Medicare Advantage Eases the Way to Retirement
By Bethany Cissell
Account Manager
Allsup Healthcare Insurance Services
Most people welcome the switch from full-time employment to the slower pace of their retirement years. However, the uncertainty surrounding a shift in health insurance coverage during a global pandemic may be causing some unnecessary anxiety. As employees face income changes and the high cost of insurance premiums, approaching this new phase can be daunting.
Fortunately, absence management professionals can mitigate this unease by referring employees to human resources for help to make the switch from employer-sponsored health insurance to Medicare Advantage. Even for employees who aren’t quite ready to retire, this is a good first step toward more affordable and flexible healthcare coverage.
Companies that help employees switch will find the process mutually beneficial; for the retirement-aged employee, it provides a way to access a wider variety of plans. This in turn reduces employer costs; and when eligible employees switch before retirement, it can reduce the employer’s financial burden of covering those with a statistically higher rate of chronic illness1 and long-term care needs.
Employees approaching retirement need to know the difference between Original Medicare and Medicare Advantage. Original Medicare includes Part A (hospital) and Part B (medical) insurance. Medicare Advantage or Part C is a bundled plan that typically includes Part A, Part B, and Part D (prescription drug coverage), and often includes other savings and benefits such as vision or dental.
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