Insurance Coverage for Health and Medicare Services
The Medicare program, designed to provide health insurance for individuals aged 65 or older, certain disabled people under age 65, and people with End-Stage Renal Disease, is a crucial part of healthcare for many retirees.
The program is divided into four parts: A, B, and D, each offering different types of coverage. Medicare Part A, the original designation of which was the Health Care Financing Administration (HCFA), covers inpatient hospital services, skilled nursing facility, hospice, home health care, and has no monthly premium. Upon reaching age 65 or becoming disabled and receiving Social Security benefits, Medicare becomes the primary coverage for retirees and their dependents age 65 or older.
While Medicare Part A may be mailed automatically or enrolled in when reaching age 65, enrollment in Medicare Part B is not mandatory while still an active employee. However, it is recommended to enroll approximately three months prior to retirement for individuals who will be 65 years old upon retirement. Medicare Part B covers outpatient medical services, including preventative services, and has a monthly premium.
For retirees, enrollment in Medicare Parts A and B benefits is mandatory upon initial eligibility. It is important to note that for active Oberlin College employees, Medicare Part A becomes secondary to Medical Mutual, paying after deductibles are satisfied.
In addition to Parts A and B, Medicare Part D provides coverage for outpatient prescription drugs. However, if retiring before age 65, enrollment in Medicare Part B is not necessary until the individual reaches age 65. It is not possible to elect Part D if you retire and continue to participate in the Oberlin College Retiree Health Plan. Part D covers outpatient prescription drugs and has a monthly premium for most people.
It's essential to understand that Medicare Parts A, B, and D each have their own monthly premiums. For more information on Medicare, visit www.medicare.gov.
Lastly, it's worth mentioning that the coverage provided by Medicare Parts A and B may overlap with retiree health benefits for some individuals. Therefore, it is advisable to thoroughly research and understand the specifics of your insurance coverage to ensure you are making the best decisions for your health and wellbeing in your retirement years.
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