A blog about Medicare. What you and your employees need to know
Planning – The Recipe for Successful Transition
Author: Lora Drummond
Medicare Transition Specialist
#9 Solution- Planning – The Recipe for Successful Transition
Thursday is National Pancake Day! The most delicious meals start with a good recipe. How do you like your pancakes? Did you know the quantity of baking powder added to a mix will make pancakes thicker and fluffier? If you like a thin pancake, like a crepe, you might opt for either milk or cream in your recipe. Then add toppings or ingredients like chocolate chips to meet your personal preference for taste and enjoy!
Medicare plans offer many options. When preparing to transition from a group plan to Medicare a good “recipe” and having personal needs or requirements identified are essential to finding a plan that is as satisfying as a perfect pancake.
Follow this recipe to help employees prepare for a smooth Medicare transition.
When to enroll?
Do you have a date in mind to make the transition? Will you be retiring or continuing to work. Most people will enroll during a special election period when leaving their group plan. But if you are with a smaller employer, you may need to enroll when you turn 65.
Attend an educational Medicare workshop
Learn the basics about what Medicare is, so you understand your options and are prepared to select a plan that provides the medical coverage and benefits you desire. 123Easy Medicare is an online workshop presented by Medicare experts who simplify what Medicare is and what all the plans mean, and more.
Stop contributions to your HSA
Once you enroll in Medicare, you can no longer contribute to your HSA. We recommend stopping your contributions about six months before planning to retire.
Review options with a Certified Medicare Planner®
Medicare is designed for the individual, so there are many plan options available. Having an expert to help you review the plans, costs, and coverage based on your specific needs can make selecting a plan a more confident decision.
Research doctors, prescription costs, and plan options to prevent financial surprises
A Certified Medicare Planner® will review plans to see if you can keep your current doctor in a network plan you might be considering. They will also review your prescription list to help you find drug coverage that is cost-efficient and should help you check every year to make sure your drugs and doctor continue to be covered every year.
Look for wellness options to identify hidden savings opportunities
Some Medicare plans include programs and activities to benefit your health journey. Some plans, for example, include fitness, vision, and hearing coverage. If these things are important to you, be sure to mention them to your Certified Medicare Planner® so they can confirm the benefit options available in the plans you are considering.
When your employees have a preparation plan or recipe for transitioning to Medicare, the journey is more palatable, and you help them feel confident about their decisions.
Partner with Certified Medicare Planners® to help your employees transition.
Medicare guidance for your employees in 2021.
Create a compliant Medicare benefit support plan. Give your employees personal guidance from a team of experts that will follow them after they retire.
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