[BACKGROUND MUSIC PLAYING]
[Text On Screen Ð Optum]
[Text On Screen Ð Medicare matters, Working past 65? What to know about Medicare]
[SPEAKER ON SCREEN]
[Text On Screen Ð 64, 65?]
SPEAKER: Did you know that more and more Americans are choosing to work past age 65? That's because many people want to catch up on their savings to better prepare for retirement, stay active in their community, and feel fulfilled.
[GRAPHIC, a heart]
Maybe that's you too. But you may be wondering what your next steps should be when it comes to your health care. When you turn 65, you have the choice to switch from your employer's health plan to a Medicare Advantage plan. Which option is best for you?
[Text On Screen Ð EmployerÕs health plan or Medicare? Medicare Advantage plans could give you better coverage at a lower monthly cost]
The answer is different for everyone, and you might find that choosing a Medicare Advantage plan could give you better coverage at a lower price than staying on your employer's plan.
[Text On Screen Ð Using monthly cost savings to: Build your 401k, Pay off debt, Take control of your finances]
What could you use this monthly cost savings for? Build your 401k, paying off debt, or finally taking control of your financial future. Here are two common scenarios you may find yourself in.
[Text On Screen Ð Scenario 1: Small employer, You may have to switch to Medicare when you turn 65, Make sure that your prescription program counts as creditable coverage]
Let's start with scenario one. If your employer is small, say 20 employees or less, they may require that you get Medicare when you turn 65. Find out if your employer's drug coverage is as good as or better than Medicare. Does your employer's program qualify as creditable coverage? Medicare defines creditable coverage as drug coverage that is at least as good as what Medicare offers.
[Text On Screen Ð Scenario 1: Small employer, Employer coverage needs to be. at. Least as good or better than Medicare Part D, Penalties will occur if you enroll after the initial enrollment period]
To avoid penalties, your employer's drug plan needs to be as good as or better than Medicare Part D, which covers prescriptions. You will experience a penalty if you enroll in Medicare Part D after your initial enrollment period ends. Confusion can happen if people don't talk to their employer's benefits team ahead of time.
[Text On Screen Ð Scenario 1: Small employer, Ask your benefits team about your drug coverage, How will this choice affect my family? Ask your companyÕs benefits team before you turn 65]
You'll want to check with your employer's benefits team to make sure your drug coverage is considered. Find out how your Medicare choices may affect your family's coverage options. Even if you plan to keep working, it's best to meet with them before you turn 65.
[Text On Screen Ð Scenario 2: Large employer]
Let's turn to scenario two. If you work for a big company, compare your employer's health plan to Medicare when you get close to age 65. Many people think they don't need Medicare because they have great employer coverage. But you may be surprised. More and more employers are offering plans with higher deductibles. Here are some questions to ask.
[Text On Screen Ð Scenario 2: Large employer, Will Medicare save me money? Can my family still be on my employerÕs plan? Will I lose coverage if I switch to Medicare Advantage?]
Will a Medicare Advantage plan save you money? Can your family still use your employer's coverage? Will you lose your employer's coverage when you switch to a Medicare Advantage plan? Okay, so we've gone over a couple scenarios and you have spoken with your HR benefits team. Fortunately, you don't have to figure that out on your own.
[Text On Screen Ð Talk to a licensed insurance agent]
Talk to a licensed insurance agent.
[Text On Screen Ð An gent will help you compare choices]
[Text On Screen Ð and possibly save you money]
They can help you compare your employer coverage and your Medicare choices to see which one will best work for you and maybe save you money.
[Text On Screen Ð Talk to a licensed insurance agent: How much will Medicare cost? How does Medicare work with my HSA? WhatÕs the difference between Medicare and Medicare Advantage? How does Medicare coverage apply to my spouse?]
They can also answer questions like, how much will Medicare cost me? How does Medicare work with my health savings account? What's the difference between Medicare and Medicare Advantage? How does health care coverage with Medicare apply to my spouse?
[GRAPHIC, a magnifying glass]
[Text On Screen Ð A licensed agent can help you find a Medicare plan that our doctors accept]
If you decide that switching to a Medicare plan is right for you, a licensed insurance agent can help you find plans in your area that our Optum doctors accept. If you're planning to work past the age of 65, make sure you have the right coverage for your health needs. Start exploring now to make the best choice for you.
[Text On Screen Ð Get your no-cost Medicare review]
[Text On Screen Ð To explore your Medicare choices, talk to a licensed insurance agent who partners with Optum]
[Text On Screen Ð Optum, Helping create a healthier world, *Optum is a registered trademark of Optum, Inc. in the U.S. and other jurisdictions. Because we are continuously improving our products and services, Optum reserves the right to change specifications without prior notice. Optum is an equal opportunity employer. © 2024 Optum, Inc. All rights reserved.]
