Page 11 - 2018 How to Retire from Florida

Question #8:

If I retire before age 65, what are

my health insurance choices?

After 65, is it Medicare?

Throughout your career, your employer paid If you retire at age 65 or older ...
a large share of your health insurance costs. Then, you are eligible to sign up for Original Medicare and
then choose either a Supplement Plan/Medicare Part D

If you retire before age 65 ... Plan or a Medicare Advantage Plan.
If you retire before age 65, you have three
options: (1) Stay on your current health First, you will need to sign up for Original Medicare -
8
insurance plan; (2) Join your spouse's health Medicare A and B. You can do this on-line at
plan if applicable. (3) Explore the companies www.medicare.gov. You will want to start Medicare B on day
participating in the Affordable Care Act you no longer receive benefits from the county. Before you
(ACA). retire, you must also must sign up for a Medicare
Supplement Plan/Medicare D Plan or a Medicare
Most retirees will stay with their current Advantage plan.
health plan from the state, county or school
board district. Depending on your class and Medicare Supplement/ Medicare Part D Plans
employer, you may get a discount based on Medicare Supplement Insurance, for example an "F" plan,
your year's of service. Please check with your sold by private companies, can help pay all of the health
Human Resource staff. care costs that Original Medicare doesn't cover, like co-
payments, coinsurance, and deductibles.
Health Subsidy from the State . A Medicare Part D Plan
If you have at least six years of service
These plans (sometimes called "PDPs") add
and you meet the FRS Pension Plan's Health Insurance drug coverage to Original Medicare, some
normal retirement age and service will be your Medicare Cost Plans, some Medicare Private
requirements, you will qualify for largest expense Fee-for-Service (PFFS) Plans, and Medicare
in retirement. It
the state's Health Insurance Subsidy. is important to Medical Savings Account (MSA) Plans.
The monthly subsidy is equal to $5 understand the
for each year of creditable service advantages and Medicare Advantage Plans
with a minimum subsidy of $30 and a disadvantages of These HMO/PPO plans offer extra
maximum of $150 per month. This each plan coverage, like vision, hearing, dental, and/or
subsidy will be added to your pension available. health and wellness programs. Most include
check every month. Medicare prescription drug coverage (Part
D). In addition to your Part B premium, you
may or may not pay a monthly premium for
the Medicare Advantage Plan.