Retiree insurance through your job may change once you turn 65 and first eligible for Medicare.  You can become eligible for Medicare by age, certain disabilities or by having end-stage renal.  We’ve answered your most frequently asked questions about retiree insurance.

1) Does My Employee Have to Offer Retiree Health Insurance?

No, your employer is not required to offer health insurance once you retire. In addition, your retiree health insurance may change, raise premiums, and be cancelled at anytime. You will need to check with Human Resources at your job to see how your health care will be covered once you retire.

2) What are My Retiree Benefits?

Again, you’ll want to check with HR to learn your specific benefits. You’ll want to ask about the price and benefits of the retiree coverage, including whether it includes coverage for your spouse. Your plan may limit how much it pays, such as it might only provide “stop loss” coverage. This type of coverage only starts paying your out-of-pocket costs when they reach a maximum amount.

3) What Happens to My Retiree Benefits When I’m Eligible for Medicare?

If your employer has chosen to offer you retiree benefits things may still change once you are eligible for Medicare. One example is if you don’t sign up for Medicare when you are first eligible your retiree coverage may not pay any of your medical costs during this period. You also may need to enroll in both Medicare Part A and Part B to get full benefits from your retiree coverage.

4) What Happens if My Employer Goes Bankrupt?

If your former employer goes out of business or bankrupt you may be able to enroll in COBRA continued benefits or enroll in one of the new ACA health plans (if you’re under 65). If you are over 65 and unable to enroll in continued COBRA benefits, you may still be able to enroll in a Medigap, aka Medicare Supplement policy, outside of your initial enrollment period.

5) Should I Stay with My Retiree Benefits?

That’s up to you. Once you’ve done all of your research you may find that your retiree benefits may supplement your Medicare policy by adding additional hospitalization days, however according to the Medicare website some seniors with retiree benefits will find that a Medigap policy will offer better coverage than their job-based insurance.

To learn more about Medigap call the number above or contact