Be aware of insurance plan changes at age 65 BY SUE WEBBER CONTRIBUTING WRITER Most people become eligible for Medicare on the first day of the month they turn 65 years of age. When you become 65, you either need a group health plan through work, or a Medicare insurance plan. “If you have group insurance coverage at work, sometimes it’s better to stay on your work plan; it’s a case-bycase basis,” said Tom Peterson of Twin Cities Underwriters. He suggests that people check their current or future insurance plans to make sure there are no restrictions, based on the following questions: • Are you going to be living in another state or country? • Do you travel internationally? • Do you travel domestically? • Where do you go to the doctor? “Not all plans work with all doctors,” Peterson said. “That’s a very big deal. It takes time to figure it all out. It’s not whether the plan has benefits. It’s whether the doctor you have in mind will see you.” Regarding long-term care insurance, Peterson noted that the premiums are based on the age at which you apply for it. “You need to determine whether you need it,” he said. “The way we talk about it is it’s there as an asset protector. If you’re single, you don’t need to protect as many assets. You don’t want to be insurance-poor.” Persons who need it, he suggests, have invested assets of more than $600,000. If you have no assets, you
would qualify for a county program, he said. If you’re starting to sort out your insurance options, Peterson suggests working with an agent who represents many different carriers. “Insurance plans change,” he said. “You need to develop a good relationship with an agent.” You also can get individual counseling and free, unbiased advice from the state Health Insurance Assistance Program (SHIP). The Minnesota State Health Insurance Assistance Program (SHIP) was created in 1993 under the Minnesota Board on Aging, the state unit on aging for Minnesota. The Minnesota SHIP is known as the Minnesota Senior LinkAge Line which services both seniors and persons with disabilities under 65 with Medicare information. The Minnesota Senior Linkage Line also is the point of access for all assistance inquiries about prescription drug assistance. It has developed partnerships with the Minnesota Department of Human Services and more than 150 other organizations including libraries, physician organizations, insurance department, Medicare partners, Social Security, disability organizations and consumer organizations. Information: 1-800-333-2433, or senior_linkage@state.mn.us
SEE PAGE 5 FOR A LIST OF PLACES TO FIND HELP WITH INSURANCE OPTIONS