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Your changing health insurance needs in retirement
Your need for health insurance won't automatically increase after you retire, but it will change. It's wise to be prepared. Here are some of the ways your health insurance may be affected after you retire:
Your health-care costs may rise
Although you may remain quite healthy, you may find that you need to visit your doctor more frequently as you grow older. You also may need to take more prescription medications and require more extensive treatment than you did when you were younger.
Your employer-sponsored health insurance coverage may end
Retirement may spell the end of your employer-sponsored health insurance. Generous employers may offer extensive health insurance coverage to their retiring employees, but this is the exception rather than the rule. If you are 65 or older when you retire, you don't have much to worry about--you'll automatically become eligible for Medicare benefits upon your 65th birthday. But if you retire before age 65, you'll need some way to pay for your health care if your employer doesn't extend health benefits to you. You may want to consider buying a private health insurance policy or extend your employer-sponsored coverage through COBRA.
You may become entitled to Medicare and other government benefits Several government programs exist that can help you pay for health care in retirement. These programs include Medicare, Medicaid, and certain military benefit programs that aid retired service-members.
2009 Medicare Premiums & Deductible Information available from CMS.
The Centers for Medicare & Medicaid Services (CMS) recently published 2009 Medicare deductibles on the CMS website. The standard Medicare Part B monthly premium will be $96.40 in 2009, the same as the Part B premium for 2008. However, certain changes have been made to Medicare deductibles for 2009. For example, CMS has announced that the 2009 high deductible amount for Plans F and J is $2,000. The complete CMS Announcement of 2009 Medicare premium and deductibles can be found by clicking here.
I have signed my application, now what?
Sometimes you can get so caught up in the process of choosing the right plan, you forget to ask what happens after you have chosen it. Below is a list of what usually happens after you have signed your application.
- Confirmation of Application - This is left by your agent when you signed up for your plan. You can use this confirmation to visit your doctor or pharmacist, before you receive your Member ID card.
- Application Submitted - Your application must be submitted to the carrier (Company) within a 48 hour period of signing date (not including weekends).
- Notice of completed Enrollment Application - A letter will be mailed to you by the carrier (company). It will include the date you can begin using doctors and services under your new plan. Please note, Medicare must approve your application. Do not cancel your existing supplement or other health insurance until you have been notified to do so.
- Approval - CMS/Carriers must approve or decline your application within 7 business days of your signature date.
- Member ID Card - Apon approval you will be mailed your Member ID card. Bring this card with you when visiting your doctor, hospital, and pharmacy. Use your Member Id card instead of your Medicare card.
- Notice to Confirm Enrollment - A letter/phone call will be done to confirm your enrollment. This is a formal notice that Medicare has approved your application.
- Welcome Kit - A welcome kit will be sent to your mailing address. This kit will include information about your benefits, explain your rights and responsibilities under the plan, how to access services, network coverage, and you will receive you provider directory.
Your Consumer Rights
What is being done to protect the Medicare Clients during sales presentations?
CMS has released new rules and regulations as to how people with Medicare Parts A & B are to be solicited. Its is now required by Centers for Medicare & Medicaid services (CMS) for the Agent/Broker marketing products to medicare beneficiaries have the potential client sign a disclosure form. This disclosure form goes over the array of products that will be presented to the medicare client during the appointment. It is required that the potential client be aware of all the products that they wish for the Agent/Broker to discuss with them during that meeting. This includes Part C (Medicare Advantage Plans), and Part D (prescription drug plan). This form is required for all in home visits. If the client meets at any other location other than their home, the Score of Appointment Letter is not required.
Medicare beneficiaries are also protected from unsolicited phone calls. All marketing for Medicare Parts C and D is to be done only via mail. This protects the Medicare Beneficiaries from being bombarded with solicitation calls. Marketing, by phone for Medicare supplements and other products, is still allowed.
Medicare Insurance Open Enrollment Period
Most seniors believe that the plan they selected during the annual enrollment period (Nov. 15th thru Dec 31st) cannot be changed until the next annual enrollment period. This is not so. Medicare provides a Open Enrollment Period (Jan 1st thru March 31). This allows people to change one time from one plan to what's called a like plan. What this means to a consumer, is that you can make changes to your plan and or company. However, there are limitations to the changes that you can make.
For example, someone could switch from a traditional Medicare plan with Part D (prescription drug) coverage to a Medicare Advantage plan with prescription drug coverage included, but cannot switch from a Medicare Advantage plan with prescription drug coverage to a traditional Medicare plan without also adding Part D coverage. Additionally, while individuals can switch from one Medicare Advantage plan to another, so long as both either cover or do not cover prescription drugs, they cannot switch from one Part D plan to another.
If you are unhappy with your current coverage, or you would like to make sure you have the best plan that fits your specific needs, we recommend talking with a certified medicare specialist in your area.
Click Here, to talk with one of our certified medicare specialists. You will only be contacted by email.