With medical expenses among the most pressing financial concerns of retirees, Fidelity will team up with Extend Health, a Towers Watson company, to help retiring corporate employees choose Medicare coverage.
Once people reach age 65 and become eligible for Medicare, they face myriad choices with substantial financial consequences. Original Medicare, which can be supplemented by a private Medigap policy, appears to be losing ground to private Medicare Advantage plans. Reports indicate that nearly 1.5 million seniors joined a Medicare Advantage plan for 2013, bringing total enrollment to 14.5 million, almost one-third of all Medicare beneficiaries. In addition to choosing among Medigap policies and Medicare Advantage plans, many Medicare enrollees select private Medicare Part D coverage for prescription drugs.
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