Dear LM_NET members,
A few days, I posted an "off topic" query regarding my particular issue
regarding health insurance. I retired in July and have been offered a new job
where I have health insurance available to me. My post was directed towards
LM_NET members who have dual insurance so that I could obtain more information
about the issues involved with having two (2) health insurance policies
simultaneously.
As a result of the responses that I received, I decided to post a hit
because many of your responses made me realize there are others checking the
list-serve who could benefit from this knowledge.
1. Educate yourself now. If you are considering retiring in the near
future (2-5 yrs.), you should take a pro-active stance regarding this issue by
conducting your own research as well as attending any seminars offered by your
district or state on the matter.
Educate yourself now because it will help you to make better decisions
about your future (including possible employment options) after retirement. In
many cases, you may not receive any counseling from within your own district,
so it's up to you to find out the facts.
Your local state retirement system might have a specialist on staff who
deals specifically with these issues, and he/she might be willing to come to your
district and present a in-service for those interested in learning more
about retirement and health insurance issues.
Visit with other media specialists and educators who have already retired
to get their perspectives on the matter. Although their situations may be
different from yours, it will add to your knowledge base about what financial
life is really like after retirement.
This is especially true if you're planning on retiring from one state and
working in another state. (Social Security also comes into play depending
upon your state and the state in which you're going..)
2. Future employment. Regarding future employment options, one media
specialist shared her story about the fact that when she retired, she learned
that if she were to take another job where she was offered health insurance for
free, she was automatically dropped from her original health insurance.
Therefore, it affected her decision on whether or not to take a full-time
teaching position at the university level after retirement.
So, if you have a definite option for future employment, it's good to
contact the employers in advance to find out what their policies are regarding
health insurance coverage.
My best friend and I graduated from college the same year (1977). She
worked at the university level. Upon retirement, her health insurance premiums
continue to be paid by the university while I have to pay the cost of my own
health insurance premiums. That's a good benefit!
3. Break in Coverage. For some health insurance providers, if there is
any break in coverage with your original health insurance provider, you are
never allowed to come back to that provider unless you take another job in a
different employment sector where that particular insurance is offered to you
as a benefit. Example: retiring from public education but taking a new job
with the state government system where the same insurance is offered as a free
benefit.
4. Expense. In my state (Oklahoma), education retirees receive a small
supplement to help pay for part of the costs of health insurance after
retirement. This is around $100.00, so the cost is around $300.00 per month,
rather than $400.00 per month which is the real cost. The cost of health
insurance usually goes up after retirement because many retirees have delayed
medical procedures and surgeries, so they go ahead and have them done once they
retire.
One person told me that her insurance premiums will go up to $1,200.00 a
month after retirement, so the amounts can really vary from state to state.
(I'm guessing this is a family plan, not an individual one like mine.) Although
she is now eligible for retirement, she cannot afford to retire now because
of the expense of health insurance after retirement. So, she will be working
much longer than she'd originally envisioned.
5. Out of State Providers. Does your health insurance plan cover
out-of-state providers? Do you plan on living in different states (such as the
winter Texans) after retirement? If so, you should probably check with the state
you plan on moving to after retirement to see if your current health
insurance is honored there. Some plans are more universally accepted than others,
so
that might be a factor in deciding whether or not to accept a new health
insurance plan after retirement.
Two teachers from my district retired from Oklahoma and moved to Texas where
they taught for five years. During that time, they continued to pay their
insurance premiums here in Oklahoma despite having free insurance in Texas
through their new jobs because they knew that they were coming back to Oklahoma.
If they had ever dropped insurance coverage here in Oklahoma, they would
not have it as a option upon returning to the state.
When I was doing my research, I learned that my current health insurance
provider here in Oklahoma only pays 50% towards medical tests and procedures at
M.D. Anderson Cancer Center in Houston, TX.
Since this is the premier cancer facility in the United States, I realized
that I should probably have a supplemental cancer policy in the event that I
would need their services. They do "cutting edge" research and testing that
may not be available at a local in-state facility. When dealing with cancer
issues, you may not have years to wait before these tests and treatments have
been approved for wide-spread use.
6. Divorce Issues. This is not my case, but I did learn that this is a
major consideration when settling a divorce, especially if one person is
carried on another person's policy under a family plan. Will retirement change
coverage or costs in any way?
7. Dependants. When considering retirement options for the future, it is
important to consider everyone who is covered under your current and
possible future policy including spouses, dependant children, and even
grandchildren
who have been adopted by their grandparents.
One person shared information regarding his family plan and a member of the
family who suffered from mental health issues requiring forced
hospitalization and psychiatric treatments. These were covered under one policy
but not
by another policy.
8. Federal Government. One person stated that there are different
issues involved if one of the health insurance providers is through special
sectors of the federal government, so if this is your case, there may be unique
factors that will impact your decision.
Thanks to all of you who contacted me and shared your stories and insights
over the weekend. It helped me to make an informed decision regarding the
dual coverage issue.
LM_NET is a great resource!
Sincerely,
Deborah Maehs
School Library Media Specialist, ret.
NBCT - EC/YA - 2004
P.O. Box 341
Kingfisher, OK 73750
_maehsville@aol.com_ (mailto:maehsville@aol.com)
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