04/15/2020 by Kevin Kaye 0 Comments
Turning 65 With Group Insurance?
More than half of the people turning 65 each year have employer-sponsored group insurance. This gives you some options that those without group insurance don't have. But it can also complicate your decision-making process. Below I'll give you a template to help you in making the proper choices.
When you're turning 65 and you have group insurance, you want to maximize your health insurance coverage at the best cost.
You do this by understanding your group coverage (premiums, deductibles, etc) and how it may coordinate with the different parts of Medicare.
Below are some questions to help you get the answers you need to help you decide your best course of action. To get the answers to these questions, contact someone at your company's insurance benefits department or in Human Resources.
1. Will you be allowed to continue group coverage when you turn 65 and become eligible for Medicare?
2. If yes, do you have to sign up for parts A and part B, or just part A?
3. What is your current monthly premium?
4. Does it cover anyone other than you? If so, are they under 65? (This is important because the under age 65 health insurance market doesn't have many good options for affordable coverage.
5. Does it cover prescription drugs, dental, vision, and life insurance?
6. What is the deductible of your coverage? (Some plans have low deductibles and others can be higher than $2000 per person).
7. If your spouse is under 65 and not yet eligible for Medicare, will he or she be able to continue the insurance until reaching age 65?
After getting the answers to these questions, it's simply a matter of "doing the math." You compare your monthly cost of keeping your group insurance and compare that to the cost of signing up for Medicare.
Don't be afraid to ask for help. And I'm not talking about your brother-in-law here (even though I know he was great at what he did before retiring).
Seek advice from someone who has helped 1000's of people do this over the last 35 years. You can contact me via email at MedSuppShopper@gmail.com or call me at 800-465-3164.
My advice costs you nothing, and you'll get objective advice with no sales pressure. Just the answers you need.