SIOUX FALLS, S.D. (Dakota News Now) – Getting ready to retire can be a stressful time. As you get closer to your last day of work, you might weigh every decision and hope it was the right choice.
An important step of the journey to retirement is health insurance coverage. In this Avera Medical Minute, we show you how one Sioux Falls family is navigating retirement and choosing the right Medicare Supplement Plan for their next chapter of life.
Retirement has been a long time coming for the Larson family.
“We’re shooting for next spring. Both of us just turned 65 the past two months and so we’ve been talking about it for quite a while, for a few years now, and it’s going to be official and it’s a little scary,” said Tammy Larson.
The new norm of retired life can be a little daunting, but Tammy and Lydell have done their homework. Not only are their financial plans in order but so are their health plans. They’ve spent the better part of the past year shopping for the right Medicare Supplement Plan.
“I know a lot of people don’t really plan ahead, they just retire and suddenly, oh, you know, we’re just going to survive. But we really kind of planned out our budget, we looked at all of the expenses that we have per month and per year and tried to make sure that we’re ready for it and that we can afford it. So I think we’re in pretty good shape,” said Larson.
In terms of preparation, the Larsons are outliers, and it’s a mistake many Americans make.
“I think one of the largest ones (mistakes) we see is not allowing yourself enough time to educate yourself. Not only from a product standpoint but also from a signing up with Medicare standpoint. If you don’t do that and curtail it too long, you end up having to make a quick decision and maybe one that you don’t fully understand the coverage that you purchase,” said Brad Meyer, the Director of Consumer Sales for Avera Health Plans.
“After seeing how much Medicare pays, when you look at exactly what they cover and what they don’t cover, it’s like, this could be a lot of money,” said Larson.
“Which is why Medicare Supplement Insurance was designed. It’s designed to cover those out-of-pocket expenses that Medicare doesn’t cover and it fills in the gap to cover those charges,” said Meyer.
“Just kind of knowing the possibilities that could happen as you age and get towards the end of your life. So we just kind of wanted to feel a little bit more confident that we have coverage for a lot of the medical issues that could happen as we get older,” said Larson.
Tammy made sure to shop around and compare different plans. She also asked a lot of questions to insurance agents, as well as retired friends and family, to get the best understanding. Something that Brad Meyer definitely recommends.
“The other thing is to make sure that your agent is familiar with you. In Tammy’s case, they understand their individual situation and needs. Medicare no question, this is healthcare, it’s a personal decision and it’s one that they need to understand individually what kind of healthcare needs that they’re looking for,” said Meyer.
“Our Avera Health Plans, the policy that we selected also had a few perks to it. Like the Planet Heart perk, which both of us have been to before. Also being able to have a complete yearly physical that’s paid for. I mean, we’re lucky right now. We’re pretty healthy people, you know, for the most part, but you never know what lies ahead. So it was kind of a really good fit for us,” said Larson.
With their plans in place for spring, Tammy can now focus on the more important things, like just being a grandma.
“Well, I imagine we’re still going to continue to chase the kids around and do their things and help our kids out with their kids, but maybe a little bit of traveling. Still have some of the United States to see, so we might do that. It’s kind of up in the air, but we’ll see what happens!” said Larson.
Open Enrollment for Medicare Supplement Plans is underway and runs through December 7th. Plans and coverage may vary between members. For more information go to averahealthplans.com or simply view this story at a .
Copyright 2024 Dakota News Now. All rights reserved.
