Medicare and Planning for Your Family

Do you plan on clocking out when you turn 65? Sailing to exotic shores? Launching your own business or just kicking back in an easy chair?  It’s time to think about your Medicare options. And if you have others covered by your plan, you’ll need to know what to do about their health insurance coverage.

While you’re planning for your post-retirement future, spend a bit of time exploring health insurance options for your family. One of the most important things to keep in mind is that Medicare only offers individual coverage. You can’t add family members or dependents to your Medicare policy.

We can help you get started. Blue Cross and Blue Shield of Montana makes it easier for you and your family to Stay with Blue^SM .

Here are some important things to consider.

Not Ready to Retire?

The workforce still boasts plenty of people 65 and older. The latest stats  reveal 32% of adults 65 to 69 years old still have jobs. That’s more than 10 million seniors. If you are part of the trend and have employer-sponsored health insurance, you can keep it rather than making the switch to Medicare.

Even if you elect to stay on your employer’s policy, though, you’ll need to at least enroll in Medicare Part A — and possibly Part B, too — as soon as you’re eligible, depending on the size of your employer.

• If your employer has 20+ employees, your employer-provided group plan will be your primary coverage. Medicare will be your secondary coverage.
• If your employer has less than 20 employees, Medicare will be your primary coverage, so enroll in both Part A and Part B.

Good news for your eligible dependents: If you keep working after age 65,  your eligible family members and dependents can remain on your health care plan. 

On the other hand, your family members will need their own health insurance plan if you retire. You will lose your employer’s health plan when you retire. Maybe your spouse is self-employed and not eligible for Medicare. Maybe you have a kid still in college. Or young children living at home. No worries.

You can find good coverage for your dependents.

BCBSMT offers a range of individual and family member health insurance plans designed to meet your needs and budget. You can find them on the health insurance marketplace  or get one directly through us.

The plans can be purchased during the annual open enrollment period.

If your retirement falls outside the regular open enrollment period for individual plans (November 1 through December 15), your retirement that leads to them losing  health care coverage makes them eligible for a special enrollment period.

Keep it in the Family

We make it simple to protect your loved ones and keep them healthy. Helpful tools and info are right at your fingertips 24/7 at bcbsmt.com.

Find everything you and your family need to understand your options and choose a plan that fits. 

• Need to get a handle on insurance basics and lingo?
• Interested in comparing plans?
• Want to make sure your family’s prescription drugs are covered?
• Wondering if you’re eligible for a tax credit?

One Convenient Place for Everything

With Blue Access for Members^SM, you and your family have a simple and secure way to review benefits, access digital versions of your member ID cards, find a doctor, calculate out-of-pocket costs for prescriptions, submit and track claims, make payments and more. Plus, with secure messaging, we can answer all your questions.

Start Preparing Now

Celebrate and embrace this important milestone in your life. More importantly, start preparing for it now to make sure your family members will have the health care insurance they need once you turn 65.  

Sources: Who’s Not Working? Understanding the U.S.’s Aging Workforce,  Federal Reserve Bank of Minneapolis, 2023; Still Working After 65 and Thinking of Moving?,  Forbes, 2021; You’re Eligible for Medicare. Now, How Can You Cover Your Family?,  Medicare Resources, 2021

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