As a Texas physician who currently has or will soon be eligible for Original Medicare, it is important to understand the limitations of Original Medicare. Health-related costs are one of the largest expenses during retirement. However, with proper insurance planning, many of these expenses can be covered by the insurance company, not by your retirement nest egg.
Here are four areas where insurance planning can help protect your retirement from what Medicare doesn’t cover.
- Deductibles, Co-Pays, and Coinsurance. Generally speaking, Medicare only pays about 80% of your medical bills including office visits and hospitalization. As healthcare costs continue to climb, your exposure to out-of-pockets costs will also rise. Medicare supplement insurance (also known as Medigap plans) can help protect your retirement nest egg so you can enjoy more what you’ve worked for instead of spending it on medical costs.
- Prescription Drugs. As a physician, you understand the difference that medications make in the quality of your health and your ability to live a long, healthy, and productive life. Yet prescription medications are generally not covered under Original Medicare. A prescription drug plan (known as a Part D plan) could help you save hundreds, or even thousands of dollars a year.
- Dental and Vision Care. Even though oral and vision health are essential to our wellbeing, neither dental nor vision care is covered under Original Medicare. Medicare supplement plans don’t include these benefits either. That’s why if you are retired, or soon will be, you should consider getting coverage from a separate insurance policy that will provide for your dental and vision care.
- Long-Term Care. One of the largest potential expenses in retirement is the cost of long-term care. Nothing can quickly drain a retirement fund like the cost of long-term care. Although Medicare does contain some very limited, short-term provisions for skilled nursing care, it does not cover those needs on a long-term basis. If you are concerned that you or your spouse may need long-term care at some point in the future, you should secure long-term care insurance while you are still young and healthy enough to be approved.
Let Us Help Protect Your Dream Retirement
TMA Insurance Trust wants you and your family to enjoy the long, healthy retirement that you have worked so hard to achieve. Our team of insurance advisors can help you get the insurance you need to protect your dream retirement.
Although some Medicare prescription drug coverage has limited enrollment opportunities, other Medicare supplement insurance is available all year long. If you have questions and would like to discuss how to help protect against what Original Medicare does not, one of our advisors will be happy to provide you with a no-cost, no-obligation consultation. Contact us today.
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.