Retired Senior Health Coverage Solutions at Age 65+: Your Roadmap to Wellness

Retired Senior Health Coverage Solutions at Age 65+: Your Roadmap to Wellness

After leaving the workforce, employees have several options for health coverage until they qualify for Medicare. They can enroll in their state’s health insurance marketplace, continue employment-related coverage through COBRA or state continuation, or apply for Medicaid.

Federal retirees and their spouses may also suspend their FEHB plan enrollment to choose a Medicare Advantage plan during the Medicare Advantage Open Enrollment Period, which runs from October 15 through December 7. This allows them to keep their FEHB coverage while also obtaining Medicare Part B (which is premium-free) and Medicare prescription drug coverage through their Medicare Advantage plan of choice.

If you decide to take this option, it’s important that you make a full, careful review of the plan details, including its cost and benefits. You’ll want to make sure you don’t lose any important supplemental benefits such as vision, dental, or hearing, and that you understand your cost share requirements, deductibles, and other key details.

You’ll also need to consider whether you have the financial means to pay for your Medicare Part D prescription drug costs, if applicable. If you have creditable retiree drug coverage and income below a certain level, you may be eligible to receive “Extra Help” paying for your prescription drug costs through Medicare. This is available through local offices for the aging and the toll-free HIICAP helpline.

Besides prescription drug coverage, retirees will want to think about their long-term care needs as they evaluate the various options for Medicare Retired senior health coverage solutions at age 65+ coverage. The cost of long-term care, on average, exceeds that of medical and dental care, and isn’t covered by most Medicare plans. Having a solid plan for how to prepare financially for this eventuality is important, and that plan should be consistent with your overall retirement strategy.

When it comes to choosing a Medicare Advantage plan, we recommend that you compare the plans offered by your employer and other major insurers in your area. Look at plan costs, benefits, and quality ratings from the Centers for Medicare & Medicaid Services, as well as customer reviews and satisfaction. Also, keep in mind that not all Medicare Advantage plans offer the same services and providers. You can learn more about the different types of Medicare Advantage plans by visiting the CDC’s online resource for Medicare Advantage options.