Retiree Insurance

Retiree insurance is when you have insurance coverage that is secondary to Medicare that is provider by your former employer. Becoming more common is retiree insurance that is an employer provided Medicare Advantage plan. The difference is in the first instance Medicare would pay the claim and the employer plan would pay after that. In the case of a Medicare advantage plan, the plan would pay the whole claim.

You have to pay the Medicare part B premium. You would also pay any premium associated with the plan and then any deductibles, co-pay or co-insurance. FEHB, which is the Federal Employees Health Benefits, is a retirement plan that works differently in that you do not have to sign up for Part B. It has it own set of unique rules.

When you have a retirement plan, especially if there is a large premium, you want to compare the plan to what you can get on your own with  Medicare and a Medigap plan or a Medicare Advantange plan.

This can be complex and requires the input from an experinced agent. Once you leave any employer plan you usaully can not got back on it. There are also certain rules if you voluntarily disenroll from the plan that can effect whether you are able to enroll in a Medi-gap policy.

If a spouse is being covered, they would lose coverage if the plan is discontinued. It is also important to look at how the medications are being covered.