Current plan: Many employers offer coverage for employees after retirement. Check with your employer to see what your options are. Additionally, verify when your current coverage will end to avoid a gap in coverage.
Cost: In addition to your monthly premiums, compare out-of-pocket costs. Out-of-pocket costs may include annual deductibles, co-pays, and co-insurance. For Medicare members, your monthly Medicare Part B premium that is collected by Social Security is a separate health care cost.
Coverage: The plan's service area may determine what is available to you. As your coverage options vary by plan, compare what services are most important to you. Ask your provider if he or she accepts the health plan you are considering. Verify that your current medications are covered, and compare the cost of brand name versus generic medications.
Choices: Consider the type of a health system that may benefit you best. A preferred provider organization (PPO) offers the ability to choose in-network or out-of-network doctors. Some plans use a health maintenance organization (HMO), which is a closed network. Point-of-service (POS) plans combine both the elements of a PPO and HMO. Additionally, many plans offer value-added benefits such as gym memberships or other discounted services.
Health insurance is an important piece when considering retirement, and PHIP is here as an option for your retiree health coverage. To review the plans offered by PHIP, go to www.pershealth.com.
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