Can You Lose Your Health Benefits When You Retire?

Retirement is a wonderful time of life, but it can also bring a lot of uncertainty. One of the questions that many people face is what happens to their retiree health insurance coverage when they retire. The good news is that you don’t have to worry about losing your retiree health insurance once you reach the age of retirement. 

In this post, we look at what you need to know about keeping your retiree health insurance as you near the age of retirement.

Check with your Human Resources Department

One of the most important things to do when you are retiring is to check in with your Human Resources Department. 

They will be able to provide you with all the information you need regarding your current retiree health insurance plan and they will help you with any changes you may need to make. They can also provide insight into what your future options are regarding your retiree health insurance coverage.

Your HR department can provide you with a copy of your company’s retiree health insurance plan and healthcare insurance benefits. Make sure you read them carefully so that you understand all of the options available to you. 

Review Your Retiree Health Insurance Options

When you’re ready to retire, it’s important to review what retiree health insurance options are available to you. Depending on your age and the type of retirement plan you have, there are several options available to you. 

If you have a private employer-sponsored retiree health insurance plan, you may be eligible for continuation coverage under COBRA. This allows you to keep the same coverage as when you were employed, albeit with a higher premium. It’s important to note that coverage is only available for a limited time period. 

If you’re a Medicare recipient, you may be eligible for Part A and Part B coverage. Part A covers hospital stays, while Part B covers doctor visits and outpatient services. You may also need to sign up for Medicare Part D, which is a prescription drug plan. Additionally, if you’re over 65, you can purchase a private retiree health insurance plan or supplement through Medicare Advantage. 

If you’re under 65 and don’t have employer-sponsored coverage, you can purchase an individual or family plan through the Health Insurance Marketplace or from a private insurer. 

Finally, if you are no longer able to work and cannot afford medical costs, you may qualify for Medicaid. Medicaid helps cover medical expenses for individuals and families with limited income and resources. 

Research Long-Term Retiree Health Insurance Options

Long-term care refers to services and support options that help you maintain your health and independence. It includes a variety of services, including in-home health care, assisted living facilities, adult daycare, and nursing home care. 

Long-term care can be expensive but there are several different options for financing it. Many employers offer long-term retiree health insurance policies as an employee benefit. 

If you do not have this coverage option through your employer, you may want to research private policies or government programs like Medicaid or Medicare. It is important to review all of the available options and understand the costs and benefits associated with each one. 

Consult Benistar: The Group Retiree Medical Benefits Professionals

If you are over the age of 65 and would like to know more about retiree health insurance benefits, consult the experts at Benistar – a countrywide leader in all matters regarding group retiree medical benefits. 

Benistar works with leading brokers and consultants to develop retiree medical and prescription drug plan solutions for a wide range of both public and private companies including labor unions, city and county governments, and educational institutions. 

Feel free to visit our website or simply contact us today to learn more about our group retiree health insurance services!

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