Health insurance is one of those things we all have to deal with in life, but never want to worry about. It can be tough to make healthcare decisions, especially when choosing a Medicare or employer plan, but the CORE Insurance team is here to make things a little easier for you.
Once you start nearing 65, you’ll start getting more and more things in the mail about Medicare. It can be a lot to think about, though, especially if you still have insurance through your employer. You might feel caught in the middle, wondering which way to go. Keep reading for some of our insight into both options and why switching to Medicare might work best for you.
Should I switch to Medicare even if I’m still working?
This is a great question for those of you who are still working past 65. Continuing to use your employer-provided insurance is only one option. You aren’t required to stay on and may find that Medicare is a better option for you. There are other factors you have to keep in mind, though, before making the decision to switch.
Coverage is an important distinction you have to think about when deciding between a Medicare plan and your employer’s insurance plans. What coverage do you need? Do you have any dependents that require coverage as well? Thinking about these questions and seeing which plan offers you the most value is a great first step.
In many cases, Medicare can offer you more coverage than your employer-provided insurance, particularly if you have pre-existing medical conditions. Other plans, however, may reduce costs, if you take expensive, name-brand medications.
Medicare, however, is an individual plan. So it will only work best for you if you do not have a spouse or other dependent who needs your coverage. If you have a dependent and still decide to switch to Medicare, you’ll need to figure out the best way for them to receive benefits.
Cost is another factor that may come into play when deciding between Medicare and your current plan. While employers may negotiate for the best costs, it still may be that you’re overpaying for coverage and that Medicare could reduce costs for you. Many employer plans have required deductibles, while Medicare does not. Medicare Part A also does not generally have premiums, with fairly low premiums for Parts B and D, Medicare Advantage, and supplement plans.
On the other hand, Original Medicare does not limit out-of-pocket expenses as most employer plans do. It’s best to look at your options on a case-by-case basis to see if you qualify for a plan that will make things easier and less expensive for you.
How to Decide
Medicare is not a be-all, end-all solution and we understand that making these decisions on your own can be difficult. You have to compare plans and figure out the best fit for your individual needs.
The best course of action for anyone trying to decide whether or not to switch to Medicare from their employer insurance is to talk to a professional Medicare consultant who can help you look at all the angles. If your current plan offers you the best benefits, a licensed consultant will say so, but if Medicare is the better option for you, they can go over all the changes and help you enroll.
Set up an appointment with a licensed consultant to talk about your options. We will give you an easy approach to Medicare and make sure you are getting the healthcare coverage you need. Contact CORE Insurance today!