As you embark on retirement, a new chapter begins, bringing both life experiences and necessary insurance adjustments. At TMA Insurance Trust, we understand the unique needs and concerns of retiring physicians regarding healthcare coverage. Making informed insurance decisions now can ease the transition and help make your retirement years more financially secure.
Throughout your career, comprehensive employer benefits may have provided essential coverage, including health insurance, life insurance, dental, vision, and disability insurance. However, upon retirement, these benefits may no longer be available. What are your options now? Let us guide you through your first priority: Health Insurance.
Assessing Your Insurance Needs
Health insurance undergoes the most significant changes in retirement. If you're among the retiring physicians losing employer-sponsored coverage or seeking additional options, Medicare often becomes the primary choice. However, it's crucial to recognize that Original Medicare covers only about 80% of hospital and doctor visit expenses, leaving the remaining 20% as the patient's responsibility. This prompts many retirees to consider a Medicare Supplement policy to offset these out-of-pocket costs. Enrolling in Original Medicare promptly is essential to avoid lifelong penalties, especially if you are retiring. However, if you continue working past age 65, you may have more options that we can help you navigate.
When transitioning from your traditional health insurance plan, it's easy to overlook the impact on prescription drug coverage. If you rely on daily medications, enrolling in a Medicare Part D (prescription drug) plan is a prudent move. Advisors at TMA Insurance Trust will guide you to help ensure you get the most comprehensive coverage you qualify for. They can help you identify a suitable private insurance company for your specific Part D needs.
Beyond health and prescription drug coverage, retiring physicians often face the loss of dental, vision, hearing, and other supplemental insurance benefits that cover both themselves and their dependents. TMA Insurance Trust is here to assist in finding replacement coverage so you don't have any gaps in your coverage. Be sure to ask about valuable household discounts on Medicare Supplement to enhance your savings.
Consider your insurance needs carefully. For example, maintaining life insurance can be crucial, particularly if you use it as a hedge against estate taxes. This becomes especially important if you've accumulated retirement savings and have dependents. It's worth noting that even in your seventies, it's not too late to apply for a ten-year level premium term life policy through TMA Insurance Trust, subject to additional underwriting. When speaking with your advisor also inquire about Dental, Vision and Hearing plans that are available to you.
Expert Advice for a Seamless Transition
Navigating changing insurance needs in retirement can appear daunting, but TMA Insurance Trust has a long history of supporting generations of physicians helping them make this a seamless transition. You don't have to navigate this journey alone. Our advisors are committed to providing unbiased guidance, invaluable advice, and pressure-free support. Explore a range of comprehensive coverage options by calling 800-880-8181, Monday - Friday from 8:00 A.M. to 5:00 P.M., CST. Let us show you how we prioritize your well-being both now and throughout your retirement.
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.