Health: How is Yours?

How is your health?

I hope your health is good.  There is one way to make sure you stay healthy in retirement – have regular visits to your health care providers.  If you are going to have those regular visits, then you will need some mechanism to pay the provider.

If you retire before reaching eligibility for Medicare (age 65) you will have your Federal Employees Health Benefit (FEHB) to take care of your health care needs.  But what happends when you qualify for Medicare?  I have been having some conversations of late with federal employees that sound like this.  “I can’t wait until I get my Medicare card so that I can drop my FEHB.”  Not a good conversation to have because in order to have the absolute best health/medical benefit possible, you need your FEHB and Medicare.

It is useful to reiterate that Medicare only pays about 80% of the coverage you will need.  In order to cover the other 20% and to avoid out-of-pocket expenses, you will need some kind of a medicare supplement.  The good news is that you don’t need to purchase a supplement, you already have one that costs you the same amount you paid as an active employee.  You get the same great rates because you remain a part of the federal and postal workers group.  Together with FEHB and Medicare, you have all the coverage you will most likely ever need.  When you become eligible for Medicare don’t drop your FEHB because you still need it.

Many indviduals who work outside of the federal sector don’t have this luxury.  For example, individuals who worked for the Railroad lose their company health benefits once they become eligible for Medicare.  Federal and postal workers get to keep their health insurance for the rest of their lives and what a bonus that is (postal employees can view their FEHB elections through LiteBlue).

Whenever in doubt about what you should do concerning any of your benefits take time to visit your Human Resources Office so that they can help you understand how your benefits work in retirement.

P. S. Always Remember to Share What You Know.