Not affiliated with The United States Office of Personnel Management or any government agency

Not affiliated with The United States Office of Personnel Management or any government agency

FEHB is a Medicare Supplemental Insurance for Retirees

It is generally unnecessary for federal employees who continue their FEHB coverage after retirement to buy Medicare insurance (Medigap), as FEHB provides many similar services. This article will help you understand Medicare’s terms and procedures after retirement. This information will help you analyze your decision before buying any coverage after retirement.

What is Medigap?

Medigap is supplemental insurance that helps fill the gap in your original Medicare. Medigap is a private insurance sold by private companies. Medicare pays for most of the services but not for all. Medigap policy helps pay for some healthcare benefits that Medicare doesn’t.

Choosing Medigap Over FEBH

Sometimes, a retired person cannot continue FEHB. Few retirees choose to drop FEHB and stick with Medicare as they would be paying twice for coverage they can receive only once. In these cases, retirees prefer to buy a Medigap plan. It is designed to cover medicare cost-sharing amounts and fill in other gaps in Medicare policies. There are various types of Medigap policies that offer multiple combinations of benefits.

Best Time to Buy a Medigap Plan

The Medigap open enrollment period is the only time to buy a new policy. It starts six months from your first Medicare part B enrollment. You also have to be 65 or older. You can buy a Medigap policy of your choice during this time and age. It is your open enrollment period.

Because of your poor health, they cannot turn you down or charge a higher price during your open enrollment period. Once this period ends, you may not be able to buy a policy of your choice. You will end up accepting whatever policy a Medigap company is offering you. If you already have Medicare part B but are not 65, your enrollment period will start once you turn 65. Many states require a limited Medigap open enrollment period for Medicare users under 65.

Things You Need to Know About a Medigap Plan

  • You need to know the following things before buying a Medigap plan.
  • To access Medigap, you must have Medicare plans A and B.
  • A Medigap policy only covers one person at a time.
  • You can easily buy a Medigap policy from any licensed insurance company; you pay them a monthly premium for your Medigap policy.
  • A Medigap policy is different from an Advantage Plan of Medicare.
  • It is essential to choose a Medigap plan that suits you.
  • Medigap policies no longer include drug coverage.

Conclusion

After retirement, it is necessary to choose healthcare insurance that covers all your medical requirements. Your state insurance assistance program can help you by answering your queries about Medicare and other healthcare insurance programs. You should be able to decide whether you need to buy more insurance, what types of insurance you should select, and where you should buy it.

Contact Information:
Email: [email protected]
Phone: 6232511574

Bio:
I grew up in Dubuque, Iowa, where I learned the concepts of hard work and the value of a dollar. I spent years in Boy Scouts and achieved the honor of Eagle Scout. I graduated from Iowa State University and moved to Chicago and spent a few years managing restaurants. I then started working in financial services and insurance helping families prepare for the high cost of college for their children. After spending years in the insurance industry, I moved to Arizona and started working with Federal Employees offing education and options on their benefits. I became a Financial Advisor / Fiduciary to further help people properly plan for the future. I enjoy cooking and traveling in my free time.

Disclosure:
Investment advisory services are offered through BWM Advisory, LLC (BWM). BWM is registered as an Investment Advisor located in Scottsdale, Arizona, and only conducts business in states where it is properly licensed, notice filed, or is excluded from notice filing requirements. BWM does not accept or take responsibility for acting on time-sensitive instructions sent by email or other electronic means. Content shared or published through this medium is only intended for an audience in the States the Advisor is licensed in. If you are not the intended recipient, you are hereby notified that any dissemination, distribution, or copy of this transmission is strictly prohibited. If you receive this communication in error, please immediately notify the sender. The information included should not be considered investment advice. There are risks involved with investing which may include market fluctuation and possible loss of principal value. Carefully consider the risks and possible consequences involved prior to making an investment decision.

Todd Carmack grew up in Dubuque, Iowa, where he learned the concepts of hard work and the value of a dollar. Todd spent years in Boy Scouts and achieved the honor of Eagle Scout. Todd graduated from Iowa State University, moved to Chicago, spent a few years managing restaurants, and started working in financial services and insurance, helping families prepare for the high cost of college for their children. After spending years in the insurance industry, Todd moved to Arizona and started working with Federal Employees, offing education and options on their benefits. Becoming a Financial Advisor / Fiduciary can help people properly plan for the future. Todd also enjoys cooking and traveling in his free time.

Disclosure: Investment advisory services are offered through BWM Advisory, LLC (BWM). BWM is registered as an Investment Advisor located in Scottsdale, Arizona, and only conducts business in states where it is properly licensed, notice has been filed, or is excluded from notice filing requirements. This information is not a complete analysis of the topic(s) discussed, is general in nature, and is not personalized investment advice. Nothing in this article is intended to be investment advice. There are risks involved with investing which may include (but are not limited to) market fluctuations and possible loss of principal value. Carefully consider the risks and possible consequences involved prior to making any investment decision. You should consult a professional tax or investment advisor regarding tax and investment implications before taking any investment actions or implementing any investment strategies.

Contact Todd Carmack

Search for Public Sector Retirement Expert.

Receive the Best advice.

PSR Experts can help you determine if Public Sector Retirement is right for you or if you should look for alternatives.

The Best Advice creates
the best results.

Recent Articles

More Articles by Todd Carmack

Big Changes in Federal Employee News—Here’s What You Need to Know Now

Key Takeaways: New federal employee rules and benefits could significantly impact your retirement plans.Stay informed about these changes to make...

FEHB and Medicare: A Perfect Pairing or Just Another Expense for Federal Retirees?

Key Takeaways Understanding how FEHB and Medicare work together can help you make smarter decisions about healthcare coverage in retirement.Evaluating...

Top Retirement Tips for Federal Workers—The Simple Moves That Could Make All the Difference Later On

Key Takeaways Start Planning Early for Maximum Flexibility: Federal workers who start planning their retirement early have more options and...

Search For Public Sector Retirement Expert

Receive the Best advice.

PSR Experts can help you determine if
Public Sector Retirement is right for you or if you should
look for alternatives.

The Best Advice creates

the best results.

Subscribe to our Newsletter

"*" indicates required fields

Our Readers Deserve The Best PSHB and USPS Health Benefits Guidance

Licensed insurance agents who understand PSHB, Medicare, and USPS Health Benefits Plan are encouraged to apply for a free listing.

This field is for validation purposes and should be left unchanged.

Book Phone Consultation

"*" indicates required fields

This field is for validation purposes and should be left unchanged.

Get In Touch

Stay up to date on the latest information about Public Sector Retirement.

The Best Advice Creates The Best