retiredunder50
Recycles dryer sheets
Although around a decade away, I am running through reasons whether to get Medicare B at 65, later, or never. We have good employer retiree health insurance coverage and good health (for now at least and our parents and close relatives seem to live to ripe old ages with minimal medical issues). In nearly 3 decades, our family of 5 hit the small yearly deductible limit once. I realize this can all change in a heartbeat with increasing probability as we age. My coverage does not require that I pick up B. I have surveyed fellow retirees and not one of them who has taken Medicare B has ever done the math to answer the question -> did it make financial sense to pay the Medicare B premiums in addition to contributions (if any) towards premiums for retiree coverage given your use of medical treatment. The most common answer is: 'Probably not, but it gives us peace of mind'. Perhaps later, the answer might be different if a serious illness requiring very expensive care that when multiplied by a copay percentage is still a big number. There is a reasonable catastrophic out of pocket limit on our policies; at least this provides some level of protection (for covered services). Some haven't added Medicare B coverage and think that they will sign up, and pay the 10%/year penalty, when they 'plan' to have that hip/knee/other operation (and one said he will drop it after that year and sign up again when needed) They realize that accidents, cancers and other illnesses can pop up at any time, but they are willing to roll the dice with their existing coverage and wait for the next annual Medicare B enrollment period. There were only 2 people who said that their existing insurance plan was sufficient and see no need to ever pay the extra B premiums. Aside from physicals, we very rarely see doctors. The current lowest Medicare B premium is $134/month which is $268/month total for self & spouse or $3216 total annual premium for a couple. Invested annually over x years earning y interest and one might have a decent sum to help with a bad year. On the other hand, $3K/year for peace of mind sounds pretty good too! Any thoughts would be appreciated.