I'm Ready to Retire: What Do I Need to Know About Medicare Coverage?

Medicare Open Enrollment is a chance for seniors to assess their current health needs and choose a supplemental plan that will help them cover the cost of care not covered by Medicare. But what if you’re retiring early? How do you even start Medicare? Tara Stombaugh, Director of Consumer Sales and Client Services with Avera Health Plans, provides some insight for those who have questions on how to navigate the path to retirement.

What do I need to do with my health insurance now that I’m retiring?

If you're looking to retire, there are a few steps that you want to take. First of all, look at your employer's plan to see if it makes sense for you to stay on it if you're going to continue to work. Or, does it make more sense for you to move to Medicare and be on Medicare completely, even if you're continuing to work? The first step would probably be to contact somebody that you trust to help you muddle through all of the Medicare questions: What you do need to sign up for? And what makes sense for you?

What if I retire before turning 65? Can I still get coverage?

If you decide to retire before you're 65 and are not eligible for Medicare, you can purchase an individual health insurance plan that can bridge that gap from when you retire until you're Medicare eligible. Another option for you may be to stay on Continuation of Health Coverage (COBRA). If the company that you are currently with offers COBRA, you may want to consider going on COBRA. It just depends upon the cost and the coverage that is available to you.

How do I get Medicare started?

One of the things that you need to know about Medicare is that it is confusing. We are here at Avera Health Plans to help you muddle through all of those obstacles that seem overwhelming. I know you get inundated with tons of mail when you are between 64 and 65, but what you need to know is that it can be accomplished once somebody can explain it to you and how all the different parts work part a Parts A. B, C, D. And then there are things like supplement plans and advantage plans that are thrown in there.

Once you're turning 65, I recommend you at least sign up for Part A, whether you are going to stay on your employer coverage or go to Medicare. Part A is hospitalization coverage and of no cost to you. So, you should sign up for Part A, get yourself in the system, get a Medicare number assigned to you, and then from there we can figure out the other pieces.

What else do I need to know when I go on to Medicare?

Starting on Oct. 15 through Dec. 7, is open enrollment with Medicare. What that means to you is that you are able to change plans if you would like to, if you're currently on Medicare and on a supplement plan or an advantage plan, this is the time that you can opt to change plans if you would like to explore what other plans might be available to you – coverage that will work for you for the next year. It's very tight window, and there's no exceptions to that. Once Dec. 8 comes along, you can't make a change to anything that you're on as far as your Part D plan for sure.

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