If you enjoy practicing medicine and value the relationships you've built over the years, you may not be ready to retire as you approach your 65th birthday. Planning to continue working requires a thorough understanding of your Medicare options in order to avoid costly mistakes that could permanently affect your finances. TMA Insurance Trust is here to expertly guide you through this significant decision-making process, ensuring you make informed choices without incurring unnecessary and ongoing penalties.

Deciding on Your Medicare Options

Upon turning 65, enrolling in Medicare Part A is essential for covering hospital costs. The decision to enroll in Medicare Part B, which pays for physician visits, is equally important. Original Medicare typically covers about 80% of healthcare costs, leaving you responsible for the rest. To bridge this gap, we recommend securing a Medicare Supplement or Medigap Insurance plan.

How do you figure out exactly what you need? And when should you enroll? We can help you make sense of it all. Here is an overview of some of the things you need to know:

• Practices with more than 20 employees: For those with employer-provided health insurance who work in a practice with more than 20 employees, staying on the group coverage with no penalty is an option. However, upon leaving the employer, it is necessary to enroll in Medicare Part B within the "special enrollment period" to avoid penalties. At that time, it is advisable to enroll in a Medicare Supplement plan and a Medicare Part D (prescription drug insurance) plan to help cover the costs original Medicare does not.
• Practices with less than 20 employees: To avoid future penalties, it's crucial to enroll in Medicare Parts A and B within the initial enrollment period or during the special enrollment period if you work in a practice with fewer than 20 employees and decide to keep your group plan. During this period, Medicare becomes the primary coverage and your group coverage becomes secondary. Some in this situation who do not have dependents opt for Medicare Supplement and Part D plans to cover costs not paid by Medicare.
• An important consideration: You cannot be denied coverage for Medicare Supplement or Medicare Part D coverage during your initial enrollment period. If you are covered by group health insurance and decide to delay enrollment, you will enter a “special enrollment period” when your group coverage ends. Once this period ends, your guaranteed acceptance status ends, and you will then need to be underwritten for coverage. This process may involve more scrutiny regarding your health, potentially leading to higher premium costs, a denial of coverage, and a delay in coverage as you go through the underwriting process.

Keeping track of all these rules and deadlines can be complex. However, with TMA Insurance Trust by your side, you can approach these challenges with confidence. Our expert advisors are here to assist you in understanding your options and making informed decisions about your healthcare coverage.

Expert Advice and Timing

Medicare and Medicare Supplement plans typically only cover primary healthcare costs, not dental, hearing, vision, or life insurance needs. These additional coverages become more important as you age, helping you stay healthier, more active, and better protected longer.

Guidance from an advisor at TMA Insurance Trust as you prepare for retirement may help you make sense of your options and learn the most advantageous times to enroll. Our licensed, experienced professionals will help you make the best decisions for your circumstances, ensuring you get the right coverage without gaps and avoid lifetime penalties.

Enrolling for the correct coverage at the right time is crucial. Our advisors have guided many physicians and their family members through these decisions. As an added benefit, we can help you find out about household discounts offered, which could save couples thousands of dollars over time. When you're ready to explore the Medicare, Medicare Supplement, and Part D plans that are right for you, contact an advisor for assistance at 800-880-8181, Monday through Friday from 8:00 AM to 5:00 PM, CST.

For over 65 years, TMA Insurance Trust advisors have been serving Texas physicians, their families and staff. TMA Insurance Trust prides itself on offering unbiased information and strategies to members, along with exclusive group rates on a range of the highest-rated plans in the industry.