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Chapter 14. Being Patient

Chapter 14. Being Patient

Patience is said to be a virtue. But if you find yourself a patient in a hospital, good medical insurance may be of more help to you than merely being virtuous. At one time, corporations were more generous in continuing medical insurance coverage for retired employees, particularly those early retirees who did not yet qualify for Medicare, but today, as many companies look for ways to cut costs, reducing health insurance coverage for retired workers is becoming one of the ways companies achieve that end. And other companies that may have had the best of intentions have gone bankrupt, causing retirees to lose health insurance benefits as well. Another problem occurs when companies change their health insurance benefits for retirees after they have retired. It seems unfair, but it is perfectly legal. Some of the changes intended to reduce costs include tying health benefits to the length of time the retiree worked for the company or just flat out reducing coverage payments by the company.

As for retirees already receiving Medicare, it will not startle anyone to learn that Medicare does not even come close to covering the medical insurance needs of people, which is why Medigap policies to fill the gaps in coverage are so prevalent. In the past, companies were more likely to provide this insurance, but not as much anymore.


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