Do you remember David, Betty’s single charming cousin? David was getting ready to retire and, before he could, he was offered another job. Now David is really going to retire in June – stop working totally. With summer quickly approaching it seems that several are getting ready to retire so they’ll have an “extended vacation”.
Since David has been covered under his employer’s group health insurance, Ruth suggested he contact me to help him transition into Medicare and Medicare products. Actually, David joined Ruth and I for lunch – he really is a nice guy and really likes Ruth! I asked David if he had Medicare Part A and Part B. He immediately said yes then asked how he could know for sure. I told him he could 1) look at his red/white/blue Medicare card which will show Part A with an effective date and Part B with an effective date or 2) he must pay for Part B which is either deducted from his Social Security check or, if he is not getting Social Security, he’s sent a bill. David called and said he was so glad he double checked because he only has Part A. Now what? His first step is to enroll in Part B effective June 1 when he’s retiring. He can enroll either through the Social Security office or online. Once he is enrolled, he will receive a letter and a new Medicare card showing both Parts A and B. Can he keep his current group health insurance? If so, what would it cost? What are the benefits? David checked with his human resource department and was told he cannot keep his current plan. David was concerned about not having insurance June 1 when his group plan ends. Someone told him he had to wait until Open Enrollment in October to enroll. It is confusing since there are lots of enrollment guidelines. Since David is losing his group health insurance plan, he qualifies for a “special enrollment period” (referred to as a SEP). His Medicare plans can start June 1. The Open Enrollment Period in October (aka Annual Enrollment Period) is the time Medicare beneficiaries may enroll or change their prescription plan or Medicare Advantage plan – this does not apply to him. The rules are very specific to each person’s situation. Once David is notified, he is enrolled in Part B, we’ll look at his Medicare options including Medicare Supplement, prescription or Medicare Advantage plans. The plans available to him are based on when his Part A was effective and the county he lives in. Since there are over 30 prescription plans to choose from, it is helpful to know the prescriptions he takes and the pharmacy he uses. This will help determine which plan will have the lowest copays. Which plans does David enroll in and why? Next month we’ll talk about it. If you’re in the same situation as David, call 501-868-6650 and say “Caroline, can we talk?”
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AuthorCaroline Beauchamp specializes in personalized life and health insurance solutions. Archives
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