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Protecting What Matters Most


What Happens To Your Insurance When You Retire?

Sooner or later, we all start to think about retirement. You have probably been setting aside funds for a comfortable and secure retirement for many years. Retirement brings many changes. Changes to your daily routine. Changes to how you use your time. Changes to how you deal with your finances. Did you know retirement also brings significant changes to your insurance needs?

If you have been working for an employer, many of your insurance needs were covered in your employee benefits package. You may have had health insurance, life insurance, dental insurance, vision insurance, even disability insurance from your employer.

Most retirees find that once they leave their employers, they also lose access to these insurance benefits. However, if you are a Texas physician, you have access to another source of insurance benefits, namely TMA Insurance Trust. Created and exclusively endorsed by the Texas Medical Association, TMA Insurance Trust is helping retired physicians across Texas transition into a successful retirement. It will be our honor to assist you as well.

How Retirement Affects Insurance

In some cases retirement adds to the need for certain types of insurance. In other cases it reduces the need. For example, if you have reached full retirement age, you may no longer need long term disability insurance. The purpose of long term disability insurance is to replace your income until you reach retirement. Once you retire, your retirement income eliminates much of the need for long term disability insurance.

Life insurance needs may also change in retirement. The primary purpose of life insurance is usually to protect dependents from the loss of income if a primary wage earner were to pass away. If your dependents are now self-sufficient, you may not need as much life insurance as you did when they were completely dependent upon your earnings. However before you make any major changes to your life insurance, you should keep in mind that life insurance is not just for income replacement. It can also play an important role in estate planning. If you find you need more coverage, it is not too late. Physicians in their 70s can still apply for a ten-year level premium term life policy. The life insurance advisors at TMA Insurance Trust would be happy to review your life insurance coverage and help you decide the right level of coverage for your retirement needs.

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Health Insurance in Retirement

The insurance that is most impacted by retirement is health insurance. Most employer plans do not cover retirees, or if they do the level of coverage may be very different than it was during your working years. Original Medicare is the main source of health insurance for most retired physicians. However, Medicare won’t cover all your health care costs.

To fill in some of the gaps not covered by Medicare, most retired physicians also secure Medigap or Medicare supplement insurance. To get the best coverage at the best rate, the best time to purchase a Medicare supplement plan is during your personal open enrollment period. Unlike open enrollment for employer plans which is the same for everyone in the company, with Medicare supplement plans you have your own personal open enrollment period, based on the first day that your Medicare Part B becomes effective.

If you take prescriptions now—or if your health changes and you need them in the future, Medicare Part D will help protect your health while also protecting your wallet from the high cost of prescription medication. How much you save will depend on when you sign up and on which Part D plan you choose. As with Medicare supplement plans, the best time to enroll in Medicare Part D is as soon as you are eligible. A TMA Insurance Trust advisor will be happy to help you find the best plan for your needs.

Replacing Your Dental and Other Insurance Benefits

Many employers provide dental, hearing and other supplemental insurance coverage as part of an employee benefits package. When you retire, you and your family may lose access to those benefits. TMA Insurance Trust can help you find an affordable replacement plan to last you through your retirement.

Taking Care of You and Your Loved Ones

Your employer’s package may have provided coverage to you, your spouse and your dependent children. TMA Insurance Trust can help each of you find the replacement coverage you need. The right insurance can help you save thousands of dollars over the course of your retirement. If your spouse is also about to retire, be sure to ask about valuable discounts that could help both of you save even more.

A Lifetime of Caring

You’ve spent a lifetime caring for others. Now it's time to let TMA Insurance Trust help care for your insurance needs so that you can enjoy the long, healthy retirement you have worked so hard to achieve. Contact one of our advisors today.

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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.

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