If your employees are 65 or over, Medicare may be a good option for them, and you might offer an HNE Group Medicare Supplement Plan to pay for any needs they have that Medicare doesn’t cover.

Medicare Basics

Medicare is a federal plan for people 65 and older, people under 65 with certain disabilities, and people of any age with End-Stage Renal Disease (ESRD). Part A covers hospital visits.

Medicare members may or may not have to pay a premium for Part A, depending on several factors, such as whether or not they already get retirement benefits from Social Security or the Railroad Retirement Board. See this web page for more details: http://www.medicare.gov/your-medicare-costs/part-a-costs/part-a-costs.html

Part B covers other medical expenses, such as doctor visits. If Medicare members qualify for Part A, then they can get Part B. Part B has a premium, but they will likely pay less for healthcare than they did before joining Medicare. If they now have an HMO, switching to Medicare will extend the network of doctors they can see. More doctors will be available to them locally, and if they travel or winter somewhere warmer, doctors there will be covered too. Their out of pocket costs may be higher.

Medicare Supplement Plans

Each year, the federal budget for Medicare varies, so what is covered may change. If Medicare members have both Parts A and B, they may want a supplement plan to cover needs not covered by Parts A and B. The plan will have its own added premium, and will pay for most costs not paid by Medicare.

You the employer can offer a group plan. HNE’s Group Medicare Supplement Plans include pharmacy, so the premiums are a bit higher. Individual plans have lower premiums, but require people to buy pharmacy coverage separately, or go without it (they may be subject to a penalty if they do not have prescription coverage when they are first eligible).

Group plans are created based on the group. You will want to research what plans you could offer. You can also use the following links to research Medicare choices.

Click here to learn more about Medicare eligibility:

http://www.cms.gov/Medicare/Eligibility-and-Enrollment/OrigMedicarePartABEligEnrol/

Learn more about HNE’s Medicare Supplement Plans:

 http://www.healthnewengland.com/medicare-solutions/index.html

Click here to learn more about individual supplement plans:

http://www.medicare.gov/find-a-plan/questions/medigap-home.aspx