Retiree Medical Coverage/Medicare Question(s)

[frayne]

Just turned 64 years old and medicare is just around the corner and I'm trying to educated myself on the plethora of options. I am already collecting social security so it looks like I'll automatically be enrolled in Medicare part A & B. I understand what they cover, so no questions there.

A question I do have is this; I have retire medical coverage (worked for BP for 32 years) and Aetna is the insurance carrier. What happens when I turn 65 ? Will my Aetna coverage stop when I pick up Medicare A&B ?

Will they offer some type of Medicare supplemental insurance ?

Will they somehow pro-rate/discount my premiums and keep my spouse coverage/premium the same.

I have looked in the BP Retiree handbook and can not find the answer(s) I am looking for.

Any ideas, appreciate any and all responses and will no doubt have other questions concerning Medicare in the future. I have ordered the book "Medicare Demystified" and plan to educate myself on what seems to be a very convoluted subject.

Also would appreciate any advice from someone who has already navigated the hurdles on what to do as opposed to what not to do.

Again, thanks in advance for replies.

[Options]

Quote:

Originally Posted by frayne Just turned 64 years old and medicare is just around the corner and I'm trying to educated myself on the plethora of options. I am already collecting social security so it looks like I'll automatically be enrolled in Medicare part A & B. I understand what they cover, so no questions there. A question I do have is this; I have retire medical coverage (worked for BP for 32 years) and Aetna is the insurance carrier. What happens when I turn 65 ? Will my Aetna coverage stop when I pick up Medicare A&B ? Will they offer some type of Medicare supplemental insurance ? Will they somehow pro-rate/discount my premiums and keep my spouse coverage/premium the same. I have looked in the BP Retiree handbook and can not find the answer(s) I am looking for. Any ideas, appreciate any and all responses and will no doubt have other questions concerning Medicare in the future. I have ordered the book "Medicare Demystified" and plan to educate myself on what seems to be a very convoluted subject. Also would appreciate any advice from someone who has already navigated the hurdles on what to do as opposed to what not to do. Again, thanks in advance for replies.

What type of retiree medical insurance is it? I'm surprised nothing is listed in your retiree handbook. BP' HR department will have this information as well as the plan documents. Your retiree benefit, if any, is specific to BP 's plan and anyone else who has navigated retiree medical in another company will most likely not be in the same situation. You really can't get around contacting BP directly for specifics regarding what they're offering, including any limitations.

Regarding things to consider, see this:

Retiree insurance | Medicare.gov

[eytonxav]

Doesn't BP have a benefits website? Perhaps you will hear from your company when you get a little closer to 65 to identify what medicare options they provide. Nevertheless, it will probably be worthwhile shopping external sources for a Supplement F or some other medigap type coverage.

[Tadpole]

I don't work for BP and don't know if this is the right document but I googled "British Petroleum employees aetna insurance medicare coordination" and found this at one of the hits. It has a section on Medicare (I didn't read it).


http://hr.bpglobal.com/LifeBenefits/...lan&format=pdf

[Options]

You'll want to speak directly to HR. There are deadlines, guidelines, and specific actions you must take in order to get this benefit, if in fact it's available to you (you don't seem sure). If a retiree medical benefit does exist for you, they will provide you with documents that will tell you exactly what the benefit is as well as its limitations (which you asked about above). Retiree benefits are structured so that they're easy to understand for retirees.

[Bamaman]

I can just speak for my ex-Mega Company. I have been "allowed" to purchase their Cadillac healthcare since age 58--first through a Retiree Health Savings Account and recently for $420 per month out of my pension.


1st of the month prior to my turning 65 years old, I went on Medicare Parts A&B. Mega Company also allowed me to purchase their fine Medicare Supplement which included Part D--saving me over $200 monthly vs. prior to turning 65.


My wife has been "allowed" to purchase her Medicare Supplement through Mega Company for the past 12 years--since she went on disability.


Extremely good healthcare insurance has been a Godsend for us throughout the years.

[Walt34]

Quote:

Originally Posted by frayne A question I do have is this; I have retire medical coverage (worked for BP for 32 years) and Aetna is the insurance carrier. What happens when I turn 65 ? Will my Aetna coverage stop when I pick up Medicare A&B ?

There is no standard answer, it depends on BP's plan. So you'll really have to find out from BP.

[jim584672]

At my Megacorp retiree medical was 1/2 price medical to 65, then they pay for a Medigap policy 65+.

[gauss]

Quote:

Originally Posted by frayne Just turned 64 years old and medicare is just around the corner and I'm trying to educated myself on the plethora of options. I am already collecting social security so it looks like I'll automatically be enrolled in Medicare part A & B. I understand what they cover, so no questions there.

I thought you needed to manually sign up for part B, but maybe this is only if you are not drawing SS yet.

-gauss

[meierlde]

Quote:

Originally Posted by gauss I thought you needed to manually sign up for part B, but maybe this is only if you are not drawing SS yet. -gauss

Correct if your getting benefits from SS you are automatically signed up.

Note the BP benefits web site should include a Summary plan description. It will likley say that about 3 months before the month your Medicare starts you should get a letter with details on the medicare plan.

Here is a link to the BP medical plans web site:http://hr.bpglobal.com/LifeBenefits/...l-Program.aspx
There is a link to download the SPD for the medicare eligible folk.

[Brat]

Keep in mind the fact that Medicare will be primary even if you have the BP health plan. What this will mean to you is that if you don't currently have a relationship with a physician they may no accept you as a patient.

Example: when I moved from Bainbridge Island to Portland I had a devil of a time finding a primary care provider. All of those I wanted had their practice closed to new medicare patients. It didn't matter that I had an OPM health insurance insurer. The issue is that physicians cannot charge more than what Medicare approves. For a primary care physician a Medicare patient is an expense.

I didn't have any problems finding specialists, however.

[stepford]

Not directly applicable to the OP's question, but I can tell you that for Boeing's retiree medical plan (for non-union employees in California at least):

A. It ceases entirely when you turn 65 and become Medicare eligible.
B. That fact is not advertised on the various blurbs on the benefits website (need to actually dig through the published plan details).

[Car-Guy]

Similar story here. Already collecting SS and will become Medicare eligible next year. My Mega Corp (not BP) has a pretty good "benefits" web site but I still called the benefits office to ask some additional questions. They told me they will automatically send me the info necessary to sign up for their Medicare supplemental plan 3 months before I turn 65. The DW is a few years younger and will stay on the current plan until she turns 65.

Our claims are also handle through Aetna which has been one of the most painful (or maybe I should say stressful) elements of dealing with medical services. (And we have what is considered platinum coverage) I've heard of similar stories dealing with other insurance companies so I'm not sure if one is that much worse than the others. No doubt the ACA will make things better

[frayne]

Thanks everyone, car-guy I'm in the same boat with a younger wife. Tadpole and Meierlde thanks for the links.

In the short time I have been looking into Medicare and the associated plans I can't believe how convoluted the whole system is and confusing to most who try to navigate the different plans. The funny thing is I have asked a number of people who are already on Medicare that don't have a good understanding or can explain their coverage coherently.

[Idnar7]

Frayne, you will shortly be deluged by spam wanting to help you choose your Medigap strategy. In some cases you can get better coverage cheaper than your company coverage. I just turned 65 in May. My Medigap plans cost less than half of what I was paying for individual coverage (my Mega-corp dropped retiree coverage 12/31/14). I used the same local agent as I had purchased individual policy through. Prescription plan was the most confusing. They ran my list of prescripton drugs through software to find the best choice. I have BCBS and a separate Plan D policy was better than a combined plan. One of my prescription went from $14.68 for 3 mos to $60+, but overall the combined cost was less. It is very hard to find out what you are paying for a prescription. It varies by where you purchase it and what coverage you have. Goodrx.com has some ballpark comparisons to review.

[Idnar7]

Also be aware that Part B and Part D premiums are deducted from your SS payment. Not sure if you can opt out, but I think it is before taxes if you pay tax on your SS.

[BOBOT]

They will probably offer a "Medigap" or perhaps a Medicare Advantage plan (2 different things),but you might do better with a different plan. Use the tools on Medicare.gov to search them, or, better yet, check to see if your local agency for seniors has an adviser to help you navigate the confusing choices. We found it to be very helpful.

FWIW we decided that a Medicare Advantage plan might offer initial savings, but could increase dramatically in the future (or even disappear), and might be quite restrictive in terms of provider choice and treatment options. We opted for traditional Medicare with a high deductible Medigap plan as back-up. Two yrs in so far so good. YMMV.

[dlhanson]

I am a former BP (Amoco) employee who retired at age 50 a little over 14 years ago. Here is the information that I have gathered about BP's Medicare Eligible coverage.

Go to the following website:
BP Life Benefits (Core US Benefits) - Retiree medical coverage

Near the top of the above webpage click on the word "here" in the following sentence:

Click here if you or ANY of your enrolled dependents are eligible for Medicare.

And a pdf file for BP retirees will then be downloadable and it explain the Medicare eligible retiree coverage (not the costs though).

For the current costs and other questions, I would call the BP Benefits Center --- the phone number is available online if you login to the BP Benefits Center website (the same one you use to sign up for retiree medical coverage each February).

David

[Cassie]

This is my summer reading. I went to library and to SS to get books. I'm now in the process of learning my options. BTW, when at my doctor's the other day I asked her if she took Medicare, she said no to Medicare Advantage and yes if I have Medicare Supplement. I have a lot to learn! Good luck Franye.

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[Pbkmaine]

So much depends on where you are. We were living in Maine when DH turned 65. He went with a Medicare Advantage Plan called Martin's Point. They have signed up every MD and every hospital in the state (at least we never found anyone who did not accept it.) Rx copays were ridiculously low. In the county were were in (Cumberland), the cost was $0. It was a great deal, and DH loved it. A year ago we moved to central Florida. Our experience with Martin's Point had been so positive that DH signed up for another Medicare Advantage Plan. This one was not so great. Specialists who took it were few and far between. DH had to drive an hour for an ENT MD. So in January he went with the AARP Medigap Plan F and a separate drug plan through Walmart Humana. Both are working great - everyone who takes Medicare takes F, and his drug costs with the Walmart Humana Plan have been absolutely minimal. But costs are very different - about $200 per month for Part F and the drug plan. Living in Florida is much cheaper for us than living in Maine, so we don't mind the expense. But for many people that extra $2,400 per year would be tough.