Beyond Medicare: Supplemental Health Plans to Consider in Retirement
With people living healthier and longer than ever before, 65 is the new 45. If that milestone birthday is right around the corner for you, odds are you’re too busy logging your 10,000 daily steps into your fitness tracker, shopping at your local farmers’ market, and planning your dream vacation to pay much attention to its impacts.
Regardless of how great you feel, when age 65 approaches, it’s essential to start planning for retirement. One major consideration for retirees is insurance—both Traditional Medicare and any supplemental plans you may need or want.
If you’re fortunate enough to retire at 65, once you’ve clanked glasses at your retirement party—virtually or in person—the clock starts ticking on your employer-sponsored health insurance. Medicare Parts A and B are a given, but they don’t cover everything, such as vision, dental, and prescription drugs. This is why exploring supplemental insurance is a wise move to help you maintain your health in this new chapter of life.
Here’s a quick look at Traditional Medicare and options for supplemental coverage:
Medicare Part A and B
When you turn 65, you’ll automatically be enrolled in Medicare, whether you’re still working or not. Part A is hospital insurance, and there’s no monthly premium associated with it. Part B, which covers medical insurance, is a bit more complex. It comes with a monthly premium, so if you’re still working and covered by your employer-sponsored health insurance, you don’t need it just yet. However, once you retire and lose that coverage, it’s time to sign up for Part B.
It’s important to note that Part B doesn’t cover copays, deductibles, or healthcare if you travel outside the U.S. Therefore, additional insurance is necessary if you want to avoid out-of-pocket expenses. This is where a Medigap plan becomes essential.
Medigap
Within six months of enrolling in Part B, you should consider signing up for Medigap insurance. As its name suggests, it covers the costs that Medicare doesn’t, including copays, deductibles, and healthcare outside the U.S.
Neither Medigap nor Medicare Part B covers dental care, most vision (except for glaucoma screenings for high-risk patients, cataract surgery, and eye trauma), or prescription drugs. Fortunately, there are supplemental insurance options available for all three.
Vision Coverage
You only get one set of eyes, and as you age, taking care of them with a quality vision plan is vital for your overall health and quality of life.
Individual vision coverage through VSP includes an annual eye exam, allowing your eye doctor to detect glaucoma and other eye issues, as well as health problems like diabetes and hypertension before symptoms arise. VSP also covers contacts and glasses, enabling you to enjoy a stylish pair for every season, along with lens enhancements like progressives and light-to-dark tinting. Although it’s a plan you purchase independently, typical savings can exceed $300 per year.* Plus, VSP has a large network of independent doctors and retail locations, so your trusted eye doctor is likely part of their network.
With individual vision insurance through VSP, you’ll receive services at rates significantly lower than walk-in prices, and you can use your HSA towards copays.
Dental Insurance
According to the National Association of Dental Plans, retirees are the least likely to have dental benefits, which is ironic since they often need it the most. Many plans cover a range of procedures, from regular cleanings to crowns and root canals, giving you peace of mind knowing you’re covered for more significant work if necessary.
Medicare Part D
We’ve all heard the horror stories of seniors having to choose between getting the medications they need and paying for food. Medicare Part D is the insurance designed to prevent this dilemma. You’ll need to join a plan from an insurance company approved by Medicare, and since these plans vary, it’s crucial to choose one that covers your prescriptions.
By utilizing supplemental insurance to cover what Medicare doesn’t, you can enjoy the retirement you’ve earned without worry.
For more information, visit VSP Individual Vision Plans today.
Check your Medicare Plan to see if your vision care needs are covered and if a VSP Individual Vision Plan is right for you. Please note that VSP Vision Care does not coordinate benefits with Medicare.
*Savings are based on national averages for annual eye exams and commonly purchased frame brands and may vary by VSP plan and purchase selection. Average savings are determined after benefits are applied.
With people living healthier and longer than ever before, 65 is the new 45. If that milestone birthday is right around the corner for you, odds are you’re too busy logging your 10,000 daily steps into your fitness tracker, shopping at your local farmers’ market, and planning your dream vacation to pay much attention to its impacts.
Regardless of how great you feel, when age 65 approaches, it’s essential to start planning for retirement. One major consideration for retirees is insurance—both Traditional Medicare and any supplemental plans you may need or want.
If you’re fortunate enough to retire at 65, once you’ve clanked glasses at your retirement party—virtually or in person—the clock starts ticking on your employer-sponsored health insurance. Medicare Parts A and B are a given, but they don’t cover everything, such as vision, dental, and prescription drugs. This is why exploring supplemental insurance is a wise move to help you maintain your health in this new chapter of life.
Here’s a quick look at Traditional Medicare and options for supplemental coverage:
Medicare Part A and B
When you turn 65, you’ll automatically be enrolled in Medicare, whether you’re still working or not. Part A is hospital insurance, and there’s no monthly premium associated with it. Part B, which covers medical insurance, is a bit more complex. It comes with a monthly premium, so if you’re still working and covered by your employer-sponsored health insurance, you don’t need it just yet. However, once you retire and lose that coverage, it’s time to sign up for Part B.
It’s important to note that Part B doesn’t cover copays, deductibles, or healthcare if you travel outside the U.S. Therefore, additional insurance is necessary if you want to avoid out-of-pocket expenses. This is where a Medigap plan becomes essential.
Medigap
Within six months of enrolling in Part B, you should consider signing up for Medigap insurance. As its name suggests, it covers the costs that Medicare doesn’t, including copays, deductibles, and healthcare outside the U.S.
Neither Medigap nor Medicare Part B covers dental care, most vision (except for glaucoma screenings for high-risk patients, cataract surgery, and eye trauma), or prescription drugs. Fortunately, there are supplemental insurance options available for all three.
Vision Coverage
You only get one set of eyes, and as you age, taking care of them with a quality vision plan is vital for your overall health and quality of life.
Individual vision coverage through VSP includes an annual eye exam, allowing your eye doctor to detect glaucoma and other eye issues, as well as health problems like diabetes and hypertension before symptoms arise. VSP also covers contacts and glasses, enabling you to enjoy a stylish pair for every season, along with lens enhancements like progressives and light-to-dark tinting. Although it’s a plan you purchase independently, typical savings can exceed $300 per year.* Plus, VSP has a large network of independent doctors and retail locations, so your trusted eye doctor is likely part of their network.
With individual vision insurance through VSP, you’ll receive services at rates significantly lower than walk-in prices, and you can use your HSA towards copays.
Dental Insurance
According to the National Association of Dental Plans, retirees are the least likely to have dental benefits, which is ironic since they often need it the most. Many plans cover a range of procedures, from regular cleanings to crowns and root canals, giving you peace of mind knowing you’re covered for more significant work if necessary.
Medicare Part D
We’ve all heard the horror stories of seniors having to choose between getting the medications they need and paying for food. Medicare Part D is the insurance designed to prevent this dilemma. You’ll need to join a plan from an insurance company approved by Medicare, and since these plans vary, it’s crucial to choose one that covers your prescriptions.
By utilizing supplemental insurance to cover what Medicare doesn’t, you can enjoy the retirement you’ve earned without worry.
For more information, visit VSP Individual Vision Plans today.
Check your Medicare Plan to see if your vision care needs are covered and if a VSP Individual Vision Plan is right for you. Please note that VSP Vision Care does not coordinate benefits with Medicare.
*Savings are based on national averages for annual eye exams and commonly purchased frame brands and may vary by VSP plan and purchase selection. Average savings are determined after benefits are applied.
