When you retired, you made important decisions about your healthcare coverage. You may find you need to review and reevaluate these decisions from time to time, as your needs and coverage options may change.
If you are age 65 or older, or if you have certain disabilities, Medicare provides your primary coverage for medical expenses. However, Medicare does not cover all medical expenses. If you are eligible, you may enroll in the Board’s Medicare Supplement Plan. If you are not eligible for coverage under the Medicare Supplement Plan, you may want to consider purchasing other supplemental coverage.
If you are between ages 55 and 65 and are otherwise eligible, you may enroll in medical continuation coverage. When you enroll in medical continuation, you pay the cost of coverage yourself for you and your family. In addition to offering comprehensive medical coverage, medical continuation is also considered continuous coverage for the purpose of being eligible to enroll in the Medicare Supplement Plan when you turn 65 (if you otherwise qualify).
You have the option to instead obtain coverage under another qualified plan, including any plan on the federal or state health insurance marketplace. In some cases, you may find that the coverage fits your needs and is more affordable. As long as you continue to receive coverage under a qualified plan, you will satisfy the continuous coverage requirement for enrollment in the Medicare Supplement Plan at age 65 (if you otherwise qualify).
Prescription Drug Coverage
Prescription drug coverage during retirement is essential for most people; however, Original Medicare does not include prescription drug coverage. Generally, your options for prescription drug coverage are
- the Medicare Supplement Plan, which includes a qualified Medicare Part D plan; or
- stand-alone Medicare Part D coverage.
An advance directive establishes your wishes regarding the type and extent of medical care you want in case of serious incapacitation, prolonged coma, or terminal illness. It also may designate a surrogate decision-maker in the event you become unable to make medical decisions on your own behalf.
If you do not already have an advance directive in place, you should consider establishing one.