If you're about to turn age 65 (or know someone who is) it's time to learn more about your health insurance coverage options, especially as it pertains to Medicare and your FEHB coverage. This is a non-technical summary of the basics of Medicare, compiled exclusively for our community of federal and postal employees and retirees.
Hospital Insurance. No monthly premium for most! Sign up 3 months prior to your 65th birthday. Works well with all FEHB plans. No brainer!
Medical Insurance. Monthly premium involved! You need to learn how your FEHB plan coordinates with Medicare! *Penalty?
Medicare Advantage. An alternative way of receiving "original medicare" - a possibility for some! Federal retirees can "suspend" their FEHB coverage to enroll in a Medicare Advantage health plan (catch is, they must be enrolled in A & B)
Prescription Drug Coverage. Not necessary for most who already have good coverage under their FEHB health plan.
Medigap (Supplemental) Insurance. Generally, Medicare pays 80% of your healthcare costs and leaves about 20% to be paid by your secondary insurer or by you; when you retire, and if you are enrolled in Medicare Parts A and B, your secondary payer is your FEHB health plan. Your FEHB plan will usually pick up the other 20% of your healthcare costs. Therefore, in most cases, you do not need to purchase any private commercial "medigap" or "supplemental" insurance coverage, as long as you have your FEHB coverage.
The question, for most federal and postal employees and retirees, then becomes "Will I need or want Medicare in retirement?" And, if so, what parts of Medicare will work best with my FEHB plan? To learn more visit our FEHB, Tricare for Life and Medicare Resource page, click here!
In Part 1, we'll touch on the basics of Medicare as you appraoch your 65th birthday. Remember, this is just a starting point, we suggest learning more by visiting our FEHB, Tricare for Life and Medicare Resource page (Part 2) where you'll find additional information and resources.
How does Medicare work with your federal civilian or military health insurance coverage as a retiree? Click here to learn even more!
Now visit Part 2, click here to learn more!
You may also find this 30 minute OPM video to be instructive on FEHB and Medicare, even though it was designed for the past "open season" -- click here!
