Retirement

[barbara]

I'm starting to line things up for retirement and have been looking at supplemental insurance plans for Medicare.

Anyone got good advice for me?

I have looked at prices and considering our situation, I am convinced we would be better off with a high premium and a low co pay rather than a low premium and high co pays.

[nailer]

I'm starting to line things up for retirement and have been looking at supplemental insurance plans for Medicare.

Anyone got good advice for me?

I have looked at prices and considering our situation, I am convinced we would be better off with a high premium and a low co pay rather than a low premium and high co pays.

Based on what you've shared here, I think you are making a good choice.

Have you run past years' medical expenses against the insurance cost?

[Tom Joad]

I'm starting to line things up for retirement and have been looking at supplemental insurance plans for Medicare.

Anyone got good advice for me?

I have looked at prices and considering our situation, I am convinced we would be better off with a high premium and a low co pay rather than a low premium and high co pays.

That's the route I go.

I pay a shitload for my insurance.

Just for myself it comes to about $500 a month with my part B Medicare premium.

But it's worth it for the peace of mind.

[Tom Joad]

Have you run past years' medical expenses against the insurance cost?

The problem is that last years medical expenses aren't always a good predictor of next years. You never know when a big medical expense is going to hit you.

[barbara]

Thanks for the responses.
I have considered last year's cost against the cost of insurance. Since husband is disabled, we have lots of doctor appointments. One of my big worries is that he is on a lot of meds.

Currently through my job, I have a great policy and I have the opportunity to continue that coverage for $1000 a month to cover both of us. That seems expensive but then we wouldn't have to worry about open enrollment and changing formularies every year.

I don't have to decide until I retire so I still have time to think on it.

[icenine]

Your medical expenses will always be more than your insurance, and if they are not that means you were just lucky that year. We are all seconds away from some sort of medical emergency or unforeseen medical condition.

[merrylander]

We both had Care First BCBS @ about $300 per mo each. Her hospitalization was initially billed ai over $250,000 and I was out of pocket only $250.

[Tom Joad]

Currently through my job, I have a great policy and I have the opportunity to continue that coverage for $1000 a month to cover both of us. That seems expensive but then we wouldn't have to worry about open enrollment and changing formularies every year.

I have the same option.

It's going to cost $776 a month for my wife and I. And that's just to cover what Medicare doesn't. But it's good coverage. You pay almost nothing in the way of Co-pays and deductibles.

[Oerets]

Barbara, once you both are on Medicare your employer policy becomes the supplemental and should then drop in price. Or if you are to young it will be high until reaching 65. Once you retire your husband will then have Medicare as primary and other will be supplemental. You will need to show past coverage for him to prevent a penalty for each month not signed up for Medicare Part B.

Again the price should be less once he changes primary coverage.
I recall you will have a 90 day window to sign up once a "Life changing event" happens to decide a supplemental and sign up for Medicare.

Also recommend calling SS first to gather intel, then being at the local office at least 1/2 hour before the doors open to do any business.



Barney

[Tom Joad]

Also recommend calling SS first to gather intel, then being at the local office at least 1/2 hour before the doors open to do any business. Barney

What doors?

I signed up for both Social Security and Medicare online.

Didn't even have to get out of my Pajamas. :D

[Oerets]

What doors?

I signed up for both Social Security and Medicare online.

Didn't even have to get out of my Pajamas. :D


Just saying with a 90 day window and having to wait on any papers from employer for SS. Going to the office gets it done that day. With getting the waver for a spouse on part B it can eat up the 90 days if doing it thru the mail and phone.



Barney

[barbara]

Barbara, once you both are on Medicare your employer policy becomes the supplemental and should then drop in price. Or if you are to young it will be high until reaching 65. Once you retire your husband will then have Medicare as primary and other will be supplemental. You will need to show past coverage for him to prevent a penalty for each month not signed up for Medicare Part B.

Again the price should be less once he changes primary coverage.
I recall you will have a 90 day window to sign up once a "Life changing event" happens to decide a supplemental and sign up for Medicare.

Also recommend calling SS first to gather intel, then being at the local office at least 1/2 hour before the doors open to do any business.



Barney



Thank you for that information.

Husband has been on Medicare and covered by my employment insurance for a long time. We never dropped the Medicare part b when I got employer insurance so I don't think we will have a penalty there.

[barbara]

I have the same option.



It's going to cost $776 a month for my wife and I. And that's just to cover what Medicare doesn't. But it's good coverage. You pay almost nothing in the way of Co-pays and deductibles.



My co pays will be 5 or 10 dollars (depending on the medication) for medications as far as I can tell.

TJ..... I think we finally found something we can agree on. Good coverage is worth it.

[JCricket]

Thanks for the responses.
I have considered last year's cost against the cost of insurance. Since husband is disabled, we have lots of doctor appointments. One of my big worries is that he is on a lot of meds.

Currently through my job, I have a great policy and I have the opportunity to continue that coverage for $1000 a month to cover both of us. That seems expensive but then we wouldn't have to worry about open enrollment and changing formularies every year.

I don't have to decide until I retire so I still have time to think on it.

Barb,
I have tried on several occasions to sort this out. I have yet to get a good answer.

One issue, a good issue, my wife still works and has excellent insurance. Trying to find out if I can use both(medicare as payer of last resort) has been fruitless. With your husband disabled there are a few things I would consider. At least for me with my disability I do. One is how critical is his care. Does he need a doctor that KNOWS him and his conditions. For a lot of people a general practioner with a few visits a years is all they need. If he is on a lot of meds, and has chronic care, it may be something to think about. Will his current doctors use medicare. Mine won't. The other thing is the medicare donut hile, how do the supplemental plans work with this?

I am posting before reading the whole thread so pardon me if this has been addressed.
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