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Insurance with job v. medicare insurance
Old 10-17-2018, 12:31 PM   #1
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Insurance with job v. medicare insurance

Hi, i am a member that doesn't post much or read much anymore. I am 62 now and can retire at 67.5 years of age and earn unlimited extra money. I plan to work to 70 so I can draw higher state retirement and get higher social security. Yet I have considered keeping on working with my day job and taking social security at age 68. I am not able to retire now. I need to work due to no savings and lots of credit card debt and a house payment that won't die until 2034. I had thought if I took soc sec at age 68 I could just bank it as savings and or apply to the house payment and get that paid off early. I really don't know what to do. I work partime now on weekends about 7 months of the year so I have extra money to get by on yet can't save very much. Several things puzzle me.

If i do take soc sec at age 68 will i also have to pay medicare cost out of my soc sec check even though I have health coverage with my day employer?

Can I opt out of paying the medicare cost in the soc sec check until I am no longer employed by the state?

If I do retire at age 70 from the state can I retain the state insurance coverage if it is cheaper than that of medicare and not have the medicare cost taken out of my social security check?

Is it worth it to not take soc sec at 68 and hold off until 70? Will the amount of difference in my total soc sec check be that much greater if I hold off from 67.5 to age 70?

If I do take soc sec at age 68 and keep on working at day job until age 70, would my soc sec checks increase over time due to the extra money being brought in a yearly basis? I heard they routinely update the income records and if you have enough income added they will increase your soc sec check accordingly.

Must I take medicare if I opt to keep my state insurance after I retire from the state? Can I not choose to take medicare coverage or is it required?
It is only me, I have no family to help me. Only income in the future would be soc sec check and state retirement check and any parttime job if any I may hold.
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Old 10-17-2018, 12:51 PM   #2
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Don't feel so bad about not having the resources to retire at normal retirement time. You're with the majority of the American people.
You do not have to take Medicare at age 65. However whenever you do enroll in Medicare, the premiums will have increased 10% for every year you didn't have Medicare.
Many people would take the Medicare and see if they can get their employer to give them a raise--for not using the insurance they may be paying part or all of.
If you are of sound mind and body, holding off until age 70 to start drawing Social Security is an excellent investment. Most people need the income earlier, however. After starting social security, working much part time might require paying back some of your Social Security income--if you make too much.
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Old 10-17-2018, 01:06 PM   #3
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Quote:
Originally Posted by Bamaman View Post
Don't feel so bad about not having the resources to retire at normal retirement time. You're with the majority of the American people.
You do not have to take Medicare at age 65. However whenever you do enroll in Medicare, the premiums will have increased 10% for every year you didn't have Medicare.
A long as he is otherwise covered for health insurance for a few more years, I do not believe that he will be penalized for enrolling in Medicare at a later age than 65.

But he needs to carefully look into his work health insurance coverage to make sure it doesn't change once he turns 65.
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Old 10-17-2018, 01:20 PM   #4
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It's nice you are 62 and starting to look at this now. start talking to your HR people, thinking about the best age for you to take SS and reading about Medicare.

You have a lot to work thru but won't feel rushed..
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Old 10-17-2018, 04:17 PM   #5
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You should take Medicare Part A (hospital) at age 65. It's free.


Medicare part B which cost $135 per month in 2019 is the part that you should skip when covered by your employer's plan. You will not be penalized as long as you're covered by your employer.
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Old 10-18-2018, 06:27 AM   #6
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The OP should go to Social Security .gov. If you have not already, set up on line access. There you will have access to your earnings record as well as a calculator that will enable you to model the options you are considering vis a vis age claiming strategies. Generally, waiting to claim is to your advantage assuming you don't need the funds to support you.

Regarding your employer insurance, many states, perhaps yours, permit their health care coverage to become your secondary insurance ( you will need supplemental coverage as Medicare only covers 80% of costs. Usually ( ) the employer coverage once it becomes secondary, waves all copays and deductibles (except perhaps drug copays.). So once you have completely retired the Medicare premium plus retiree employer premium provide nearly 100% coverage.


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Old 10-18-2018, 07:23 AM   #7
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You need to check your situation carefully. As I understand it, if you continue working under an employer's plan, the employers plan will be primary and you can postpone taking Part B without penalty. But you need to check carefully. When you sign up for Medicare you can select Part A only. I did. As did DW. DW recently signed up for Social Security and is not having Medicare Part B deducted.
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