Many companies have employees who continue to work past the normal retirement age of 65 when they are eligible for Medicare. These employees have a variety of options for their medical coverage including the continuation of their group medical coverage if they are actively at work.
Employees may enroll in Medicare and depending on the size of your company may use your group insurance plan or a Medicare Supplement. As for large companies, and an employee that continues to work, the group insurance would be their primary coverage with Medicare as a supplemental benefit.
Since Medicare does not cover all health care expenses, Medicare supplement insurance is sold as supplemental health insurance for Medicare recipients. There are a number of gaps in Medicare coverage, so this Medicare supplement insurance is often known as Medigap insurance.
Medicare supplement insurance is not a federal program like Medicare. Although health insurance companies provide Medicare supplement insurance coverage, both the federal and state government strictly regulate them.
As employees approach eligibility for Medicare, Benefit Design can help tailor supplemental insurance to meet their specific needs before they transition from your company’s group insurance plan. Or, if your benefit program allows them to remain on the plan, we will review their various options.
Medicare Prescription Drug Coverage, called Medicare Part D, is the most recent addition to the program. Benefit Design can explain how it works and what this new program does for your qualifying employees.