5 Tips About Medicare for New Retirees
1. There is no Family plan in Medicare:
Each person in the household that is eligible for Medicare would need their own individual plan, however with most companies there is a house hold discount. The household discount would apply one of two ways which depends on the company, either having someone else living in the house with you whether they are eligible or not and the other is a discount for a spouse to also have a plan with the same company.
2. A cap of out – of- pocket cost is not automatic: Original Medicare pays 80% of covered medicare expenses with no cap on what you might have to pay for out of pocket expenses. However, a good way to help with this is through a Medigap or Medicare Supplement plan. Medicare Supplement plan are designed to help cover that “gap” in expenses so there is a cap on out of pocket expenses. Medicare Supplements cover exactly what Medicare covers it only helps with the out of pocket expenses.
3. Be Strategic in Scheduling Some Procedures:
If you know that you have an upcoming procedure and will be retiring soon then take the time to compare prices for current employer insurance coverage of said procedure, what it would be for medicare to cover, and what it would be if you had a medicare supplement policy in place. Do your research and find what will be best for you. Everyones needs are different.
4. Wellness Features may be Different than Employee Coverage:
Medicare offers a wide variety of free wellness services, employer coverage generally offers the same routine services for free but most of those are over the phone and are for advice only whereas with Medicare these services are more in-person care for health needs. For someone with a chronic illness the Medicare provisions are far superior in wellness programs than the employer programs.
5. A little research may help limit cost for prescriptions drugs under Medicare: When it comes to prescription drugs, at times the out of pocket cost can seem daunting but it doesn’t have to be that way. Unlike with your employer health coverage, with Part D of Medicare you can do your research and find a prescription drug plan that is right for you. Since private insurers offer these plans it makes it easier for you as the consumer to get the coverage you need without breaking the bank.