Bright music plays. Text appears alongside text bubble labeled "Working past 65...."
ONSCREEN TEXT: Medicare Conversations
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ONSCREEN TEXT: What to know about When you may be able to delay Medicare
Phil appears on screen, wearing a suit and sitting on a chair
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ONSCREEN TEXT: Phil Moeller, Author and Medicare expert
PHIL: Hi, I'm Phil Moeller. I write articles and books about retirement and health care and I've written a lot
of pieces about Medicare.
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PHIL: When people approach 65 and decide to keep working, they have some important decisions to make about Medicare.
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ONSCREEN TEXT: 20 or more employees
PHIL: I'm gonna talk today about the decisions you need to make when you work for a large employer with 20 or more employees.
Phil appears on screen
PHIL: Medicare rules in that situation give you the right to do nothing if you choose, you can just keep your Medicare.
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PHIL: But it also sets up a series of possible decisions and I wanna sort of talk about those today.
Phil appears on screen
PHIL: They're really three pathways here.
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ONSCREEN TEXT: Employer plan only
PHIL: The first one, as I said is you can keep your employer plan and you don't need to get Medicare.
More text appears on screen with graphic of a document labeled "Employer plan" and a card labeled "MEDICARE"
ONSCREEN TEXT: Employer plan and Medicare
PHIL: The second approach is you can keep your employer plan and you can also get Medicare. And there's some situations where that makes sense.
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ONSCREEN TEXT: Medicare only
PHIL: PHIL: The third pathway is, well, you can get Medicare and you can drop your employer plan. So these are the three pathways.
Let's talk about them in order.
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ONSCREEN TEXT: I only want my employer plan
PHIL: So when you decide that you're simply going to do nothing and keep your employer plan,
Phil appears on screen
PHIL: there's one wrinkle I wanna make sure you're aware of.
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ONSCREEN TEXT: Employer drug coverage
PHIL: Even though your employer is obligated to continue offering you health coverage, including drug coverage,
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ONSCREEN TEXT: Medicare drug coverage
PHIL: Medicare rules stipulate
that your drug coverage
in your employer plan has
to be at least as good
as a typical Medicare part D plan.
Phil appears on screen
PHIL: If it is fine and
Illustrated graphic of a document appears in the middle of the screen labeled "Notice of credible coverage"
PHIL: your employer has to give you a statement that attests to this, people don't know that their statement even exists let alone
they should ask for it, but your employer has a legal obligation provide this, it's a key piece of paper for you.
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ONSCREEN TEXT: (left) Medicare drug coverage
ONSCREEN TEXT: (right) Employer drug coverage
PHIL: Because if your plan is credible, you're fine. But if your plan's not credible,
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ONSCREEN TEXT: Medicare drug coverage
PHIL: then you have to get a part D plan even though you're gonna keep your employer coverage. In that situation, you
can get a part D plan
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PHIL: without having to also pay for part B. All you have to have as part A and you get a part D plan, you keep your employer plan.
Phil appears on screen
PHIL: That's the most significant sort of implication of keeping your employer plan as far as Medicare is concerned.
Text appears on screen with an illustrated graphic of a card labeled "MEDICARE" and a document labeled "Employer plan"
ONSCREEN TEXT: I want Medicare and my employer plan
PHIL: The second situation is you decide, "Well I think I want to keep my employer plan "and I also want to get Medicare."
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document labeled "Employer plan" at the bottom
PHIL: In that situation you
really need to pay attention
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card labeled "MEDICARE" at the bottom
PHIL: to what is Medicare gonna
give me or get for me that my employer plan is not gonna cover.
Phil appears on screen
PHIL: Historically, people tended to just keep their employer plans and they didn't worry about getting Medicare when they turned 65.
However, employer plans have changed a lot in recent years.
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ONSCREEN TEXT: High deductible health plan
PHIL: Many people now have what are called high deductible health plans. You may pay three, four thousand dollars or even more out of pocket before
your employer health coverage starts helping you pay those bills. In that case, it can make a lot of sense to get a Medicare plan,
which can help pay that deductible for you.
Phil appears on screen
PHIL: Also, Medicare may cover some things that your employer plan doesn't,
Illustrated graphics appear of an ear labeled "Hearing", glasses labeled "Vision", toothbrush with toothpaste labeled "Dental",
and a gym bag labeled "Gym membership"
PHIL: in particular Medicare advantage plan can cover health clubs and dental, hearing, and also some vision coverage that your employer
plan may or may not cover as well.
Phil appears on screen
PHIL: So look at what your employer plan covers, see what you're exposed to in terms of costs and coverage features and then you may decide
that you actually want both.
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ONSCREEN TEXT: I only want Medicare
PHIL: The third thing is you look at your employer plan and you look at what Medicare offers and you say,
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card labeled "MEDICARE" with 2 gold circles above it.
PHIL: 'Well, that's pretty expensive to do both of these. "Maybe all I need is Medicare."
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PHIL: And that's quite possible.
Phil appears on screen
PHIL: You need to understand what Medicare will cover and see what would happen to you if you don't have that employer plan anymore.
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ONSCREEN TEXT: Employer coverage
PHIL:
In that case, you also
need to pay attention
to what happens to your family.
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PHIL: If your spouse and your children are insured on your employer plan, you probably wanna think long and hard before you drop that employer plan.
On screen text of "Employer coverage" is replaced with "State coverage"
PHIL: Although it's still possible that you and they could be better off if you dropped your employer plan and they went on a state
insurance exchange and got their coverage.
Phil appears on screen
PHIL: Those are decisions that you can make. One thing I will say is that
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PHIL: you don't wanna wait too long to make these decisions.
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PHIL: And you also don't wanna guess about what's going on.
Phil appears
PHIL: Because you can't make an informed decision if you're not informed, to say the least.
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ONSCREEN TEXT: So, what is the takeaway?
PHIL: We've covered lots of ground today, so let's recap a bit.
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ONSCREEN TEXT: 20 or more employees
PHIL: If you work for a large employer with 20 or more employees,
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ONSCREEN TEXT: Your employer must continure offering health coverage
PHIL: the employer must continue offering you health coverage. You have three decisions.
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ONSCREEN TEXT: Employer plan only
PHIL: You're gonna just keep your employer plan,
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ONSCREEN TEXT: Employer plan + Medicare
PHIL: you're going to get Medicare plus your employer plan,
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ONSCREEN TEXT: Medicare only
PHIL: or you're gonna drop your employer plan and just get Medicare.
Phil appears
PHIL: All of these decisions should be based on information and knowledge about what's covered, what's not, what it costs.
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ONSCREEN TEXT: Talk to your employee benefits department
PHIL: That's information that you need to get from your employee benefits department, and you need to get it before you turn 65,
Phil appears
PHIL: don't doddle here. You really need to act on a timely basis to make sure you make informed Medicare decisions.
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ONSCREEN TEXT: What if I still have questions?
PHIL: If you have any more questions,
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ONSCREEN TEXT: Visit MedicareMadeClear.com
PHIL: you can go to medicaremadeclear.com and get additional information.
Phil appears
PHIL: Thanks so much for spending some time with me.
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ONSCREEN TEXT: Medicare Made Clear brought to you by UnitedHealthcare
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