Retiree Medical Insurance

Medicare is government-subsidized health insurance for people who are age 65 or older. It pays a portion of the costs associated with hospitalization, surgery, doctors’ bills, home health care and skilled-nursing care. The four parts to the program are:

• Hospital insurance (Part A) helps pay for inpatient care and some follow-up services.
• Medical insurance (Part B) helps pay for doctors’ services, outpatient hospital care and other medical services.
• Medicare Advantage plans (Part C) are available in many areas. People with Medicare Parts A and B can choose to receive all of their health care services through a provider organization under Part C.
• Prescription drug coverage (Part D) helps pay for medications doctors prescribe.

Medicare starts automatically for people who are already receiving Social Security benefits when they turn 65. People, who are not receiving Social Security, should sign up for Medicare before their 65th birthday.

In addition, retirees can purchase Medigap plans, which is health insurance sold to pay for expenses not covered under Medicare. To qualify for Medigap, consumers must be eligible for Medicare. There are 12 standardized Medigap policies, and premiums can vary significantly from one company to another, so it wise to compare costs.

If you have any questions about health insurance after retirement, just call Provider at 800.658.7956 for the answers.