I’m retiring past 65 and I have been offered a retiree insurance plan. What should I do?
Elder Care Rosewill GA – What Should I do About a Retiree Insurance Plan?
Written by Bonnie Dobbs, Senior Health Benefits Consultant
Congratulations on your retirement! It is good to have options but there are factors to consider. First, if you are the only one on the plan, find out what your monthly premium and annual deductible will be from someone in your HR or benefits department. Also, find out if your employer is offering a supplement plan, a prescription drug plan, or an Advantage plan. If it’s an Advantage plan, is it an HMO or a PPO? Once you know what type of plans are being offered and have the magic numbers of your monthly premium and annual deductible, contact a broker that specializes in Medicare. Have the broker compare the cost of your retiree plan to what Medicare offers. Provide the broker with the monthly premium and annual deductible and the type of plan that your retiree plan will offer so they can make sure to be comparing apples to apples. There’s more to consider if your employer insurance provides insurance coverage for your spouse and/or children. Is your spouse Medicare eligible? If not, when will they be? If you have a spouse and/or children on your employer plan and you leave the plan, they will automatically be disenrolled from your employer plan. How much will it cost to get individual plans for them? If you do have a spouse or children on your employer plan, before enrolling in a Medicare plan, you must research the cost for your Medicare plan and the cost for your spouse and or children to get other insurance. In some cases, it makes sense to remain on your employer plan or your retiree plan. However, sometimes the cost could be astronomical. A knowledgeable broker can help you make this complicated decision. Please feel free to call my office at 770-373-7541. We can quickly help you make an educated decision and save you from making a poor financial decision. Bonnie Dobbs is a highly sought-after author, panelist, and speaker on Medicare, teaching thousands online, in print, and in person! The Founder of Insurance and Other Red Tape, Bonnie is a broker contracted with multiple insurance carriers and has a team of agents licensed in Georgia and many other states. Their services are always free. www.insuranceandotherredtape.com