Author Topic: Medicare, signed up today  (Read 2781 times)

Offline old head

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Medicare, signed up today
« on: January 11, 2022, 01:22:24 PM »
Well, I did it. 

I signed up for Medicare as my wife and I get our coverage from her employer, local school board.  She retired 2 years ago.  I will be dropped from her coverage when I hit 65 in late March, so I thought I should get my ducks lined up for before that day.

I have also requested supplemental policies to see what is available to minimize my out of pocket costs.

From what I have seen, the HOA supplement for Medicare is better than my current employer coverage.  Wife's coverage was better than my employer's coverage, that's why we have been on her coverage since she started as a teacher.

I am not signing up for Social Security just yet.  I work from home, and I really like my work so as long as I can continue to work from home I will do that for awhile.  I work when I need to, and a lot of discretion when I work.  Since I am the only one in my small company who can do what I do, I have a certain amount of job security.

My full retirement age is 66 and 6 months.

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Online xackley

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Re: Medicare, signed up today
« Reply #1 on: January 11, 2022, 01:35:18 PM »
I went with Advantage for $0 additional cost. I am healthy with a prescription for thyroid and metformin.
My only out of pocket is an annual $50 for CT scan, everything else has been covered for the last 5 years.
So far the doctor says I should die before the asbestos becomes a problem.

If I get sick, I will be looking for other options, but for now supplement  would not make sense.

Edit: I did go to my local Office on Aging to get advice when I was about to turn 65 to get info and advice. She was very helpful.

« Last Edit: January 11, 2022, 01:38:19 PM by xackley »
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Re: Medicare, signed up today
« Reply #2 on: January 11, 2022, 02:41:10 PM »
Thank you both - I am supposed to have dealt with this by now, turning 66 in a couple of weeks, but have been avoiding it.

Still going to avoid it for a while longer, but I'll watch this thread to see what I can learn. I currently have good coverage for my wife and I through my employer, and will put off collecting social security as long as practical. Retirement is a never for me unless a windfall occurs.
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Re: Medicare, signed up today
« Reply #3 on: January 11, 2022, 03:39:18 PM »
I just turned 68.. been on Medicare for 3 years with a no cost advantage plan. So far I'm surprised to be very pleased with everything to do with Medicare. For a government service they are good, knock on wood.
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Re: Medicare, signed up today
« Reply #3 on: January 11, 2022, 03:39:18 PM »

Offline blackcat

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Re: Medicare, signed up today
« Reply #4 on: January 11, 2022, 03:46:29 PM »


If I get sick, I will be looking for other options, but for now supplement  would not make sense.


We signed up for the F plan when we turned 65 because my wife has some expensive health issues and the same with myself. The advantage plans are OK, but if you want to change down the line to a better plan you are subjected to a health screening based on pre-existing conditions and of course age.
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Offline Mayor_of_BBQ

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Re: Medicare, signed up today
« Reply #5 on: January 11, 2022, 05:01:26 PM »
jeeze im jealous! They need to drop the age of eligibility at least 10 years. The only thing keeping me from an early retirement is health care costs. I have a 'good job' with a 'multi-billion dollar' and 'multi-national' company and I work at a 'for profit' hospital (what an oxymoron). And I pay $360/month for my wife and I with a $10,000 deductible. Neither of us has any health problems, it's literally 'bankruptcy insurance'.  God forbid anything actually does happen, we will probably have to get divorced real quick so we only go 'half-bankrupt'.  Great system we have here  :boozing:
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Offline old head

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Re: Medicare, signed up today
« Reply #6 on: January 11, 2022, 05:16:39 PM »
Well for me I only see medicare options A B G K L N

I signed up for A and B, as I am healthy and haven't had any sickness in years.  Don't smoke/drink/drugs.

I have to ask that question if you can change your options ea year or are you locked in once you start?
I need to ask the supplement carrier how they handle excess charges.  Costs being what they are, it probably prudent to have a plan for that also.

The wife has serious medical costs so her sign up will be much different than mine, but thats 3 years off.
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Offline LowRyter

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Re: Medicare, signed up today
« Reply #7 on: January 11, 2022, 05:24:42 PM »
I think I'm over insured with my original employer plan, Medicare, and then additional supplementals. 
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Re: Medicare, signed up today
« Reply #8 on: January 11, 2022, 05:26:02 PM »
I will be signing up in about six months.  Hope it’s not too confusing!!!

Online PeteS

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Re: Medicare, signed up today
« Reply #9 on: January 11, 2022, 05:37:46 PM »
I will be signing up in about six months.  Hope it’s not too confusing!!!

Signing up for A and B is fairly simple. You can do it online. Adding C and D is where it can get overwhelming with all the options. It comes down to your health status, how many doctors visits do you make every year and how many prescriptions you take. Healthy and drug free you can skip those options. If not it might be worth finding a consultant who can find you the best plans.

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Offline twowheeladdict

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Re: Medicare, signed up today
« Reply #10 on: January 11, 2022, 05:45:06 PM »
Congrats to you all for living long enough to be on Medicare.  I see it getting taken out of my paycheck every week and wonder if I will ever see a benefit from it. 
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Offline blackcat

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Re: Medicare, signed up today
« Reply #11 on: January 11, 2022, 06:43:20 PM »
Well for me I only see medicare options A B G K L N

I signed up for A and B, as I am healthy and haven't had any sickness in years.  Don't smoke/drink/drugs.

I have to ask that question if you can change your options ea year or are you locked in once you start?
I need to ask the supplement carrier how they handle excess charges.  Costs being what they are, it probably prudent to have a plan for that also.

The wife has serious medical costs so her sign up will be much different than mine, but thats 3 years off.

They eliminated the F plan in 2020 but the G plan is almost as good.  And you can change those supplemental plans during the open enrollment periods.
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Offline leroysch

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Re: Medicare, signed up today
« Reply #12 on: January 11, 2022, 07:12:32 PM »
Retirement for me was predicated on becoming eligible for Medicare. Went with original Medicare and chose a retiree medical plan from my former employer offering a low deductible, low out of pocket annual limits,  no lifetime maximum, and no in- vs out- of network BS.
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Offline LowRyter

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Re: Medicare, signed up today
« Reply #13 on: January 11, 2022, 10:33:05 PM »
Congrats to you all for living long enough to be on Medicare.  I see it getting taken out of my paycheck every week and wonder if I will ever see a benefit from it.

really?
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Offline LowRyter

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Re: Medicare, signed up today
« Reply #14 on: January 11, 2022, 10:44:01 PM »
Retirement for me was predicated on becoming eligible for Medicare. Went with original Medicare and chose a retiree medical plan from my former employer offering a low deductible, low out of pocket annual limits,  no lifetime maximum, and no in- vs out- of network BS.

Everyone I know that's contemplating "early" retirement has had that concern.  I've had a few tearful encounters with folks in the their late 50's and 60's about discussing associated health, family, financial and employment issues.   All of them were hardworking and had income and savings.

I was fortunate having my employer insurance at retirement with the same cost that I had working.  In fact, my costs went down when I was able to cover the wife and myself with a "+1 policy" and dropping the "family plan".

One caution when switching over.  Make sure that you get the billing straight with your health provider up front.  Know which insurance is primary.  I was getting bills for hundreds of dollars every month when I was previous paying $20 copays despite having additional insurance.
« Last Edit: January 11, 2022, 10:47:57 PM by LowRyter »
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Offline lucky phil

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Re: Medicare, signed up today
« Reply #15 on: January 11, 2022, 11:21:14 PM »
I'm so glad I don't have any of this to worry about in retirement. I feel for you guys. I retired at 57 and never gave health cover a second thought.

Ciao
« Last Edit: January 11, 2022, 11:29:38 PM by lucky phil »
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Offline Tom

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Re: Medicare, signed up today
« Reply #16 on: January 12, 2022, 02:03:54 AM »
Seems most here have their Medicare coverages covered. 

I'll throw some info in on when you should draw your SS benefits. I do basic pre-retirement benefit planning for Seniors when I have contact with them through my office.  Often when someone draws their benefit at 62, they limit what they can earn while working after age 62.

One of the criteria and basic input for when you should take your Social Security benefits would be to figure your longevity age.  If your parents passed add their ages together and divide by 2.  This will give you an age that could help you decide.  62, 66+ or 70. 

At age 70, you can work FT and receive 1/3 more of your benefit that you'd get at full retirement age 66+.  If defer till age 70, you can keep adding to increase your benefits .  The additional 3.5 year will increase your monthly amount and at age 70 which is the max amount that you can draw.

If you're confused......consi der this as a pay increase to your monthly income at age 70 if you're still working which will be 1/3 more than if you took it at age 66+.  Do you like your job or not?  Hopefully you have other income streams that you can draw on.  Pension, PT work, passive investment, 401K, IRA and/or retirement fund.

There is another variable that I'll bring up.  If you draw at age 62 and get a good paying job after that then you can pay back what you drew then wait to draw again at full retirement age at 66+ or the total max age of 70.  As stated earlier you'll be increasing you monthly when you withdraw again.

Hopefully you're eating better and taking care of yourself physically better than your parents thus improving your longevity age vs. your parents.

You have a limit that you can earn while working at 62 and drawing while working. 
 
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Offline JoeB

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Re: Medicare, signed up today
« Reply #17 on: January 12, 2022, 05:58:56 AM »
We signed up for the F plan when we turned 65 because my wife has some expensive health issues and the same with myself. The advantage plans are OK, but if you want to change down the line to a better plan you are subjected to a health screening based on pre-existing conditions and of course age.
Same here. Wife had 3 surgeries, 5 weeks radiation, and all the other things that come along with that.
Easily ran into a few hundred thousand. Didn't get one bill. All taken care of by Medicare and supplement.
Got to see the charges with info sent by Medicare.
Note with supplement you'll need to get a prescription plan, known as part D.
Advantage plans usually include a drug plan.
Gotta study the drug plans to fit your meds.
Wife is on some pricey meds and her plan runs $20 or so a month. Total outlay last year for drugs was under a couple hundred bucks for her. I need nothing special so the plan I have is around $8/month. Usually no co-pay or at the most $5/script.
« Last Edit: January 12, 2022, 06:02:18 AM by JoeB »
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Offline centauro

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Re: Medicare, signed up today
« Reply #18 on: January 12, 2022, 06:24:41 AM »
I will be signing up in about six months.  Hope it’s not too confusing!!!

Not confusing at all; you can do it online after signing up for a new social security account. You can apply just for Medicare Part A and B if you want to hold off applying for Social Security benefits at that time. Medicare may bill you for the first 3 months after you get notified of acceptance via regular mail, so, get ready to pay $510.30.
If you apply for Social Security benefits at the same time, the Medicare monthly premium ($170.10) will be deducted directly from your SS monthly benefit. Best way to pay and receive benefits is via direct deposit from your bank account; easy to do by filling a form and taking it to your bank.
It was a completely painless experience for me since I applied 2 years ago.
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Offline centauro

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Re: Medicare, signed up today
« Reply #19 on: January 12, 2022, 06:37:51 AM »
In my case, as a retired military individual, in order to keep my Tricare for Life (TFL) medical benefit, I had to enroll in Medicare Parts A and B at 65. Medicare covers 80% of outpatient visits, tests, etc, while TFL usually covers the rest. Part A covers 100% of hospital stays.
As a veteran, I also have the VA medical care program, which covers service-connected illnesses, but charges copays for everything else.
I am sure several veteran/retired military members here are covered as I am.
Of course, if you are in general good health, the out of pocket costs are minimal, otherwise, there are copays and deductibles, just  as for the other insurance programs out there.
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Offline twowheeladdict

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Re: Medicare, signed up today
« Reply #20 on: January 12, 2022, 06:46:32 AM »
really?

No one is promised tomorrow and the older you get the closer you are to your last breath. The actor Bob Saget just died at 65.  Steve McQueen died at 50. 
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Offline twowheeladdict

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Re: Medicare, signed up today
« Reply #21 on: January 12, 2022, 06:53:41 AM »
Seems most here have their Medicare coverages covered. 

I'll throw some info in on when you should draw your SS benefits. I do basic pre-retirement benefit planning for Seniors when I have contact with them through my office.  Often when someone draws their benefit at 62, they limit what they can earn while working after age 62.

One of the criteria and basic input for when you should take your Social Security benefits would be to figure your longevity age.  If your parents passed add their ages together and divide by 2.  This will give you an age that could help you decide.  62, 66+ or 70. 

At age 70, you can work FT and receive 1/3 more of your benefit that you'd get at full retirement age 66+.  If defer till age 70, you can keep adding to increase your benefits .  The additional 3.5 year will increase your monthly amount and at age 70 which is the max amount that you can draw.

If you're confused......consi der this as a pay increase to your monthly income at age 70 if you're still working which will be 1/3 more than if you took it at age 66+.  Do you like your job or not?  Hopefully you have other income streams that you can draw on.  Pension, PT work, passive investment, 401K, IRA and/or retirement fund.

There is another variable that I'll bring up.  If you draw at age 62 and get a good paying job after that then you can pay back what you drew then wait to draw again at full retirement age at 66+ or the total max age of 70.  As stated earlier you'll be increasing you monthly when you withdraw again.

Hopefully you're eating better and taking care of yourself physically better than your parents thus improving your longevity age vs. your parents.

You have a limit that you can earn while working at 62 and drawing while working.

Good info.  Don't forget about spousal benefits.   If you are the primary bread winner and  your spouse has more longevity than you, you might want to wait in order to maximize their income when you are gone.
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Offline JoeB

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Re: Medicare, signed up today
« Reply #22 on: January 12, 2022, 07:26:47 AM »
Good info.  Don't forget about spousal benefits.   If you are the primary bread winner and  your spouse has more longevity than you, you might want to wait in order to maximize their income when you are gone.
I went out early at reduced benefit . Didn't apply or get spousal benefit until wife was full retirement age.
By her waiting she got half, but it's half of my full retirement benefit, not the reduced rate I get for going out early.
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Offline LowRyter

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Re: Medicare, signed up today
« Reply #23 on: January 12, 2022, 08:51:41 AM »
Seems most here have their Medicare coverages covered. 

I'll throw some info in on when you should draw your SS benefits. I do basic pre-retirement benefit planning for Seniors when I have contact with them through my office.  Often when someone draws their benefit at 62, they limit what they can earn while working after age 62.

One of the criteria and basic input for when you should take your Social Security benefits would be to figure your longevity age.  If your parents passed add their ages together and divide by 2.  This will give you an age that could help you decide.  62, 66+ or 70. 

At age 70, you can work FT and receive 1/3 more of your benefit that you'd get at full retirement age 66+.  If defer till age 70, you can keep adding to increase your benefits .  The additional 3.5 year will increase your monthly amount and at age 70 which is the max amount that you can draw.

If you're confused......consi der this as a pay increase to your monthly income at age 70 if you're still working which will be 1/3 more than if you took it at age 66+.  Do you like your job or not?  Hopefully you have other income streams that you can draw on.  Pension, PT work, passive investment, 401K, IRA and/or retirement fund.

There is another variable that I'll bring up.  If you draw at age 62 and get a good paying job after that then you can pay back what you drew then wait to draw again at full retirement age at 66+ or the total max age of 70.  As stated earlier you'll be increasing you monthly when you withdraw again.

Hopefully you're eating better and taking care of yourself physically better than your parents thus improving your longevity age vs. your parents.

You have a limit that you can earn while working at 62 and drawing while working.

You know.  I think Lucky Phil is on to something.   :wink:

I'm so glad I don't have any of this to worry about in retirement. I feel for you guys. I retired at 57 and never gave health cover a second thought.

Ciao
John L 
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Re: Medicare, signed up today
« Reply #24 on: January 12, 2022, 08:58:22 AM »
just hoping my 401-k is fat enough by the time I'm 59.5 to carry me to full retirement age....  In that window, hopefully I can get on my wife's insurance from her workplace.

There are many reasons to marry a hot younger woman, this is one I didnt consider when I made the leap, but hoping it pays off dividends!
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Re: Medicare, signed up today
« Reply #25 on: January 12, 2022, 09:04:36 AM »
We couldn't have been more pleased to get on Medicare and a supplement. I retired a bit before my 60th BD. Was able to stay on my group plan but had to pay full boat. For my wife and I that that was around $1,300 a month. So far all is good on Medicare and much, much cheaper.
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Offline blackcat

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Re: Medicare, signed up today
« Reply #26 on: January 12, 2022, 09:07:37 AM »
jeeze im jealous! They need to drop the age of eligibility at least 10 years. The only thing keeping me from an early retirement is health care costs.

Then there is the ripple effect of older worker's staying in the work place solely for healthcare coverage.

Up until the early 2000's it was reasonably affordable to get descent health care coverage, especially in the self employment world and then it just skyrocketed.
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Offline Tusayan

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Re: Medicare, signed up today
« Reply #27 on: January 12, 2022, 09:51:52 AM »
just hoping my 401-k is fat enough by the time I'm 59.5 to carry me to full retirement age....  In that window, hopefully I can get on my wife's insurance from her workplace.

There are many reasons to marry a hot younger woman, this is one I didnt consider when I made the leap, but hoping it pays off dividends!

I’ve bought rental properties and maxxed out my 401K for years to pay for health insurance in pre-65 retirement.  On the scale of my expenses in that period it won’t be the greatest by any means, so there are plenty of reasons to save responsibly.

The flip side of an age difference in a married couple is that if you marry a younger spouse who is for years on your employers medical plan, you need to prepare to pay for their health insurance individually when you stop working and switch to Medicare.  I realized that after marrying a woman very slightly older than me, and she now kids me by saying I knew it all along and factored it into marrying her!
« Last Edit: January 12, 2022, 09:53:11 AM by Tusayan »

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Re: Medicare, signed up today
« Reply #28 on: January 12, 2022, 10:10:34 AM »

The flip side of an age difference in a married couple is that if you marry a younger spouse who is for years on your employers medical plan, you need to prepare to pay for their health insurance individually when you stop working and switch to Medicare.  I realized that after marrying a woman very slightly older than me, and she now kids me by saying I knew it all along and factored it into marrying her!

Yep! I have been carrying her on my medical plan for a few years, and will continue as long as I'm working...  She has health insurance available thru her employer, but the only plans are super-gold Cadillac types and it just doesnt suit our usage.
Mine is cheaper by a mile, but much worse coverage.

She's going to be pleased as punch to get me out of working a 'real job'.  Luckily, I taught her how to save and a fair bit about financial planning (her family had no basis in this)...  So by the time she is about 60, she is going to retire with a boatload of money thanks to the contributions she is making now....   My current plan is keep maxing out my IRA and socking 20% of my income into 401-K...  (and getting our house paid off!).  As soon as I hit that goal, I will quit full time work and pick up a part-time gig at a bicycle shop or working one of my side gigs.

As long as I can float us until I get full SS benefits, she is going to be just fine after I'm gone.
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Re: Medicare, signed up today
« Reply #29 on: January 12, 2022, 11:15:22 AM »
I am 74 and have Medicare Advantage with a $16 a month extra to lower some co pays...2-1/2 years ago Mr Cancer came to visit..I had been living a healthy lifestyle so it was unexpected to say the least...In this time period the co pays have been about $15000. All of that was/is paid on time. My wife and I have reasonable blue collar retirement funds, a low key lifestyle so the co pays do not break the bank...Something to think about before buying another new truck .....
  And while many disapprove of the US healthcare system, the care I have received is world class and the docs and nurses are outstanding..

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