You may be quite familiar with Medicare — as a payee. But when retirement approaches, you gain a new perspective: You’ll be the beneficiary.
The decisions you make now could affect your financial health in years to come. Medicare, as you know, pays only 80% of Medicare-approved hospital, physician, and miscellaneous health care costs.
How will you take care of the difference?
Ask your retired colleagues and many will say yes. Here’s why.
The first step for obtaining any Medicare coverage is to enroll in Original Medicare (Parts A and B). Part A is usually fee free, but there is a monthly premium for Plan B, usually deducted from Social Security or other government-sponsored pensions. If you don’t enroll when you’re first eligible, you may be subject to a late enrollment penalty.
When you become 65, your acceptance for a Medicare Supplement policy is guaranteed during the six months after your birthday, assuming you are also enrolled in Medicare Part B.
There’s an important caveat: If you enroll in a Medicare Supplement Plan outside of an Open Enrollment Period, you may be subject to medical underwriting and the insurer can …
If you’re considering Medicare Supplement insurance after the initial enrollment period has expired, ask the insurer about their medical underwriting policy. Some companies may guarantee issue beyond the original period.
The good news is, there is some flexibility in enrollment periods. If, for example, you continue to practice beyond age 65 and are covered by a group plan, you may qualify for guaranteed issue when your group coverage ends, whether you enrolled in Part B at age 65 or deferred enrollment until your actual retirement. A licensed insurance agent/producer can walk you through these types of exceptions.
Medicare Supplement plans typically include these benefits:
Some plans also include benefits for foreign travel medical emergencies, Part B Excess charges, and Part B deductibles, but plans including benefits for Part B deductibles are available only to those who became eligible for Medicare prior to January 1, 2020.
When you’re considering Medicare Supplement plans, here are some things to remember:
Whether retirement is a few years away or just around the corner, it pays to learn all you can about Medicare, Medicare Supplement plans, and Part D Prescription Drug coverage from the viewpoint of the beneficiary, rather than the payee. With 30 years in the business, we’ve helped thousands of physicians like you with insurance protection for your family, your home, your automobile, and more. Now, we are looking forward to helping you make sure your hard-earned assets are safe from unexpected health care costs when you retire. Just ask.
Talk to an Insurance Specialist
8am – 5pm (M-F, CST)
or Contact Us online.
Schedule time to talk with an
insurance specialist about your
Calculate a quote for the most popular
physician insurance products with our
easy-to-use quote calculators.
Your work is unique; our insurance plans should reflect that. With the only plans sponsored by the American Medical Association (AMA), we tap into the power of over one million physicians to offer you competitive rates and benefits from top insurance companies.
For Medicare Enrollment
Your 65th birthday month +/- 3 months
Medicare Supplement Open Enrollment
65th birthday + 6 months
Medicare Open Enrollment
Oct. 15–Dec. 7 every year
(New coverage begins Jan. 1.)
Medicare Advantage Open Enrollment
(Only for those currenly covered by Medicare Advantage)
Jan. 1-March 31 every year
(New coverage begins July 1.)