For years, you’ve invested a huge part of yourself in your profession. You studied. You put in grueling months of internship and residency. You sacrificed time with your family to take care of patients who needed you. Now, you’re turning 65, and it’s time to focus on the next phase of your journey. Here are some steps you can take to protect yourself and your family from unexpected drains on your resources.
This is a good time to make needed changes to your insurance portfolio. Housing prices have risen substantially over the past few years. Does your homeowner’s insurance reflect the new value of your home? Is the liability coverage sufficient? Will you be losing life insurance provided by your practice or employer when you retire? Before you retire, it’s a good idea to talk with an insurance professional who can help you make needed adjustments.
You can often save a bundle by insuring your home, your vehicles, boats, et al, with one company. It’s worth looking into — you could be pleasantly surprised!
As a physician, you may be very familiar with Medicare as a payee. But there is much to learn when Medicare becomes your personal primary health coverage, which can happen at age 65. A good place to start is with the alphabet-identified parts. Knowing your Medicare A-B-Cs will help you get your best protection from the health care costs that come as you grow older.
Your Individual Open Enrollment Period will begin three months prior to the month of your 65th birthday and end three months after*. You can enroll in Medicare at this time, even if you plan to continue to be professionally active and will be covered by a group major medical policy. Or you could postpone signing up for Medicare until your group coverage expires and take advantage of a special enrollment period. Discuss these options with your insurance agent, so you don’t miss the open enrollment period—that could result in a costly penalty that could increase your monthly Medicare premium. And missing an open enrollment period for a Medicare Supplement insurance plan could mean you are charged a higher rate, have to wait for coverage of a pre-existing condition, or are even denied this valuable insurance.
Your needs may change and you want to make sure you always get the protection you and your family need. A licensed insurance professional who specializes in the protection of physicians — active and retired — will be a valuable resource for you.
Retirement, whether before, after or at 65, should be a time when you relax and enjoy. Making sure you are protected from the financial impacts of illness, accidents, and damage to property is a solid step toward peace of mind. Talk with an insurance professional who understands your particular needs and can help you assemble a full protection plan. You’ll be glad you did.
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* Important Information:
Kentucky: IN ORDER TO QUALIFY FOR A MEDICARE SUPPLEMENT INSURANCE PLAN DURING OPEN ENROLLMENT YOU MUST BE TURNING 65 OR OLDER. IF YOU ARE UNDER 65 AND ENROLLED IN BOTH MEDICARE PART A AND PART B AND YOU QUALIFY FOR A MEDICARE SUPPLEMENT INSURANCE PLAN, THE COMPANY MAY PERFORM UNDERWRITING IF YOU ARE NOT ELIGIBLE FOR A GUARANTEED ISSUE PERIOD.
Missouri: In order to qualify for a Medicare Supplement Insurance plan during open enrollment you must be turning 65 or have part B. A Medicare Supplement Insurance Plan may also be available to people under age 65 with certain disabilities and people of any age with End-Stage Renal Disease (ESRD). Persons who are covered by a Medicare Supplement Insurance plan may move to another company within 30 days of their annual policy anniversary date and the company must issues, on a guaranteed issue basis, a policy which is the same as the plan under which the insured was most recently covered.
New York: MEDICARE SUPPLEMENT INSURANCE IS ALWAYS GUARANTEED ISSUE AND OPEN ENROLLED IN NEW YORK.
Texas: Open enrollment is the 6 month period beginning on the first day of the month in which you are enrolled in Medicare Part B. If you are on Medicare under age 65, you will also have a 6 month open enrollment period when you reach age 65.
OUTLINE OF COVERAGE AVAILABLE UPON REQUEST.
Medicare Supplement insurance products underwritten by Transamerica Life insurance Company (TLIC), 6400 C Street SW, Cedar Rapds, IA 52499 or Transamerica Financial Life Insurance Company (TFLIC), 440 Mamaroneck Avenue, Harrison, NY 10528. TFLIC is licensed to conduct business new New York. TLIC is authorized to conduct business in all other states. In some states, Medicare Supplement insurance plans are available to qualified individual under age 65.
To maintain these valuable benefits, AMA is reimbursed for administrative expenses incurred in connection with this program.
No portion of AMA membership dues is used by AMA Insurance Agency, Inc. to support the marketing efforts of the AMA-sponsored Medicare Supplement Insurance Program.
EB3 2567908 V 10/23