There is a market shift in benefits for those working beyond age 65. With the state of the economy, skyrocketing healthcare costs, losses in 401k’s and other retirement plans; the employee benefits market is changing as many employees continue to work beyond age 65.
Face the facts:
• Large employers who’ve historically offered retiree health benefits are now reducing or eliminating coverage.
• Mid-sized employers often included those working after age 65 in their group plans, may no longer afford to do so.
• Smaller employers have typically never offered health benefits to retirees and the cost passed onto those 65 and over is often cost prohibitive.
It is important to coordinate with your Human Resource department the Health options that may be available to you through your employer.
Let Senior Services of North America Streamline Your Transition To Medicare.... Consider Us As Your Resource To The Senior Health Insurance Exchange.
SENIOR SERVICES OF NORTH AMERICA can assist you in choosing an affordable and comprehensive Health Insurance Plan. Some plans in your area may have a $0 monthly premium cost. People aging into Medicare want help understanding the options available in their local area. There are many plans to choose from and this may be the first time you won’t have someone choosing and explaining a healthcare plan for you.
UNDERSTANDING YOUR OPTIONS:
Your most important decision may be whether you want to choose Medicare (Parts A and B), Medicare Advantage plan (Part C), Medicare Prescription Drug Coverage (Part D) or other Medicare Supplemental insurance plans. Once you make that decision, there are other things to consider.
Medicare (Parts A & B)
Is provided by the federal government and you must qualify to be entitled to these parts as well as perhaps paying a monthly premium. Medicare pays fees for your care directly to the doctors and hospitals you visit. Some people call this “fee for service”.
Medicare Advantage (Part C)
Medicare Advantage plans are provided by private companies approved by Medicare. If a person is enrolled in a Medicare Advantage plan, all Original Medicare services are covered through the plan and aren't paid for under Original Medicare. Most Medicare Advantage plans also offer prescription drug coverage that must follow the same rules as Medicare prescription drug plans(Part D). Medicare pays a fixed fee each month to the carriers for your care. Then the plan pays the doctors and hospitals. There are many different carriers and plans available depending on your geographic location that you reside in. These plans have certain requirements before you enroll.
A Medicare Supplement policy is health insurance sold by private insurance companies to fill the "gaps" in Original Medicare plan coverage. If you have this type of policy, then Medicare and your Medicare Supplement policy will pay their shares of covered health costs. These types of plans also have certain requirements before you can enroll.
Part D Prescription Drug Plans
Part D Prescription Drug Plans are provided by private health carriers that have a contract with Medicare. These types of plans have premiums, deductibles and co-pays depending on the prescription covered on the carriers formulary. It is important to review the prescriptions that you take to ensure that they are covered under a particular Part D plan. You can choose a Part D plan to compliment a Medicare Supplement or may obtain Part D coverage through a Medicare Advantage Part C (MAPD) plan.
SENIOR SERVICES OF NORTH AMERICA offers a "Transitional Individual Medicare Services Program" that will assist a retiring employee transition from their group health insurance to their Medicare Health Insurance Options.