How time flies! It seems like yesterday I was graduating from college, about to embark on my first post college job. Now I am 65 years of age trying to decide next steps. Before I do one more thing, I need to explore my health insurance options.
Health Insurance for Retirees
Let me suggest logging onto Social Security.gov. There you will find a fantastic guide leading you step by step through the sign up process for Medicare. Medicare is a federal health insurance program for people age 65 and older, as well as for individuals under 65 years of age with certain disabilities and people of any age with end-stage renal disease (permanent kidney failure requiring dialysis or a kidney transplant). Medicare is designed to pay for treatment of injury and illness. In many ways, it is similar to the health insurance policies that cover most people during their working years.
I would love to say Medicare is all the health insurance you will ever need but that just would not be true. Medicare, like most other forms of health insurance comes with an annual deductible. Once the deductible is met, Medicare generally pays for 80 percent of the approved charges, and the individual is responsible for the balance. Also, various charges and services are excluded from coverage. Some of the charges excluded are as follows:
- Eyeglasses and hearing aids
- general dental care
- diagnostic or therapeutic chiropractor services
- full time private nursing care in the home
- homemaker services provided by a relative
- most prescription drugs
How can I fill in the gaps?
Medicare supplement plans, also known as Medigap plans, are designed to fill the gaps and pick up coverage where Medicare leaves off. Sold by private insurance companies, Medicare supplement policies cover most, if not all, of the coinsurance and deductible amounts and also pay for various health insurance services not covered by Medicare. Consequently, Medicare supplement policies can help people over sixty five lower their out-of-pocket health care expenses.
Where can I get a Medicare supplement policy?
Below I have put together a partial list of Medicare supplement carriers.
Medicare Supplement Insurance Companies
- Aetna Medicare Supplements
- Cigna Medicare Supplements
- Mutual of Omaha Medicare Supplements
- Manhattan Life Medicare Supplements
- Bankers Fidelity Medicare Supplements
- Blue Cross Blue Shield Medicare Supplements
- Western United Life Medicare Supplements
- Anthem Medicare Supplements
- United Healthcare Medicare Supplements
- Combined Medicare Supplements
This list is not an all inclusive list but should help in your search.
If you have any questions about this topic, let me know in the comments section below. I have many years of experience in this area and would be happy to address any questions and or concerns.