To prepare for your eventual retirement, you look into Medicare and ways to reduce the cost of elderly health care. You discover that Medicare only does so much and that you may require additional financial assistance. What options do you have?
Medicare Interactive explores ways to fill in the gaps left behind by Medicare. Get a plan in place to take care of medical costs now to protect your health in your golden years.
Retiree insurance
Find out whether your current employer offers retiree health insurance for you and your spouse. If so, such coverage pays secondary to Medicare, which means it kicks in after your Medicare coverage.
Employer-sponsored coverage
If your company does not offer retiree insurance, it may team up with Medicare to take care of the medical costs associated with aging. Unlike retiree insurance, job-sponsored insurance may either pay primary or secondary to your Medicare coverage. One vital fact to remember with secondary insurance is that it may not activate at all if you do not have primary coverage.
Medigap
Medigap, a form of supplemental health insurance, gives you coverage through a private company. You may use it to pay for Medicare copayments, deductibles and coinsurance. The specific plans you have access to, which span from A through N, depends on your geographic location. Each plan offers different coverage and premium costs.
Veterans Affairs benefits
Qualifying veterans may find they save the most money on medication and health care with VA benefits. The VA could also pick up the financial slack leftover from Medicare for paying for health care services, but you cannot use Medicare at VA facilities.
Plan for tomorrow’s medical costs today. Medicare may leave you vulnerable when you need it most.
Kevin Tharpe
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