Help Toni:
I am so nervous over what is happening with my late husband’s retirement benefits. He worked for Schlumberger and they are cancelling his retiree Medicare coverage that I am covered with. What do I do NOW?? I am a 73year old female who has never purchased insurance before and have no idea of what to look for.
You understand Medicare and can explain to me what I need to do in such easy terms that I can comprehend.
~ Thanks in advance…Marilyn from Pasadena area
Hello Ms. Marilyn:
You are about the 4th person this week which contacted me about losing retiree benefits because their company is either not covering the retirees and spouses or that the company is asking retirees to enroll in a Medicare Advantage plan that will cost the retiree less than the company benefits plan.
This trend of companies not covering retirees began during 2013’s Medicare Open Enrollment Period with Baker Hughes, TRS and CITGO to name a few companies not covering their retirees. I am sure that there are others having the same problem because the letters informing the retirees are beginning to arrive in the mailbox.
I understand that Schlumberger and Marathon Oil are changing their retirement options starting on April 1st. From the information that I have read, if you do not make a change, then you will lose any help from Schlumberger with the HRA benefits checks coming from Schlumberger. For others who are losing their company benefits, email me the name of your company and I can post it on the www.tonisays.com website, so that others are aware of what is happening.
Don’t WORRY!! There is light at the end of the tunnel!! You have two options to pick from:
Option #1:Medicare Supplement with a Prescription Drug Plan (Part D)
Works directly with “Original Medicare” and gives more freedom to go to any healthcare provider or doctor who accepts Medicare assignment. Marilyn…you have retirement benefits and since your company, has sent you a letter saying that you will have no Medicare coverage after April 1st, you will have guaranteed issue (which means you do not have to answer health questions and your policy will be issued). Guaranteed issue is for certain Medicare Supplement plans depending on the insurance company you apply. You will have 63 days to apply and receive guaranteed issue for a Medicare Supplement because you are currently “not working” and retired on company benefits. You will want to search for a Medicare Part D plan that fits your needs and covers all of your drugs. Call Medicare at 1/800-MEDICARE (633-4227) or go online at www.medicare.gov to see which Part D Plan fits your needs. You will have the same 63 days to enroll in a Part D plan without receiving a Part D (LEP) penalty.
Option #2: Medicare Advantage Plan with or without Part D
Talk with your doctor about changing from “Original Medicare” to a Medicare Advantage plan. Make sure your doctor or healthcare provider accepts the plan that you are exploring. Many Medicare Advantage plans contain Medicare Part D. You may not have to enroll in a separate Part D plan, if Part D is included.
If you have any other questions concerning losing your retirement benefits or searching for the right Medicare plan, email Toni at www.tonisays.com/ask-toni.
