Talk With A Health Insurance Expert

Finding aff ordable medical insurance is a critical part of your retirement planning. Once you’re eligible for Medicare at age 65, insurance becomes more aff ordable, and you cannot be denied coverage for preexisting conditions. You’ll need to plan carefully to make every dollar count.

In some cases, though, you may save money by delaying your enrollment in Medicare Part B. For example, if you currently have employer-sponsored group coverage - either through your or your spouse’s employment, you would qualify for a special enrollment period (SEP) when you stop working or that health coverage ends (whichever happens fi rst).

If you’re becoming eligible for Medicare but you already have insurance, learn whether/how your current plan coordinates with Medicare and whether/how you can delay Medicare enrollment. There are several diff erent kinds of health insurance: 1. Job-based insurance: Insurance off ered by an employer or union for current employees. 2. Retiree insurance: Insurance plans that employers may provide to former employees who have retired. Retiree insurance always pays secondary to

Medicare. 3. Federal Employee Health

Benefi ts (FEHB): Insurance for current and former government employees and their family

members. 4. TRICARE: Insurance provided by the federal government to active duty and retired military personnel and their family members. 5. Veterans Aff airs (VA) benefi ts:

Insurance provided by the federal government to veterans.

Otherwise, a Medigap plan with a separate prescription plan or a Medicare Advantage plan with Hospital, Medical and prescription coverage are available options. These plans may include additional options such as discount dental and vision, and may also include gym memberships and other benefi ts, not provided by Medicare.

Finally, if you decide to delay enrolling in Medicare, make sure to stop contributing to your HSA at least six months before you do plan to enroll in Medicare to avoid a tax penalty. If you enroll in Medicare Part A and/or B, you can no longer contribute pre-tax dollars to your HSA. This is because to contribute pre-tax dollars to an HSA you cannot have any health insurance other than a High Deductible Health Plan (HDHP).

Sometimes it’s easiest to talk with an expert. As an independent Licensed Medicare Advisor, I work to help you and not an insurance company.

Editor’s Note: This article was written by Crystal Manning, Licensed Medicare Advisor at 412-716-4942 or email crystalmanning33@gmail.com. See her ad on page 83. GREATER PITTSBURGH AREA - SPRING 2022 - SUMMER 2022