dental visit and 16 percent in this age range consider their oral health as poor. Also, for instance, there are more than 500 medications that cause dry mouth, some of which were prescribed for high blood pressure, high cholesterol, Parkinsons's and Alzheimer's disease. This is now the common cause of cavities in older adults. Unfortunately, Medicare doesn't always help with this issue. In fact, according to Medicare.gov , this federal health insurance program typically does not cover dental care, procedures, or supplies. They don't provide benefits toward regular cleanings or services designed to treat and/or correct problematic oral issues, such as fillings or tooth extractions and they don't generally offer benefits for dental devices, including dentures and dent...
Mag-post ng isang Komento
Magbasa nang higit pa

Durable Medical Equipment and Medicare

Medicare   Part B  covers the D urable Medical Equipment (DME).   These are equipment that serves a medical purpose, able to withstand repeated use, and is appropriate for use in at home.  There are many important things to know about Medicare’s coverage for DME. Below are pieces of information that will help you know whether/how you are covered. Eligible equipment Medicare’s DME benefit does not cover all medical equipment.  Medicare only covers DME if your  provider  says it is  medically necessary for use in the home . You also must order your DME from suppliers who contract with  Original Medicare  or your  Medicare Advantage  Plan . However, Medicare Advantage Plans may have additional requirements you need to meet before your DME is covered. DME coverage Depending on what type of equipment you need, Medicare will require that you either rent or buy DME. There are also special rules when you need oxygen equipment...
Mag-post ng isang Komento
Magbasa nang higit pa

Getting Help

What if I need help paying my Medicare prescription drug costs? If you have limited income and resources, you may qualify for help to pay some health care and prescription drug costs. Extra Help is a Medicare program to help people with limited income and resources pay Medicare prescription drug costs. You may qualify for Extra Help if your yearly income and resources are below these limits in 2019: These amounts may change in 2020. You may qualify even if you have a higher income. Resources include money in a checking or savings account, stocks, bonds, mutual funds, and Individual Retirement Accounts (IRAs). Resources  don't include your home, car, household items, burial pots, up to $1,500 for burial expenses (per person), or life insurance policies. If you qualify for Extra Help and join a Medicare drug plan, you'll: Get help paying your Medicare drug plan's costs. Have no late enrollment penalty. Note: Extra Help isn't available in Pue...
Mag-post ng isang Komento
Magbasa nang higit pa