As an insurance representative, one
of our most overlooked but important jobs is easing people’s minds.
Occasionally we have meetings with soon to be retirees to discuss their
coverage options after they retire. Even though most that retire are in
their 50’s, it seems that many of the questions are about Medicare. I’d
like to go over a few of the frequently asked questions that may help
members out as well as family members who may be getting close to the
age of 65 where Medicare applies.
Keep in mind, Medicare does not
know what insurance you have or your intentions after you turn 65. They
are required to notify all people of the benefits they are eligible
for. When our members read what is covered under Medicare, there is
normally shock as to how little it covers compared to the current
benefits. Please remember you can still stay on the retiree plan and
your benefits will not change. The only thing that changes is who pays
for what (Medicare or your private coverage). If you are eligible for
Medicare part A, we strongly recommend you take Part B as well. If you
are eligible for part B and elect not to take it, your premiums will
rise considerably.
A couple of members have asked
about getting supplemental insurance. If you continue the coverage
through your association, additional insurance is not necessary. The
key benefit that is most helpful is your prescription benefit. The drug
benefit through Medicare Part D is far inferior to your current
insurance. When deciding which plan is best for you at retirement, make
sure you compare all benefits and costs.
While the time you plan to retire
gets nearer, please allow Brown Insurance to ease your mind. Knowing
all of your options and the premium of each plan available is imperative
to making a sound decision. There is not one plan that fits every
member so make sure you weigh out what is important to you and best for
your health and pocketbook. If you have any question about Medicare you
are welcome to call me directly at 714-460-7744 or call your
association. We understand members have family and loved ones who may
be confused as well so don’t be afraid to call us if you need guidance.
