If you’re over 65 and need health insurance, you have a couple of options to consider. One of those is employer-sponsored coverage and the other is Medicare. The best way to determine which one is going to be right for you is to understand the differences between them. That includes learning about Medicare and its different offerings, and also getting information about the specific policy your company offers. Here are a few of the biggest things to consider.
Medicare Offerings
Medicare eligibility begins at 65, with the exception of some people who have specific disabilities and qualify for it at an earlier age. If you qualify for Medicare, there are several different parts to it. Part A and B are the standard options, and these are designed for everyone. You’ll be automatically enrolled in both when you sign up. However, there’s also Part D, and this adds prescription drug coverage to your plan. This is optional, and you’ll need to add it to your plan if you want it.
There are no premiums for Part A in most cases, but there are premiums for both Part B and Part D. Additionally, there are Medicare Advantage plans which offer additional coverage opportunities. Vision, dental, and hearing are commonly covered services on these plans, and they come from an insurance company that works with Medicaid to provide an expanded level of coverage. There may be different deductibles and requirements if you choose one of these expanded options.
Employer Coverage
Having healthcare coverage through your employer is very different from having a Medicare plan. Employer-sponsored healthcare options can differ from one company to the next in cost, value, and coverage options. Some companies may provide a wide spectrum coverage and even pay the premiums, while others will have a much more limited plan that you’ll need to pay the premiums for. It’s important to be clear on what’s being offered, especially if you also have Medicare.
If you have an employer who’s paying your premiums for you, or if you can get coverage for your spouse and dependents that way, it may be worthwhile for you to have an employer-sponsored plan even if you’re age 65 or older and enrolled in Medicare. That way, you could have a less expensive way to cover other family members. If they have their own coverage, though, or if your employer’s coverage is prohibitively expensive, having only Medicare may be the right choice for you.
Combining for Better Protection
Deciding between employer coverage and Medicare is common for people over 65 who are still working, and sometimes they use both. That’s because these coverage options can often work together to provide an additional level of protection for aging Americans who are still in the workforce, along with also providing protection for spouses and dependents in many cases.
Before you say yes or no to your employer’s healthcare coverage options, consider how those options can work with Medicare and whether you’ll see enough benefit from having double coverage. Depending on the current state of your health, or whether your family members have medical conditions, you may want to have the additional protection that two insurance plans can offer. In other cases, though, the additional protection might not be beneficial or may not be needed.
Knowing What You Need Most
The best thing to do when you’re looking at different coverage options, and you’re over 65, is to make sure you’re choosing what works for you and meets your needs. For many people who are eligible, Medicare is enough for their medical needs. If you have significant health issues, though, or if you have a spouse or dependents who need medical coverage, you may want to have additional support. With an employer-sponsored plan coupled with Medicare, you can have more peace of mind.