5 Questions to Ask About Retiree Insurance
If you’re getting ready to retire and you’re going to be getting Medicare Wilmington NC, it’s important to note that Medicare often doesn’t cover everything a retiree typically needs from their health insurance. This is why having a retiree insurance plan is important. Whatever your Medicare doesn’t cover, your secondary insurance will usually kick in and take care of.
If your employer or union offers group health plan coverage for their retirees, then you can opt to go with this type of plan if it meets your medical needs. But, in most cases, these plans don’t always offer comprehensive coverage or complement Medicare and as a result, gaps in your coverage can still pose an expensive problem. Before you choose a group health plan from your employer or union, here are five important questions you need to ask about retiree insurance.
#1: Is Health Coverage Available from Your Employer After You Retire?
Some employers, usually those with unions, offer health care coverage for their retirees. So, it is always a good idea to find out what type of coverage, if any, your employer might offer. Keep in mind, however, that the coverage limitations included in these plans are almost always controlled by the employer or union. And, over time, the benefits and premiums can change. The employer or union can also cancel the coverage at any time.
#2: What is the Price and Coverage Benefits of the Employer’s Retiree Insurance?
You might be tempted to think of your employer’s group health plan for retirees as a fantastic benefit, but before you sign up, it is recommended that you compare the price and coverage benefits for the plan that’s offered. You will also want to find out if the coverage is only for you, the retiree, or if your spouse will also be covered. In many cases, these types of plans offer “stop loss” coverage, in which it only starts covering your out of pocket expenses once you reach a maximum amount.
#3: How Does Medicare Impact Your Retiree Insurance Plan?
Some retiree insurance plans will automatically stop paying for your medical expenses the moment you become eligible for Medicare. This happens whether you sign up for Medicare or not! Depending on your plan, you may need to enroll in Medicare Part A and Part B in order to take advantage of your retiree insurance’s full benefits. Understanding exactly how your plan works once you are eligible for Medicare will help ensure you don’t suffer any lapses in coverage.
#4: Will Your Employer-Provided Retiree Insurance Plan Affect Your Spouse’s Coverage?
All too often, an employee’s family health insurance policy turns into a retiree-only plan once they retire. This means anyone else who was previously covered under their plan will be dropped from the continued coverage plan. Before this happens, it is important to find out how your retiree insurance is going to affect your spouse’s coverage.
#5: What Happens if Your Employer Goes Bankrupt or Out of Business?
Your employer-provided health care plan will usually end should the company go out of business or file for bankruptcy. Therefore, it is good to know what your rights are before you’re faced with this scenario. In many cases, you might be able to qualify for COBRA continuation coverage. Or, you may be eligible to obtain a private Medigap coverage plan, even during times when the Medigap open enrollment period is over.
Get the Retiree Plan You Need to Work with Medicare Wilmington NC
As you get closer to retiring, you need to take your healthcare needs very seriously because the insurance plan that you have enjoyed for all of your working years will change drastically once you retire. For most people, Medicare doesn’t cover all of the treatments and services they’re going to be relying on as they age. This is why researching, comparing, and choosing the right Medigap health insurance plan is so important for retirees.
If you’re on Medicare Wilmington NC and you need better coverage, then give Schnitzer-Slate a call today at 910-338-0686. One of our agents will help you find the right Medigap supplement policy for your healthcare needs and budget. Or, just visit our website at healthplannc.com to learn more about our affordable Blue Cross Blue Shield North Carolina Medicare supplement insurance plans for retirees.
If your employer or union offers group health plan coverage for their retirees, then you can opt to go with this type of plan if it meets your medical needs. But, in most cases, these plans don’t always offer comprehensive coverage or complement Medicare and as a result, gaps in your coverage can still pose an expensive problem. Before you choose a group health plan from your employer or union, here are five important questions you need to ask about retiree insurance.
#1: Is Health Coverage Available from Your Employer After You Retire?
Some employers, usually those with unions, offer health care coverage for their retirees. So, it is always a good idea to find out what type of coverage, if any, your employer might offer. Keep in mind, however, that the coverage limitations included in these plans are almost always controlled by the employer or union. And, over time, the benefits and premiums can change. The employer or union can also cancel the coverage at any time.
#2: What is the Price and Coverage Benefits of the Employer’s Retiree Insurance?
You might be tempted to think of your employer’s group health plan for retirees as a fantastic benefit, but before you sign up, it is recommended that you compare the price and coverage benefits for the plan that’s offered. You will also want to find out if the coverage is only for you, the retiree, or if your spouse will also be covered. In many cases, these types of plans offer “stop loss” coverage, in which it only starts covering your out of pocket expenses once you reach a maximum amount.
#3: How Does Medicare Impact Your Retiree Insurance Plan?
Some retiree insurance plans will automatically stop paying for your medical expenses the moment you become eligible for Medicare. This happens whether you sign up for Medicare or not! Depending on your plan, you may need to enroll in Medicare Part A and Part B in order to take advantage of your retiree insurance’s full benefits. Understanding exactly how your plan works once you are eligible for Medicare will help ensure you don’t suffer any lapses in coverage.
#4: Will Your Employer-Provided Retiree Insurance Plan Affect Your Spouse’s Coverage?
All too often, an employee’s family health insurance policy turns into a retiree-only plan once they retire. This means anyone else who was previously covered under their plan will be dropped from the continued coverage plan. Before this happens, it is important to find out how your retiree insurance is going to affect your spouse’s coverage.
#5: What Happens if Your Employer Goes Bankrupt or Out of Business?
Your employer-provided health care plan will usually end should the company go out of business or file for bankruptcy. Therefore, it is good to know what your rights are before you’re faced with this scenario. In many cases, you might be able to qualify for COBRA continuation coverage. Or, you may be eligible to obtain a private Medigap coverage plan, even during times when the Medigap open enrollment period is over.
Get the Retiree Plan You Need to Work with Medicare Wilmington NC
As you get closer to retiring, you need to take your healthcare needs very seriously because the insurance plan that you have enjoyed for all of your working years will change drastically once you retire. For most people, Medicare doesn’t cover all of the treatments and services they’re going to be relying on as they age. This is why researching, comparing, and choosing the right Medigap health insurance plan is so important for retirees.
If you’re on Medicare Wilmington NC and you need better coverage, then give Schnitzer-Slate a call today at 910-338-0686. One of our agents will help you find the right Medigap supplement policy for your healthcare needs and budget. Or, just visit our website at healthplannc.com to learn more about our affordable Blue Cross Blue Shield North Carolina Medicare supplement insurance plans for retirees.