If you are retired you have probably at least heard of a group health plan. But what are the ins and outs of the group retiree health plan? Well, the answer is somewhat complex. If you are retired and have Medicare and a group health plan from your employer, Medicare pays first for your medical bills and then your group health plan will pay second. It’s important to understand that how your group retiree medical plan work depends on the specifics of that coverage. These specifics are partly to be determined by union or employer or the union or employer of your spouse. However, with a good health care provider, you will be able to receive coverage for what you need.
There are some other things to know regarding a group retiree medical plan. You will want to find out what happens to your employer coverage after you retire. Employers are not obligated to provide retiree coverage and a lot of time they will cut benefits or even not provide certain coverages. This can be catastrophic if any health problems arise in retirement, which they often do. You will want to be sure of what is going to happen with your coverage and what the price and benefits of it will be.
You will also want to find out how your coverage will affect your spouse. Sometimes, your employer will limit how much coverage your partner receives. If this is the case, you or your spouse may have to pay a lot of out of pocket costs. You want to find a retiree medical plan that mitigates any out of pocket costs.
Another the thing you may also want to consider is if you are eligible for Medicare. And if you are, you will need to see how it interacts with your group retiree medical plan. Sometimes, if you are eligible for Medicare, retiree medical plans will not cover what you need. You want a retiree medical plan that can work with Medicare. It is also important to know if you are enrolled in Medicare part a or part b. Both have different components and you will want to select the one that fits and works the best for you and your family.
You will also want to know what effect your continued coverage as a retiree will have on your health coverage and also that of your spouse. A lot of times continued coverage may differ from the health coverage you have had for years. You certainly do not want to get any surprises in terms of coverage (as this could be very expensive and frustrating) so make sure you know what the deal is with your group retiree medical plan and health coverage in general.
If you are interested in learning more about group retiree medical plans, Benistar is a Leader in Post-65 Retiree Medical and Prescription Drug Plan Administration. Call or click today to find out if it is the right fit for you.