GM Retirees Must Acquire Medicare Supplements
By Ron Freeman
National Insurance Advisors
We’ve all been made fully aware of GM’s change to eliminate the portion of insurance premiums they are paying for its retirees who qualify for Medicare, and replacing it with a monthly incentive of $300. These monies are to help offset some of the cost of filling in the “Gap” of their soon-to-be healthcare provided through Medicare beginning in 2009.
When retirees reach age 65, Medicare covers 80 percent of their health insurance needs, and the cost for the remaining 20 percent of medical protection is an out-of-pocket expense for the majority of seniors, labeled as supplemental or Medi-Gap coverage. GM is giving this $300 monthly incentive as a way of relieving the financial burden now placed on its retirees who enjoyed healthcare benefits provided through GM’s health insurance programs, but are now being replaced by Medicare effective January `09.
One thing retirees, and employees, should know is that private sector employers are not obligated to offer retiree health benefits. Even when employers do offer retiree health benefits, nothing in our federal law prevents them from eliminating those benefits without precise written documentation that will guarantee the retiree keeps those benefits.
Needless to say, there’s now a large group of GM retirees that will be looking for the right Supplemental Protection for their healthcare needs before they lose their provided insurance, and estimates show there will be more to follow from all industries.
Remember, every supplemental package is the same wherever you go, so be sure you do your homework before purchasing, because some companies offer better pricing on certain categories of supplements than others. One will have a better price on the basic packages, while others compete on the more comprehensive plans.
Most important: DO NOT purchase on-line. It’s always best to have an agent you know, along with a professionally staffed brick and mortar presence you can trust to support you when you have questions or need assistance with claims and Medicare processes. When it comes to your healthcare, don’t leave it a strangers hands.
Where to start?
In Metro Detroit, call your local NIA Advisor at (888) 779-3604 and ask to speak with either Dave or Ron, your specialists in Medicare Supplements. As Michigan’s largest producing agency for healthcare solutions, we can help. Don’t wait till the last minute!
Ronald S. Freeman
Regional Benefit Advisor
National Insurance Advisors Agency, Inc.
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