Retiree Health Insurance, Medicare – Professional Essay Writing Service
Retiree Health Insurance, MedicareMost retirees have questions on how their Medicare works with other health coverage plans. Although most employers or unions do not offer any health coverage subsequent to retirement, those retirees in the group health plan may find out that this plan works differently from Medicare. The focus here is to ensure that one is aware of the health coverage at his/her disposal. It also includes knowing the benefits that come with this coverage; when one has both Medicare and the coverage; events when has their own coverage and the spouses coverage; retiree coverage and Medigap, and the steps to take in case of former employers bankruptcy even with group health plan.One of the facts evident when it comes to retiree health care plans is that the majority of the employees do not offer retiree health coverage (Morissey, 2008). Due to such circumstances, the retirees are advised to enroll in a group health plan. Each plan has its own rules, which may turn out to be different from those of the Medicare. Some people have retiree coverage from their former employers. For those who have, the employers manage the coverage. Due to this, they (employers) are entitled to change premiums/benefits if they so wish. They can also cancel the coverage altogether if they wish to do so.Most of the retiree coverage offered by the unions or employers has limits, unlike the usual coverage. They may only limit their contribution to stop loss coverage (CMMS, 2011). In such a situation, the out of pocket costs are paid when one reaches his/her limit. When one becomes eligible for Medicare, it is significant that he/she signs up for it. This is because the retiree coverage does not take care of the costs that were incurred when one was eligible for Medicare yet they did not enroll in it. It is important to know how ones retiree coverage works. This allows one to identify the parties covered.When one retires, Medigap is the first to pay. Due to this, the retiree coverage falls under the Medigap policy. However, the retiree coverage is not similar to the Medigap policy. Due to this, it compensates for the inadequacies of Medicare, which include deductibles and coinsurance (CMMS, 2011). The best time to buy a Medigap policy is during the enrollment period open for six months. This period starts on the month one turns to sixty-five years old. When one has the group health plan and Medicare at his/her disposal, the Medicare pays first. If ones former employer goes bankrupt, yet the person had a group health plan, COBRA rules pay offer the cover-up needed. If the COBRA fails to offer the coverage continuation needed, one may buy a Medigap policy even after the open period is over (CMMS, 2011). All the mentioned facts are correct because they have been stated in the official government booklet.These facts mean that there is significance in knowing once healthcare coverage before they retire. Buying the Medigap policy on the first six months of the sixty-fifth year, enrolling in group plan coverage or knowing whether one is under the employers retiree coverage is extremely significant. It also allows one to understand when and how to enroll in Medicare plan A or plan B. Moreover, an individual is able to plan his/her future effectively as far as healthcare matters are concerned.ReferencesCenters for Medicare and Medicaid Services (2011). Medicare and Other Health Benefits: Your Guide to Who Pays First. Medicare Retrieved From www..gov/publications/pubs/pdf/02179.pdfMorrisey, M. A. (2008). . Washington, D.C.: Health Administration Press.