Joan’s Boomer Blog

The subject of healthcare is a vital one for boomers and seniors and the more information we have about it the better off we will be when it comes to Medicare and choosing a plan.

Today I have a guest post by Laura Rossman, who heads up marketing and communications for iQuote by Longevity Alliance, an independent national insurance broker who helping seniors compare Medicare insurance plans from multiple providers.

By Laura Rossman

If you have retiree health insurance benefits from your employer, you better plan for your costs to increase this year. Here’s the grim news for retirees pocketbooks:

• 78% of employers expect to increase premiums on retiree health insurance in the year ahead.

• 53% of employers plan to increase cost-sharing in the year ahead.

So for many that’s a double whammy of monthly premium increases plus increases in co-pays and deductibles. The research is from consulting firm Aon Hewitt.

While most retirees stay with their employer retiree health insurance, as costs rise some may find that shopping for an individual plan could result in more cost effective Medicare coverage. It largely depends on how much of a subsidy the employer provides which could include payment of Part B premium, health insurance premium and or drug insurance coverage.

If you decide to look at Medicare health plans, begin by understanding the difference between a Medicare Advantage and a Medicare Supplement plan. Medicare Advantage generally requires use of a network and you pay co pays and deductibles as you use services.

You’ll also have to pay Part B premium and probably a Medicare Advantage premium though there are some zero premium plans. Medicare Supplement is a more comprehensive plan- paying the 20% of costs that Medicare does not cover - that gives you a choice of where you go for care.

So if you see your retiree health care insurance costs creeping up, you might want to take a look at individual plans. But that won’t save you from higher costs in the future as those plans tend to see price increases each year, too. And make sure before you make any change in your insurance you speak with your former employer.

Once you exit the plan, the door closes.

With over 20 years in health and senior care services, Laura Rossman heads up marketing and communications for iQuote by Longevity Alliance, an independent national insurance broker who helping seniors compare Medicare insurance plans from multiple providers.

Related posts:

1. Take care when changing Medicare coverage during the Medicare Advantage disenrollment period Medicare is a very important subject of concern to...
2. Choosing a Medicare Plan-Only a Few Days Left to Ask These Important Questions Choosing a Medicare Plan in the Face of Potential...
3. Keeping Your Smile Bright-Tips for Selecting Medicare Dental Coverage Here’s another guest post by Ross Blair, CEO of...
4. Mining for Cost Savings in a Maze of Medicare Plans Continuing our series on Medicare, guest author and Medicare...
5. Medicare Annual Enrollment Coming Up-What You Should Know Annual Medicare Enrollment is less than a month away...

Related posts brought to you by Yet Another Related Posts Plugin.