Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 04-28-2017, 12:15 AM   #21
Full time employment: Posting here.
 
Join Date: Sep 2012
Location: Albuquerque
Posts: 554
Quote:
Originally Posted by Another Reader View Post
I'm SO not looking forward to Medicare. I pay almost nothing in co-pays for my pre-Medicare retiree health plan, although the premium is high. However, when I add up all the Medicare premiums plus the Medigap policy, it's not much less that what my share of the current policy premium is. Fewer choices and lower reimbursements smell like a lot less service and quality for the same price.
I'm starting to share your concerns. As a federal retiree, I can keep my federal health insurance in addition to Medicare. I thought this would be a big plus as far as being accepted by a doctor as a new Medicare patient or being able to go to the Mayo Clinic, if needed, as it would work like regular insurance. But the more I read about it, my federal health insurance is mostly good for paying the 20% co-pays or co-insurance similar to Medigap and is limited by law to paying up to the prescribed Medicare amounts for services - at most it can pay a doctor about 15% more.

And it is recommended that I purchase both the federal health insurance and Medicare Part B for which I will pay the higher premium rates. So I will be paying more for health insurance as a retiree than as an employee despite having "employer" health insurance.
__________________

__________________
Retired on 9/30/2017; age 62
ABQ2015 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 04-28-2017, 09:14 AM   #22
Full time employment: Posting here.
Lakedog's Avatar
 
Join Date: May 2007
Posts: 671
Quote:
Originally Posted by ABQ2015 View Post
I'm starting to share your concerns. As a federal retiree, I can keep my federal health insurance in addition to Medicare. I thought this would be a big plus as far as being accepted by a doctor as a new Medicare patient or being able to go to the Mayo Clinic, if needed, as it would work like regular insurance. But the more I read about it, my federal health insurance is mostly good for paying the 20% co-pays or co-insurance similar to Medigap and is limited by law to paying up to the prescribed Medicare amounts for services - at most it can pay a doctor about 15% more.

And it is recommended that I purchase both the federal health insurance and Medicare Part B for which I will pay the higher premium rates. So I will be paying more for health insurance as a retiree than as an employee despite having "employer" health insurance.
My understanding is that you do have the option not to sign up for medicare if you prefer to keep the FEHB plan as is. I am a few years away so haven't looked into that closely but I may consider it since I am on a HDHP with HSA that I could continue contributing to beyond age 65 if I do not sign up for medicare.

If you do sign up for medicare, going with one of the least expensive FEHB plans is often recommended since most of them cover the majority of what medicare does not.
__________________

Lakedog is offline   Reply With Quote
Old 04-28-2017, 09:33 AM   #23
Thinks s/he gets paid by the post
Fedup's Avatar
 
Join Date: Mar 2014
Location: Southern Cal
Posts: 2,930
FEHB BCBS basic and Medicare premium B is about $200 something for a single. But you pay no fee going to the doctors. But I think the savings will be later when you're much older than 65. Plus less headaches. No worries about who pays what.
But from what I've read even with these two plans, you might have some conditions that require more money out of pocket.
I originally thought of not getting Medicare B from what I've read from other forum but my husband's doctor refused to accept BCBS, that's our plan, so we had to sign up for Medicare B at almost the last minute. I'm glad we did because of less worry in the future.
Fedup is offline   Reply With Quote
Old 04-29-2017, 12:36 PM   #24
Moderator
rodi's Avatar
 
Join Date: Apr 2012
Location: San Diego
Posts: 9,586
Quote:
Originally Posted by Another Reader View Post
I'm SO not looking forward to Medicare. I pay almost nothing in co-pays for my pre-Medicare retiree health plan, although the premium is high. However, when I add up all the Medicare premiums plus the Medigap policy, it's not much less that what my share of the current policy premium is. Fewer choices and lower reimbursements smell like a lot less service and quality for the same price.
I'm in the opposite camp. My husband started Medicare at the beginning of the year. After a lot of reading, questions asked and answered here, etc, we went for the f- plus and part d in addition to Medicare a&b. The monthly premiums are about $300 less per month, the deductible is far lower and only applies to the 20% not covered by Medicare b.

I guess the difference is we didn't have retiree health insurance and had a hdhp from the exchange. I can't wait till I go in Medicare for lower premiums for better, more comprehensive, insurance.
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 7%, rental income 18%
rodi is online now   Reply With Quote
Old 04-29-2017, 01:27 PM   #25
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
 
Join Date: Apr 2004
Location: South Texas~29N/98W
Posts: 6,000
One piece of Medicare not mentioned yet is it's relationship with retired military members and spouse. At age 65 they must enroll in Pt A and B, like others, and pay the appropriate premium. They are then kicked off of Tricare Prime and enrolled in Tricare-for-life ( no cost to the individual or spouse.) This acts as a free medi-gap-like plan that pays all that MC does not pay.
__________________

__________________
Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Medicare eligibility for spouse that never paid Medicare tax PERSonalTime FIRE and Money 13 11-24-2016 11:38 PM
Question on Medicare vs private Medicare PPO Ready Health and Early Retirement 9 05-20-2014 12:48 PM
Classic Medicare & Medigap vs. Medicare Advantage haha Health and Early Retirement 23 05-21-2011 09:36 AM
How does medicare payment system work? mf15 Health and Early Retirement 8 09-19-2010 04:46 PM
Medicare+Medigap vs. Medicare Advantage haha FIRE and Money 2 02-01-2006 08:16 PM

 

 
All times are GMT -6. The time now is 07:18 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2018, vBulletin Solutions, Inc.