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How Retiree Medical Insurance Works
Once people retire, they often live on fixed incomes. Some may return to work for the sheer enjoyment of it, while others do it for the extra income to make ends meet. Receiving a pension check or a government disbursement may be enough for seniors to use for routine expenses. When it comes to medical bills, however, they often fall short. Those who have senior medical insurance have an advantage of covering prescription medications, doctor’s visits and physical therapy.
Senior medical policies are generally available in all 50 states and can be purchased in a variety of plan types. The enrollee must be at or above the age of 65. In some cases, they are required to be retired. Most insurance companies, however, only require them to be of retirement age. Most applications are received and reviewed electronically and do not require a physical exam. Most plans do not exclude for preexisting medical conditions, even those that are life-threatening. Eligible retirees are then able to receive medical care and pay their bills with the help of the additional coverage policy.
Retirees that are married have usually been married for several years to the same person. They are usually on the same insurance benefit program. In many cases, these retirees are close in age to their spouse. This means that two people in the same household are living on a fixed income and must use the same retirement benefits and whatever insurance is available to cover all health expenses. Some government programs are limited to a certain amount of money per household, regardless of how many people live in it or what medical expenses they have. Retiree medical insurance often covers the spouse of the insured, as long as either one or both of them are enrollees of Medicare Parts A and B. Deductibles from Medicare may be attributable toward the coverage plan, depending on how the retiree medical insurance policy is set up.
Living expenses are different for comparable products and services throughout the United States. In New York and California, for example, expenses for housing, food, entertainment and transportation are typically higher than they are in Kansas and Virginia. The same holds true for prescription medications, healthcare visits and hospitalization. Medical insurance is usually based on where the individual was living at the time the policy was set up. In some cases it may be based on a flat allowance instead. For retirees receiving a fixed income in places where basic living expenses are higher, their money does not go as far. They may need to purchase retiree medical insurance to cover health expenses.
- Guaranteed issue – there are no exclusions for preexisting conditions
- Fully Insured – cap your retiree health liability with an insured plan
- No networks – retirees may choose any doctor accepting Medicare patients
- Nationwide – coverage is available in all 50 states
- Spousal Coverage – if 65 years of age or older and enrolled in Medicare Part A and Part B
- Flexible plan designs – adjust or eliminate Medicare deductibles or co-pays
- Electronic claims processing – virtually no paperwork for you or your retirees
- Electronic enrollment – there are no individual applications required