The end of Medicare’s Annual Enrollment Period often leaves millions of beneficiaries scrambling to finalize their coverage for the upcoming year. One factor that may affect your options is how often you travel abroad, and seeking special guidance on Medicare enrollment is imperative to avoid costly mistakes. The Financial Guy Insurance Agency has broken down what you should consider when choosing a plan.
The first thing to consider is Coverage Gaps:
Original Medicare Part A (hospitalization) and Part B (outpatient and physician services) generally do NOT cover medical care received outside of the United States. There are, however, a few exceptions, including:
- Emergency Care near U.S. borders, such as Mexico or Canada
- Treatment on cruise ships WITHIN United States territorial waters
- Certain emergencies during travel in Alaska
Nevertheless, even with these limitations, it is important to maintain Part A coverage while abroad to avoid penalties if you plan on returning to the United States. Some people opt to drop Part B coverage while overseas, but re-enrollment upon return can result in lifelong late-enrollment penalties – adding nearly 10% to the monthly premium for every 12-month period you went without coverage.
How can you fill the Gap?
Many retirees often explore supplemental coverage options such as:
- Medicare Advantage Plans: Some of which include limited foreign travel emergency coverage.
- Medicare Supplement (Medigap) Policies: Some plans (C, D, F, G, M & N) will cover up to 80% of approved foreign emergency medical costs, up to plan limits.
- Travel Insurance: Opting for travel insurance offers broader coverage, including medical evacuation, and is often essential for extended stays overseas.
One last important thing to note is that Medicare Part D prescription drug plans DO NOT cover medication outside of the United States. If you plan to travel for extended periods of time outside of the U.S., ensure you have an adequate supply of necessary medications before departing. If an adequate supply is not available, you may be able to secure your prescription through a U.S. pharmacy that offers international shipping for long overseas stays.
Meet with one of our specialized agents today, call 866-TFG-MEDI, or visit our website for more information.
“Currently we represent 8 organizations which offer 66 products in your area. You can always contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program (SHIP) for help with plan choices.”
