When you turn 65 you’re at a turning point in your life.
With retirement upon you, you may be planning to travel or settling into a new community, and it is very likely that the future of your insurance coverage is concerning you. You’ve entered the realm of Medicare, Medicare Supplement Plans, and senior health insurance. The idea of losing employee coverage and all of the speculation in Washington are troublesome issues, but don’t worry Medicare is something to look forward to.
Switching to Medicare after retirement
So retirement is just around the corner, what’s next as far as your health care coverage is concerned? The answer is that it depends. Some employers allow you to keep your health coverage after retirement. Some allow you to keep some of your benefits and add Medicare coverage as well. Finally, some encourage the full switch to Medicare. The right option will depend on your current plan through your employer. Medicare has many benefits and is geared toward senior health so often times it’s a step up from your employer’s coverage plan. Check with your employer to see how your insurance is handled after retirement.
Spouses turning 65
Now let’s assume your spouse is turning 65 and switching from employee benefits to a Medigap plan. Their new health insurance plan will not extend to you, even if you were previously covered under their employer. Medicare is on a per person basis, so one plan is only good for one person. Sometimes you can find a lower rate with Medicare Supplemental Insurance if you enroll at the same time as your spouse, depending on your carrier.
Future of Medicare
The future of Medicare is in the hands of government officials. It is safe to say that if you are 55 or older, most of the drastic changes will not affect you. Medicare as we know it today will be different in the future, but if you are close to retirement it is still important to know what current Medicare has to offer and what your senior health insurance options are.
To get more information about Medicare Supplement Insurance plans, talk to one of our Medigap plan representatives today or get a free quote today.