10 ways to get and retain health care benefits in retirement

 

Wednesday, Apr 08,2009, 10:41:43 AM   Click:

Copyright 2009 U.S. News & World ReportAll rights reserved USNEWS.com

6 April 2009 Monday

SECTION: HEALTH; on health and money; Blog Vol. No.

LENGTH: 974 words


TITLE: 10 ways to get and retain health care benefits in retirement

Signature: Michelle Andrews



As cars search for ways to cut costs, one of the areas that are likely to take a match is retired from health care benefits. This was once the advantage that many workers have assumed, with their gold watches, but the number of employers offering health benefits to retirees has been declining steadily for decades. Twenty years ago, 66 percent of companies provided health care benefits of retirees, according to the Kaiser Family Foundation. In 2007 this percentage had dropped by half.

Today, the only thing that some of its health benefits of retirees is that they are subject to change. If you have or anticipate obtain health insurance through an employer when you retire, those benefits May be reduced or eliminated if current trends continue. And the disease itself in May change. President Obama proposed budget requiring wealthy seniors to pay more for drug coverage under Medicare Part D, for example, and there has been talk of allowing people as young as 55 to buy into the Medicare program.

You can not control the changes that occur in May What you can do is assess your options and take steps to obtain the best health care possible once you retire.

Under the age of 65. Your options are radically different - and harder - if you retire before age 65, when you become eligible for Medicare. Many people who retired early - or have been laid off before you get to 65 - have trouble finding coverage in the individual market. "People under 65 really are," said Tricia Neuman, director of the Medicare Policy Project for the Kaiser Family Foundation. "The best advice in May is to find another job, and in this economy is difficult because not all jobs come with health insurance."


If you are under 65 years and you lose your job or health benefits for your retirement, here are five steps you can take to try to obtain health care:

1) Login with your spouse on the plan.

2) Continue with your former employer under COBRA health coverage if it is available. Even if you can get a subsidy of 65 per cent premium for the first nine months, it is still likely to cost a package, because you'll have to pay 100 percent of the premium and probably 2 per cent of administrative costs.

3) If you have exhausted your COBRA benefits and you are not yet eligible for Medicare, a federal law requires that you be authorized to sign for a politician who does not cover pre-existing. Unfortunately, there is no guarantee that the premium will be affordable.

4) Verify that the group membership in May offers group coverage, such as your alma mater or the AARP, which offers coverage of the group in many Member States between 50 and 65. There is a catch, however. "These policies have some prize," said Cheryl Matheis, Senior Vice President for Health Strategy AARP. "They will seek to pre-existing. May they not be covered, or May, they charge you more. "

5) Apply for a politician. This is the least attractive for those who have a medical condition. Insurers that sell individual policies, and often can not refuse to cover people with health problems, even minor, such as high blood pressure which is controlled by medication.

Unfortunately, there is no guarantee that any of these options will give you a good health insurance you can afford. So if you have the choice to leave a job with health insurance, take any difficulties you have in May to replace this insurance before you leave.

Age 65 and older. If you are 65 years or more, you're in a much stronger position, because you have the disease rely on other health problems if coverage is terminated or significantly reduced. Here are five steps you can take:

1) If you are eligible for Medicare and employees, and you lose your job, health insurance, you can enroll in Medicare Part A at any time. Part A covers hospitalization and limited nursing home care, home care and palliative care. Most people do not pay a premium for this coverage. You can enroll in Part B which covers physician visits and other outpatient care at any time during the eight-month period that begins the first full month that you leave your work group or plan health coverage ends.

2) If you have health insurance for retirees through a former employer, that coverage is usually secondary to the disease, which is the primary insurer. Many retirees, which carry both Medicare Parts A and B, in addition to their private pension coverage. Check with your company's human resources department to ensure that you understand how your retirement coverage with Medicare. Note: If you do not enroll in Part B at age 65 and your health insurance for retirees is reduced or eliminated, it must wait until the next general enrollment period for enroll in Part B. This occurs from January to March for the coverage becomes effective July 1 this year. In addition, you May have to pay a penalty for delaying enrollment in Part B.

3) If your health insurance of retired ends, you are guaranteed a right of entry to one of the six Medigap policies that cover costs not covered by Medicare Part A or B. You have 63 days to choose Medigap plans A, B, C, F, K or L.


4) If you lose your health insurance for retirees and you prefer to try a managed health care instead of traditional Medicare plan, you have two months to sign with a Medicare Advantage (Part C), which provides hospitalization, external consultations, and drug coverage.

5) Finally, if your drug coverage for retirees is reduced or eliminated, you have two months to sign with a stand-alone prescription drug plan (Part D).

Check out my recent posts on Subsidies and COBRA COBRA basic how Obama would put the budget over $ 1 billion to study the effectiveness of various medical treatments, 5 and ideas for improving Medicare Part D by making more understandable and affordable.

LOAD-DATE: April 7, 2009

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