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How Medicare and Retiree Coverage Work Together

Reviewed and Updated by Anastasia Iliou,

How Medicare and Retiree Coverage Work Together

Does your employer offer retiree health care coverage? Even if you have a retiree plan, you still need to enroll in Medicare. Medicare and retiree coverage are not the same thing.

Your Medicare coverage will always come first. Your retiree coverage will work as extra coverage to backup your Medicare plan – kind of like a Medicare Supplement plan. While retiree coverage is not a Medicare Supplement plan, it is very similar. It can cover things like copayments and deductibles, or even extra hospital stay days. All retiree plans are different, though, so look over your plan and call your agent to find out what it covers.

Do You Have Coverage?

Not every employer offers retiree coverage. Since it isn’t required, your employer (or former employer) can cancel or change your retiree plan at any time. It’s safest for you to have Medicare as well. Plus, if you don’t enroll in Medicare when you first become eligible, you will face a penalty fee. Some retiree plans automatically stop when you turn 65 and become eligible for Medicare.

If your employer does not offer retiree coverage, retiring or losing your job gives you a SEP. A Special Enrollment Period means that you don’t have to wait for AEP, the Annual Enrollment Period, to buy coverage. You will have 60 days from your last day of work to enroll in a marketplace health plan. After those 60 days are over, you’ll have to wait until AEP (October 15 – December 7) to buy a marketplace plan, at which point you will be charged a penalty fee for having a lapse in coverage.

How To Enroll In Medicare

To get started with Medicare, speak with an agent! One of our licensed and highly qualified agents can help you sort out your options and pick the best plan for your needs. Our agents offer bias-free assistance because they are licensed with multiple carriers. We truly want you to have health care and coverage that works for you.

To set up a free appointment, call 1-844-431-1832.

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