Health is wealth. As we age, we grow to appreciate the truth of that like never before. Protecting our health has always been essential, but as we age maintaining good health becomes more important, and more expensive.
Fortunately, there are insurance solutions that make caring for our health more affordable. TMA Insurance Trust can help you find the insurance you need to protect your health and your wealth during retirement.
Medicare Supplement Insurance
Health insurance is the most important coverage you will need in retirement. Original Medicare will help replace some of the expenses your employer plan used to cover, but Medicare also leaves large and expensive coverage gaps. Medicare supplement or Medigap insurance helps cover those costs, so you don't end up with unexpected medical bills in retirement.
Once you leave your employer’s plan, you enter into what is known as the “initial enrollment period.” This is a limited window of opportunity to sign up for any Medicare supplement plan you want. Not only is your acceptance guaranteed, but during this window you will get access to the best rates you will see in your lifetime. Missing this window will cost you in many ways. You may not be able to get coverage, or you may have to pay much higher premiums. Also you will get hit with late enrollment penalties that last for a lifetime.
Choosing the right Medicare supplement plan is one of the weightiest financial and health decisions you will make in retirement. The decision can be complicated because there are multiple plans, each of which offers different levels of coverage. Fortunately, you don’t have to go it alone. TMA Insurance Trust has helped hundreds of Texas physicians make wise insurance decisions. If someone else in your household is also considering Medicare supplement insurance, be sure to ask about our household discounts. This discount can save each of you thousands of dollars over the course of your retirement.
Prescription Drug Coverage
During your working years, the prescription drug coverage was included in your health insurance plan. In retirement, the cost of medications is covered under a separate insurance, known as Medicare Part D. In order to avoid lifelong penalties and get the best coverage at the best price, you should sign up for Medicare Part D within 90 days after your 65th birthday or within 60 days of leaving your employer’s health plan.
Prescription drug plans are complicated and comparing the multitude of options is very time consuming. Different plans have different costs and different pharmacy networks and formulary restrictions. Your TMA Insurance Trust advisor will work with you to find a plan that covers your medications at the lowest possible costs.
Planning for Future Health Needs
As we age, our health needs change. When you work with a TMA Insurance Trust advisor, they will help you evaluate the options on the basis of your current and future health needs. Medicare supplement plan benefits don’t change whereas Medicare Part D plans may change every year. Generally speaking you will save the most money over time if you select a Medicare supplement plan with your future needs in mind and re-evaluate your Medicare Part D plan based on your current health needs at the time. Our advisors have decades of experience guiding Texas physicians through these decisions. Contact us today for your no-cost, no-obligation consultation.
Saving on Other Retirement Needs
Dental, vision, life and long-term care insurance are an essential part of a retirement insurance portfolio. Original Medicare doesn’t include any provision for dental, vision or life insurance. And it offers only some very limited, short-term provisions for skilled nursing care. If you would like to learn how TMA Insurance Trust can help you and your family meet these needs, contact us today for a free, comprehensive, insurance review.
For over 60 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.