The number of employers offering retiree health benefits has been declining for decades. According to the Kaiser Family Foundation, 20 years ago, 66 percent of companies provided retiree health benefits. By 2007, that percentage had decreased by half. Today, the only thing certain about retiree health benefits is that they are likely to change. While you can not control what changes may occur, you can evaluate your clients’ options for the best healthcare possible. Below are steps to help your clients get and keep healthcare benefits in retirement.
Steps for those under age 65:
1) Sign on to a spouse’s plan.
2) Continue with a former employer’s coverage under COBRA.
3) Apply for an individual policy that does not exclude coverage for pre-existing conditions.
4) Contact affiliation groups (alma mater, AARP), which offer coverage for those 50 to 65.
Steps for those over age 65:
1) Enroll in Medicare Part A or B.
2) Review company retirement coverage benefits.
3) Enroll in one of six Medigap policies (Plan A, B, C, F, K or L).
4) Sign up with a Medicare Advantage Plan (Part C).
5) Enlist in a stand-alone prescription drug plan (Part D).
Read the full article for additional details to ensure your clients receive the best healthcare possible during retirement.
