The transition from a workplace health insurance plan to Medicare can bring many challenges. It’s important to know the main differences between these, so as to come up on top financially.
Medicare is health insurance provided by the Federal Government for elderly people and those with certain disabilities. Its policies and overall work are different from private health insurance offered by employers, which is why you should do your research before it’s time to enroll, so as to avoid main mistakes.
Firstly, there’s the difference between who’s covered with a workplace plan and Medicare. You need to know this, or you risk enormous medical bills for your spouse or children. Most employer health insurance plans will cover your expenses as well as your spouse’s. This can also help you postpone the time to get Medicare if any of you is still covered by the other’s workplace plan.
On the other hand, Medicare doesn’t offer any family plans, which means you and your spouse will need different coverage. There are several policies to cover specific health and prescription-drugs needs, so each partner would get the one that’s more convenient for them.
Secondly, you’ll find that the wellness features in each plan are also different. With a commercial program, you may get many free wellness services in routine items, although they also rely on telephone advice services.
Medicare programs also offer a large number of free services, which are especially good for the treatments of people with chronic health issues or specific care needs. This care is usually given in-person by professionals.
You can find the Medicare plan that fits you the best, and you could lower your drug costs if the plan you choose accounts for them. This is different for workplace plans, where your control over the drugs covered by it is smaller. In no way underestimate the costs of medical bills; it’s one of the 5 financial decisions you shouldn’t make!
For more information, here’s how to get the most from Medicare!