When considering your health insurance options, it might benefit you to see if there is any other coverage that applies to you. If any of the categories below applies to you, you may pay less for your health care or have additional benefits.
Employer and Union health coverage
Your (or your spouse’s) employer, former employer or union may offer health insurance coverage for you. Call the benefits administrator to find out. One important point to consider, however, is that insurance through a union or employer (group insurance) can raise its premiums or stop coverage at any time.
If you already have coverage through your (former) employer or union, they should have sent you information about how that policy works with the new Medicare prescription drug plan. If you join the Medicare plan, it may limit or end your employer or union coverage. Consult the benefits administrator to make the best choice for you.
A note on COBRA: Consider seriously whether to join Medicare Parts A and B and the prescription drug plan. If your COBRA coverage ends in the future, you will pay a penalty to join Part B and the prescription drug plan at that time.
Veteran’s Benefits
If you served in the military or are a veteran, you may be eligible for benefits, including possible prescription drug coverage. Contact the U.S. Department of Veteran’s Affairs for more information.
TRICARE – Military Retiree Benefits
All active duty and retired uniformed service people and their families are eligible for the TRICARE health care program. Retirees 65 years and over, and some family members, can have expanded benefits through the TRICARE for Life program (TFL).
To use TFL, you must first enroll in Medicare Parts A and B. TRICARE then pays for Medicare deductibles, prescription drugs, and some coinsurance. TRICARE may also pay part of the portion of a bill that Medicare doesn’t cover.
Federal Employee Health Benefits Program (FEHB)
FEHB provides federal employees and some family members with all of the medical coverage that Medicare provides. In addition, most FEHB plans cover routine physicals, emergency care outside the U.S., prescription drugs and some preventive care. Some FEHB plans also cover vision and dental care.
If you’re covered by an FEHB plan, you should have received information about the changes in Medicare prescription coverage. It would be wise to read this notice carefully and then consult the Personnel Management Office with any questions on how (or if) the changes affect you.
Long-Term Care
For more information on long-term care insurance, please review our feature on Long-Term Care.
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