A blog about Medicare. What you and your employees need to know
Skydiving and Medicare
Author: Lora Drummond
Medicare Transition Specialist
Are you a stay-cationer, explorer, adventurer,
Medicare has options to fit everyone’s lifestyle.
Will you be skydiving close to home or setting out to conquer sights unseen in an RV? Or are you a homebody with a gardening passion?
A medical plan choice should bring your retiring employee peace of mind for coverage in the event they need medical services wherever their life’s journey takes them next.
How do they choose a Medicare plan?
The benefit of working with a team of Certified Medicare Planners® (CMP) begins with a series of questions to learn more about each individual considering Medicare. Then the CMP compares all the plans in a particular area, which saves your employees from having to search through hundreds of plans to find one that is most appropriate.
Here are some of the details to consider before selecting a Medicare Plan:
Costs – If individuals rarely visit a doctor, the Advantage plan has little to no premium so they only pay copay or coinsurance, and deductible when care is needed. With a supplement and drug plan, there are premiums, but no copay or deductible and, the max out of pocket is zero (for Plan F). F is no longer available to folks new to Medicare in 2020. However, Plan G provides similar advantages with a low annual deductible of $198. So people with a medical condition requiring regular maintenance visits might net out better with a supplement plan.
General Health– If several maintenance medications are taken daily and travel to multiple home locations in the US are in a retiree’s journey plan, a supplement plan without network limitations might yield the better option. They are free to use any pharmacy, hospital, or doctor wherever traveling nationwide with a supplement plan.
Need to see a specific doctor– Any doctor or hospital is the benefit of a supplement plan. But if current healthcare includes a specialist for managing an existing condition, choose a plan with a network that includes that doctor critical to continuing care. Medicare will pay for existing conditions, but if keeping a specific doctor is important, finding a network that specific doctor participates in will be important.
High Cost or specialty maintenance Medications– Taking medications regularly? Sometimes choosing a drug plan based on the cost of a medication or a pharmacy where you will pay less is a better bet than going with an Advantage plan where the drug coverage is included in the benefit. A supplement plan allows individuals to choose the drug benefit separate from the medical plan.
Coverage from another plan like a spouse’s plan – If an individual is receiving coverage from a spouse’s plan, is Medicare even needed or can enrollment be deferred? It’s important to review the group coverage offered before even electing continuing coverage under a spouse or enrolling in Medicare. Everyone’s group plan requirements are different and comparing employer coverage to Medicare is always recommended.
Travel abroad or interstate – It’s generally a good idea for people to elect travel medical insurance for those limited excursions since Original Medicare (A&B) do not cover treatment outside of the US.
These details and combinations of needs are why it’s important to consider ALL plan options available and not just choosing one advertised on TV or recommended by a family member or friend. While intentions from people close to you are genuine, everyone is an individual and when transitioning from a group plan people can be more selective with what they want to be included in their benefit.
Medicare experts are better qualified to provide and explain options particularly when they are Certified Medicare Planners® (CMP) who work as a fiduciary to provide all options in an area. Plus, when life plans change, having a CMP can help employees smoothly navigate options to meet their needs and guide then on when changes can be managed through dedicated and continuing support after they leave their employer.
Packing the first RV or tackling activities on a bucket list should be the only thing on your employee’s mind as they get ready to retire! Secure the confident advice of a Certified Medicare Planner® to help them select medical coverage and avoid any surprises.
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