Posted by Medicare Made Clear
Tue, Mar 12, 2019 @ 08:09 AM
When you think of health coverage after
retirement, you probably think of Medicare. But some people may also have
access to retiree health coverage. So, what is retiree health coverage and how
does it work with Medicare?
Retiree health coverage is health insurance
that some employers, unions and trusts may offer to retiring employees and
their spouses. Typically, it is group health insurance similar to plans offered
to active employees. Eligibility, enrollment, coverage and other rules are
specific to each employer’s retiree plan.
Do I Need Medicare If
I Have Retiree Health Coverage?
Even if you have a retiree health plan, you
most likely need to sign up for Medicare. Depending on the plan, you may need to sign
up for Part A and Part B, or just Part A (you must be eligible for Part B).
Retiree health coverage might not pay some medical costs during any
period in which you were eligible for Medicare but
didn’t enroll. [Watch this quick video on Medicare and group retiree coverage
when enrolling in Medicare for the first time.]
For people who retire before they are eligible
for Medicare, retiree health coverage may serve to span the gap between
employer health coverage and Medicare. When Medicare eligibility begins, the
retiree plan or the coverage may change.
How Does Retiree
Health Coverage Work with Medicare?
Retiree health coverage may help cover some of
the costs that Medicare doesn’t. It may also help cover some services that Medicare doesn’t cover.
Some retiree plans are Medicare Advantage plans. These plans provide all the same coverage as
Original Medicare (Parts A & B) and often additional benefits and features
such as prescription drug coverage and dental, vision and hearing care.
For prescription drug coverage, it’s important
to know whether your plan provides creditable drug coverage. If it doesn’t, find out what your options
are. Medicare Part D has a late enrollment penalty if you don’t have
creditable drug coverage for more than 63 days.
For more information about Medicare,
explore MedicareMadeClear.com or contact the Medicare helpline 24
hours a day, seven days a week at 1-800-MEDICARE (1-800-633-4227), TTY
1-877-486-2048.
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