It happens to all of us. We eventually reach the age of retirement. As those years get closer, we must take inventory of our financial situation. We need to understand how Medicare and Medicaid work. We need to understand how and when we use our retirement savings. It is an exciting, yet frightening time.
The number one issue that retirees face is medical care and healthcare costs. The fact is, as we age, our bodies change. Everything we ever did to it comes back to haunt us.
But, as your employees retire, they must have the means to face these and other aging issues head-on. That means quality medical care.
Medicare is a federal government health care plan for people over the age of 65 and people with disabilities. It comes in 4 parts. Part A covers hospitalization. Part B covers routine doctor visits. Part C is also called Medicare Advantage. It is Insurance that a retired person can purchase through a private company for little or no cost to them. Part D covers many (but not all) prescriptions.
Medicare Parts A, B, and D are standardized. They cover what they cover and we have no choice. The doctors will work around the guidelines of these plans to treat a person and if they provide treatment for something that is not included in these plans, the person gets the bill. But, part C is a whole different game.
What is Medicare Part C? A look at its benefits and features shows it’is much like the insurance your employees probably have always used. The policies are handled through private insurance companies. Your employees may have a small premium or none at all, depending on the company. Yes, your employees can choose the provider and the plan.
Medicare Part C covers everything Part A & B covers and as of 2016, many companies have added a prescription drug coverage to the plans they offer.
To take advantage of Medicare Part C, your employees must already be enrolled in Medicare Parts A & B. Depending on the contract your company has with the government, employees will have different access.
As your employees are turning 65, they become eligible for Medicare. There is a 7-month window. This means 3-months before the birth month, the birth month, and 3-months after the birth month. Employees will be eligible for Parts A, B, C, and D at the same time.
Your employees can age into the system gracefully if the HR does the research now and helps them understand. Make a plan of action so your employees will feel safe with your company and know that you will help them.
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