Boomers Confused About Retirement, Medicare and Supplemental Insurance

It’s hard to believe that the Baby Boomer generation has made it all the way to retirement age.  Most boomers don’t look it and don’t act it, but in actuality, many boomers will pass into retirement in 2008. 

There are a lot of plusses about retiring, but there are some troubling aspects, too.  For one thing, when a person retires, he or she usually loses their medical benefits from their employer.  If a person retires too early they are not qualified for Medicare. 

A lot has changed during the past decade, and there are many things that most boomers don’t realize.  For instance, did you know that even though you can retire at age 62, the actual retirement age is now 66?  Did you also know that if you retire at age 62 and start receiving benefits, you could lose up to 75% of your Social Security payments?  Payments in full don’t start until age 66, and Medicare does not start until age 65.

Those are just some of the facts regarding benefits and retirement.  But there’s more.  There are a number of facts, a lot of plans and many Supplemental Medicare Policies called Medigap available and trying to figure out what is right for you can be very confusing.  There are also costs associated with many plans, and though most supplemental policies are similar or the same, as dictated by laws and regulations, their premiums can vary widely – even for the exact same coverage – depending upon the company that is offering the policies.

It is difficult to break down all of the plans and choices.  It is also somewhat confusing to figure out what is right for you.  One important point no matter what Medicare plan you choose is that Supplemental Medicare Insurance/Medigap is important component of complete coverage, since Medicare does not cover a lot of things, which can leave you vulnerable to many medical expenses.  The right supplemental plan can help defray those costs and make sure that you will get all the services you need. 

To find information and get questions answered, talk to your employer and get the information on your current policy.  In addition, call 1-800-MEDICARE or go online to www.cms.gov and you will be able to find the information that will help you begin to make sense of the coverage that is available and determine what’s right for you.