Replacing Your Group Policy With a Medicare Supplement

Many seniors are reviewing their health care coverage for the 2009 year.  At this time of year, some companies are making changes to their insurance plans for retirees.  Some of these changes make Medicare supplement insurance policies attractive.  The changes companies make usually result in higher monthly premiums, higher deductible, or maybe both.  The companies may even be offering some type of Medicare Advantage plan.  For many seniors, a medicare supplement policy might make more sense due to the cost and the degree of coverage since the out of pocket is so low.  One important thing to take into consideration when leaving group insurance is RX coverage.  If a senior drops the retiree group plan and buys a Medicare supplement, that person should strongly consider buying a Part D policy.  But since Part D plans have the coverage gap, for many seniors it is worth staying on group coverage with inferior health benefits in order to keep great RX coverage because the retiree insurance RX coverage may not have a coverage gap.