Retirement Health Care Coverage
Jan 24, 2012
Currently 58 yrs old HIV+ with high deductible employer based plan paying 100%. So far this year over 42K spent, includes drugs (Truvada, Isentress and testosterone therapy). I plan to work until 2020 when I'll be 66 and Medicare Part D 'donut hole' problem will cease to exist. What resources are available now to prepare for the decisions I have to make in 8 years regarding my employer based health care Supplemental policy offerings, as well as all the Medicare options for my situation, HIV positive with 50K annual costs, mostly due to prescriptions? I'm confused now, so in 8 years, after 10 years of HART and just plain ole old age, I imagine I will be more confused.
Response from Mr. Chambers
You are wise to be thinking ahead. At age 66, you will be eligible for Medicare and if you lose your employer coverage at 66, you will be eligible for a special enrollment into all parts of Medicare with no late enrollment penalties. Note that COBRA stops when Medicare starts, but the special enrollment only applies after direct coverage so don't take COBRA.
Medicare, Parts A & B, along with a good drug plan (Part D), as well as a Medicare supplement or Medigap (I recommend Plan F Supplement)is the best health insurance I have ever had, so you will be fine with those.
Depending on your financial limitations, the state where you live may offer alternate Medicare Advantage Plans which will not be as expensive as what I described above. Unfortunately, the vast majority of those alternate plans are HMOs which will often require changing all your doctors. Most of my HIV clients strongly resist leaving the doctors they are comfortable with. However, PPO plans are available in some states and can be good as well.
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