I have group health insurance. Do I need a Medicare Supplement?

I retired at 64 and I have been using my group’s health insurance policy.  Once I get onto to Medicare at age 65 will I need to take out a Medicare Supplement?

Congrats on retiring but unfortunately the answer isn’t straight forward.  First, if your group policy has less than 20 employees on the plan then you have to drop it and get some form secondary coverage to Medicare.  If the group does have more than 20 employees then may keep the plan to go along with Medicare.  If you are keeping your plan, it might still be in your best interest to shop the plan for a couple of reasons: 1)  Are you having to pay for the coverage?  Is there a deductible/co-payments/co-insurance involved?  If so, a Medicare Supplement might be a cheaper option once all costs are considered. 2) What is your primary, Medicare or your Group Plan?  This can drastically change what will be covered once you get sick.

Another thing to consider when shopping your coverage is, how is your spouse going to get coverage?  If your spouse is covered with your group plan you have to figure in their costs in as well.  If you do opt to drop your coverage, Stockett and Associates has several options to cover them with Defined Benefit plans, traditional Major Medical or Short Term Medical.

As is always the case, you are uncertain about which way to go with either Medicare Supplements or under 65 health insurance we at Stockett and Associates will happily answer any questions without any costs to you.