Health care coverage is a high priority on the minds of millions of Americans this year, especially as the country slowly makes progress in its efforts to beat back COVID-19. But with many options available and widespread, lingering confusion about how to decide between them, your clients may see choosing a health care plan as an impossible task.
If you specialize in selling health insurance, this may be your life. If you have focused mainly on life and annuities, the health insurance selection process may seem daunting.
No matter an individual’s stage of life or employment situation, there are options available, and this article will break down some options and for whom they are most appropriate. However, there is no replacement for the advice that an experienced health insurance expert can provide. It may make sense for you to have referral relationships with health insurance experts, or a website you can use to guide clients to suitable resources.
1. As an older worker who can’t afford the employer’s health plan, what are my options?
Employees who are 65 and older and still using employer-sponsored health coverage would be well-advised to compare their benefits and rates to Medicare.
While many might assume that the employer health care policy is the best option, employer health insurance premiums increased by 4% last year, with the average annual premium for individuals coming in at $7,470 and likely to continue to rise, meaning Medicare can be a more affordable option that better suits the needs of older Americans, as monthly premiums for Part B start at $148.50 and deductibles at $203 for 2021. While Medicare’s open enrollment runs from Oct. 15 to Dec. 7 each year, it’s worth noting that anyone who is 65 and older and currently working may initiate a special enrollment period to drop their employer plan and enroll in a Medicare plan, throughout the year.