You have invested a lifetime of sacrifice and effort to get to where you are now. You saved for years to live the life you want in retirement. Whatever dreams you have for your retirement: travel, reconnecting with family, or just shifting gears to enjoy a slower pace of life, your retirement savings will help make those dreams come true.
Nothing can derail retirement security more than unexpected expenses and health care costs are one of the largest expenses many retirees face. But with proper insurance planning, most of your expenses will be paid out of the insurance company’s pocket, not your own.
With retirement, you have probably lost access to your employer’s medical insurance. It is vital that you sign up for Original Medicare as soon as you come off your employer health plan. If you sign up within what is referred to as your “initial enrollment period” not only is your acceptance guaranteed, but you will also get access to the best rates and be protected from costly late enrollment penalties. If you miss this window, you may not be able to get coverage, or you may have to pay much higher premiums. For more information on Medicare late penalties, read our blog What Texas Physicians Need to Know About Medicare Mistakes.
Medicare will protect you from 80% of the cost of your medical services, including office visits and hospitalization. However the remaining 20% will still need to be funded. With the right Medicare supplement plan, much of that cost can be covered with insurance. There are a variety of Medicare supplement plans, also known as Medigap plans since they cover much of the gap Medicare leaves behind.
The right Medicare supplement plan can slash thousands of dollars from your health care spending. To find out which Medicare supplement plan is best for you, contact a TMA Insurance Trust advisor for a free consultation. Be sure to ask about our household discounts which could help you and your spouse save even more.
As a physician you know the value of prescription drugs in improving health and longevity, especially as we age. However, neither Original Medicare nor Medicare supplement plans cover most prescription drugs. If you have recently signed up for Original Medicare, a TMA Insurance Trust advisor will be happy to help research and help you select a prescription drug plan, known as a Medicare Part D plan.
There are limited opportunities to sign up for Medicare Part D, namely three months before and up to three months after your 65th birthday, within 60 days of leaving your employer’s plan or during the annual open enrollment period which runs from October 15 to December 7. Getting the timing right is essential because if you miss the deadline, you could face lifelong penalties and also be shut out of coverage until the next enrollment period.
If you would like help with understanding your Part D options, our TMA Insurance Trust advisors will be happy to help. Your plan will be customized to your needs, your budget, your prescriptions and your pharmacy preferences.
Original Medicare does not cover dental, vision, or hearing care. All of which are essential for healthy aging. TMA Insurance Trust can help make sure your eyes, ears and teeth are protected so you can get the most out of life for many years to come.
TMA advocates for Texas physicians from residency into retirement. TMA Insurance Trust is here to help you and your family to enjoy the long, healthy retirement that you have worked so hard to achieve. Don’t let unexpected healthcare costs derail your retirement. Contact a TMA Insurance Trust advisor today to get the insurance that you need to protect your retirement from the unexpected.
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.