by Trina Medina Wednesday, June 10th 2020
Work Furloughs and Medicare
With
these uncertain times, many in our community have found themselves without
health insurance because they’ve lost their jobs. The federal government is
recognizing this situation as a “qualifying event” for insurance coverage.
What
are my insurance options?
With
these uncertain times, many have found themselves without health insurance
because they’ve lost their jobs. For those age 65 or older, the federal
government is recognizing this situation as a “qualifying event.” This group
will have to make a choice to either:
·
Elect to pay COBRA
·
Revert to traditional Medicare primary (and pay out of pocket
for a secondary and Part D plan)
·
Select a Medicare Advantage plan
The
best thing to do is contact a licensed sales agent to discuss your options.
Medicare
Questions
You
will have 60 days to join Medicare if you lose your group coverage. As far as
cost is concerned, Medicare is income based on your last two years of tax
returns. In order to get Medicare and leave your group insurance, you’ll need a
letter from your employer’s HR department stating you have had coverage over
the age of 65 during the time you were employed. You can apply for Medicare
Part A and Part B through Social Security. Applying for Part B will require answering
questions about the coverage you have had for the previous two years. A
licensed sales agent can help you.
Advice
and Resources
A
licensed independent Medicare sales agent is your best option. These agents
work with plan offerings from multiple carriers, including Medicare Advantage,
prescription drug plans, and others. They can discuss your individual health
needs and your budget and help find the best plan for you.
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