Medicare for Retirees FAQ
Medicare’s rules and regulations, as well as its coverage options, always seem to be changing. For someone nearing their retirement, this can be especially concerning. If you have questions about Medicare for retirees, then Schnitzer-Slate is here to help.
Below you’ll find the answers to our most frequently asked questions related to Medicare and retiree health insurance in Wilmington NC.
Q: If I retire before I’m eligible for Medicare, what are my options?
A: Currently, you have to be 65 years old to be eligible for Medicare. If you retire before you’re eligible, then you will be required to purchase a health care plan through the Health Insurance Marketplace. Retiring from a job is recognized by the Affordable Care Act as a state of transition, therefore, you will be granted a Special Enrollment Period in the event that the annual Open Enrollment Period is over for the year.
Q: What happens if I’m over 65 but not eligible for Medicare?
A: If you’re over Medicare’s age of eligibility, but you don’t qualify for Medicare coverage for some other reason, then you will have to buy health insurance in Wilmington NC through the Marketplace. Depending on your income and household size, you may be able to get lower costs on your monthly premiums and any out-of-pocket costs. If you are 65 or older and you don’t have either Medicare or another health care policy, then you may be required to pay the penalty for not having coverage.
Q: If I lose my job-based health insurance when I retire, will I qualify for the Special Enrollment Period?
A: Yes. If you lose your employer-provided health care benefits at the time of your retirement, then you will qualify for the Special Enrollment Period. You will need to enroll in your chosen plan any time from 60 days before or 60 days after you retire.
Q: What are my options if I am self-employed and choose to retire?
A: If you are self-employed and you are retiring, then you can apply for Medicare coverage (if you qualify) or you will have to purchase a health plan through the Marketplace until you can qualify for Medicare.
Q: If I have COBRA, can I drop it and purchase a more affordable plan through the Marketplace?
A: It depends. If you are outside of the Open Enrollment Period, then you cannot drop your COBRA coverage and buy a plan through the Marketplace. But, if you are inside of the Open Enrollment Period, then you can drop your COBRA and choose your own plan from the Marketplace. If your COBRA coverage is ending and you’ll be outside of the Open Enrollment Period at the time this occurs, then you will be eligible for a Special Enrollment Period in which you can purchase your own health insurance in Wilmington NC through the Marketplace.
Do You Need Health Insurance in Wilmington NC for Retirees? Schnitzer-Slate Can Help
If you’re thinking about retiring before you’re eligible for Medicare but you have questions about your health insurance options, Schnitzer-Slate can help. We have a variety of Blue Cross Blue Shield North Carolina health insurance plans that can be customized for any retiree’s coverage needs. Get the information you need now so you don’t get penalized for not having insurance at the time of your retirement.
Just give Schnitzer-Slate a call today at 910-392-7020. One of our agents will help you find the right healthcare insurance in Wilmington NC for your needs and budget. Or, just visit our website at http://healthplannc.com/ to learn more about our affordable Blue Cross Blue Shield North Carolina insurance plans designed especially for retirees.
Below you’ll find the answers to our most frequently asked questions related to Medicare and retiree health insurance in Wilmington NC.
Q: If I retire before I’m eligible for Medicare, what are my options?
A: Currently, you have to be 65 years old to be eligible for Medicare. If you retire before you’re eligible, then you will be required to purchase a health care plan through the Health Insurance Marketplace. Retiring from a job is recognized by the Affordable Care Act as a state of transition, therefore, you will be granted a Special Enrollment Period in the event that the annual Open Enrollment Period is over for the year.
Q: What happens if I’m over 65 but not eligible for Medicare?
A: If you’re over Medicare’s age of eligibility, but you don’t qualify for Medicare coverage for some other reason, then you will have to buy health insurance in Wilmington NC through the Marketplace. Depending on your income and household size, you may be able to get lower costs on your monthly premiums and any out-of-pocket costs. If you are 65 or older and you don’t have either Medicare or another health care policy, then you may be required to pay the penalty for not having coverage.
Q: If I lose my job-based health insurance when I retire, will I qualify for the Special Enrollment Period?
A: Yes. If you lose your employer-provided health care benefits at the time of your retirement, then you will qualify for the Special Enrollment Period. You will need to enroll in your chosen plan any time from 60 days before or 60 days after you retire.
Q: What are my options if I am self-employed and choose to retire?
A: If you are self-employed and you are retiring, then you can apply for Medicare coverage (if you qualify) or you will have to purchase a health plan through the Marketplace until you can qualify for Medicare.
Q: If I have COBRA, can I drop it and purchase a more affordable plan through the Marketplace?
A: It depends. If you are outside of the Open Enrollment Period, then you cannot drop your COBRA coverage and buy a plan through the Marketplace. But, if you are inside of the Open Enrollment Period, then you can drop your COBRA and choose your own plan from the Marketplace. If your COBRA coverage is ending and you’ll be outside of the Open Enrollment Period at the time this occurs, then you will be eligible for a Special Enrollment Period in which you can purchase your own health insurance in Wilmington NC through the Marketplace.
Do You Need Health Insurance in Wilmington NC for Retirees? Schnitzer-Slate Can Help
If you’re thinking about retiring before you’re eligible for Medicare but you have questions about your health insurance options, Schnitzer-Slate can help. We have a variety of Blue Cross Blue Shield North Carolina health insurance plans that can be customized for any retiree’s coverage needs. Get the information you need now so you don’t get penalized for not having insurance at the time of your retirement.
Just give Schnitzer-Slate a call today at 910-392-7020. One of our agents will help you find the right healthcare insurance in Wilmington NC for your needs and budget. Or, just visit our website at http://healthplannc.com/ to learn more about our affordable Blue Cross Blue Shield North Carolina insurance plans designed especially for retirees.