SS and Medicare question

[oldtrig]

All this information confuses me even more. When stress at work continues to make you easy picking for early death then whats a person to do? I really like my job but things have changed in the last few weeks and now I want to get out. When I am home my blood pressure is normal. When at work it runs high.

I have cash saved to live on at least 20 more years at normal spending. I have a small pension of about $1200 a month and SS of about $1500 a month if I left now. My wife collects $500 a month as she never worked much in our 41 years of marriage. We have no debt, nothing, zero. I have commercial property worth about $400,000.00 that I could rent if it came to that. Not sure how much I could get because I never even thought about renting it.
. My dad died at age 73, my Mom at 63. I am 64 so I may just gamble and get out now, pay the $1300 a month for my group insurance( we can do that but if I ever drop it I cannot pick it back up) and start Medicare in 10 months and then drop the group.
Why work all your life and then retire and give all you made to health insurance companies, and thats not counting the long term insurance we all need in our mid 60's. Thanks for all the info on this. oldtrig

 

[W2R]

Oldtrig, I am sorry to hear that your job is affecting your health. I know it's a hard decision to pull the trigger sometimes.

 

[Buckeye]

Buckeye, have you had any dealings with the VA health system yet?
Now that my DH is getting closer to 65, I am trying to figure out if VA healthcare will eliminate the need to buy a medicare supplement. I'd be interested in hearing from anyone on the board that takes this approach. It appears the savings might be large. You would have a nut of 100-400 a month to use on health costs that aren't covered by Medicare or VA. However in our experience VA covers pretty much everything if you can get to them in time..IE in an emergency you might not be able to get to a VA provider.

No, DH and I haven't been back to the VA since signing up. The only healthcare we have consumed since I left my job May 1 is me getting a "free" flu shot last week at my regular doc's office when I drove a neighbor to the same medical arts building. I'm debating whether to use the VA for annual check-ups. I hesitate to burden the VA system when my insurance will cover the entire cost of an annual preventative visit. What a deal for $4,000 in premiums!

We are paying $339 a month with an $11k deductible for individual health insurance to cover the possibility of an expensive trip to a non-VA hospital. I'm not sure what I will do when DH is eligible for Medicare in 3 years. I'm not real familiar with the hospital coverage provided by Medicare. I'll have to determine our potential financial exposure.

I hate paying for all this insurance (auto, umbrella, health, renters) but at least I can budget for it and our losses are capped.

 

[braumeister]

I hesitate to burden the VA system when my insurance will cover the entire cost of an annual preventative visit.

I felt the same way. But when I mentioned that to the doctor at my local VA clinic, she said I absolutely should not feel that way.

First, if you're entitled to VA medical care (and admittedly is a small percentage of the population), you're entitled to it, period. No need to ignore it.

Second, the number of patients they see is part of the formula that determines their funding, so they're happy to have the business.

I still feel the same way about not wanting to take any services away from those who need them more than I do, but I go there for my flu shot, and show up every year for a basic checkup, just to stay an active part of their system.

 

[chinaco]

I believe that... assuming Medicare stays the same (IOW not folded into some other health care program) will undergo changes that shift more cost to benefit recipients (Even if FICA is increased a little).

This is just my opinion. But I think one should consider how changes might affect them.

I think it would be reasonable to consider that Medicare premiums (however they do it) might go up 200% to 300%. It might be means adjusted or some combination of premium increase with a copay added. It might be accomplished by beginning means based premium charges for Part A.

I think it would be prudent to build plan using similar what-if scenarios to understand expense needs.

I doubt they will grandfather existing retirees (regardless of what any politician is saying right now)... but it might be means based. (e.g., income above a certain level will be required to pay more).

 

[oldtrig]

WR2, it is probably the biggest one decision I have had to make. I am the type person that wants things done the correct way. Politics are getting in the way of that. I wish I could just say the heck with it and go on. I am really working hard on that one thing. I am just afraid I cannot do that. I guess you could say I am type A personality. I went through a change like this twelve years ago and I think it aged me ten years. I do not have that many years to lose now. I read here what others face about health insurance when they retire and it looks bad. I would leave today if I could get something in the $400 a month range for my wife and I. Thats close to what I pay now for family coverage. I am not a lazy person so retirement for me is just moving to something else, but not anything full time. I enjoy reading about what others face at my age. oldtrig

 

[MichaelB]

Oldtrig, you are right that health insurance is probably the biggest challenge for early retirement types - it sure has been for us. What a relief you are only 10 months away from Medicare eligibility, even though you pay to pay high premiums 'til then. Have you looked at a Medicare Advantage option or a supplemental policy?

It sounds like you have the finances to leave work as well without considering the commercial property. If so, that gives you options.

 

[harley]

I hadn't read any of this thread before, since I'm just 55 and it doesn't really apply to me. But I was talking to my Mom yesterday and she said she pays ~$800 a month for Medicare. She's single, and her only income is SS and a VA benefit totaling about $3K/month. She has Tricare for Life (I guess that's a part B or D or something addition, I know nothing abbout this stuff). She's also pretty wacky about money and explanations. She doesn't always understand and I think she makes stuff up. Is this possible, though? Can she really be paying that much for Medicare coverage? I pay less than that for a very expensive plan for DW and I as retirees, although it's partially subsidized by Megacorp. I would appreciate any help understanding this, so I can know what to ask her to maybe get a better explanation out of her.

 

[REWahoo]

$800 a month for medicare when she has Tricare? Not possible - unless she's being swindled by someone.

Her medicare part B should be ~$110 per month, then add to that whatever she pays to Tricare for part D and medigap coverage.

 

[TN_INVEST]

I hadn't read any of this thread before, since I'm just 55 and it doesn't really apply to me. But I was talking to my Mom yesterday and she said she pays ~$800 a month for Medicare.

That sounds very high for monthly coverage (some companies collect premiums quarterly).

Maybe she is lumping all her prescription costs in there to come up with $800 (and even that would be quite high unless she was taking a bunch stuff that her drug plan wouldn't cover).

Do a little more research. Take a look at all her insurance cards to see what sort of plan she is on and firm up the figures. Some key words to look for on those insurance cards are "advantage" or "x plan"

 

[harley]

I don't see her in person very often, but I'll be visiting in a few weeks for a little while. I'll see if I can get more information while I'm there. She often tells me stuff that turns out to be completely wrong or misunderstood, but sometimes she tells me things I totally disbelieve that turns out to be accurate. So I try to be open minded. For all I know she's including Medicare, parts A-Z, her taxes, and whatever else they might take out of a SS check. It's probably a good idea for me to learn more about this stuff anyway, both so I can be helpful to her as well as preparing myself for the day when I have to deal with it for us.

 

[REWahoo]

It's probably a good idea for me to learn more about this stuff anyway, both so I can be helpful to her as well as preparing myself for the day when I have to deal with it for us.

+1

 

[MichaelB]

I don't see her in person very often, but I'll be visiting in a few weeks for a little while. I'll see if I can get more information while I'm there. She often tells me stuff that turns out to be completely wrong or misunderstood, but sometimes she tells me things I totally disbelieve that turns out to be accurate. So I try to be open minded. For all I know she's including Medicare, parts A-Z, her taxes, and whatever else they might take out of a SS check. It's probably a good idea for me to learn more about this stuff anyway, both so I can be helpful to her as well as preparing myself for the day when I have to deal with it for us.

It was linked earlier but I thought this thread was helpful for Medicare info and questions.http://www.early-retirement.org/forums/f38/medicare-supplement-plans-extend-health-57758.html

 

[oldtrig]

I tried this today. I requested a meeting to discuss exactly whats going on with all the new changes. I probably talked to much but at this point in my life I could care less. I told them exactly how I wanted things to be if they wanted me to stay. I think they were even shocked on me even thinking of retiring. I was assured I would get the help I needed to do the jobs that are required. I know anyone can be replaced but our operation is set up in a way that nobody has been trained to do my job. I got the attention of the higher ups and probably made my boss mad but again I do not care. I guess you can say I went over his head. It worked so maybe now I can stay on until Medicare kicks in. I hope so anyway. Thanks for the great info on SS and Medicare. Any more is appreciated. Oldtrig

 

[W2R]

Oldtrig, I'm glad you spoke out like that. Hopefully some positive changes will result.

 

[MichaelB]

Oldtrig, that's really good to hear and I hope this allows you to stay to your 65th bday, when you are Medicare eligible.

As for more info on Medicare, I have been learning from REWahoo's posts and Kaneohe's thread, but it seems it is easier to help when specific questions are asked. When does your wife become Medicare eligible?

 

[beowulf]

I'm not sure that I understand the conversation about VA healthcare. I assume we are talking about the Department of Veterans Affairs and not something else. Here is the direct link to the VA eligibility page - Copays and Charges (VA Health Care Eligibility & Enrollment). The VA no longer allows enrollment for non-service connected care for what they call high income veterans. For free healthcare in 2011, a family of two would have to earn less than $35,284 and have less than $80K in assets. I can't imagine that too many early retirees on this board fit that demographic.

I do agree that, if you are eligible due to compensable service connected conditions, then you should, by all means take advantage of it. I am retired military and use TRICARE in coordination with regular insurance and have no compensable condition, so the VA is not an option for me - which is just by sheer luck.

​

 

[oldtrig]

WR2, you people are great. Sometimes we all need a little support. I got to thinking about all of this and decided I liked my job enough to take a chance. I really had nothing to lose. I am sure come Monday I will be called in and asked why I did this and I am prepared to tell him. I know my boss has many problems and when stress is added on him he passes it on to me. Not any more. He knows I am in good enough financial shape to walk now and now he knows I no longer will put up with his crap. He is right the opposite, owes $100,000 on his home and just bought a new car which he makes payments on so he has got to work. He is also 7 years younger than me. I talked to my wife last night and was ready to retire today but you would not believe how the meeting went. I guess you could say I was fed up. I am in management but did not have the people to get the job done. I will have that in the next few weeks. The big boss even said he would help if I would stay on. I sure hope things work out to where I can at least work until age 65 which is only 10 months away. Then I will decide on what takes place after that. I really enjoy reading all the posts people make here. So much talent is this forum. oldtrig

 

[kaneohe]

................. I really had nothing to lose............. He knows I am in good enough financial shape to walk now and now he knows I no longer will put up with his crap................. I guess you could say I was fed up. . oldtrig

Actually, don't you feel a little bit of sympathy for your boss now? Your situation reminds me of DW's when she was working at her post-retirement job. In our state, employers are required to post conspicuous signs in buildings where toxic materials of any kind might possibly be used to warn innocent visitors. I often thought DW and others in her class should have been required to wear T-shirts w/ a coiled serpent and a "Don't Tread On Me" logo to warn innocent supervisors that they were dealing w/ dangerous folks.

 

[kaneohe]

Hopefully my previous post was not misinterpreted (altho in the clarity of morning the next day, I can see how it might have been) because of the use of the words "toxic" and "dangerous". I was just pointing out I felt a little bit of sympathy for DW's and OP's bosses who had no leverage on their
"dangerous" employees anymore and who probably didn't know what hit them when it did...........

oldtrig........happy for your encouraging outcome and congrats for having the guts to pull it off.

 

[braumeister]

I'm not sure that I understand the conversation about VA healthcare. I assume we are talking about the Department of Veterans Affairs and not something else. Here is the direct link to the VA eligibility page - Copays and Charges (VA Health Care Eligibility & Enrollment). The VA no longer allows enrollment for non-service connected care for what they call high income veterans. For free healthcare in 2011, a family of two would have to earn less than $35,284 and have less than $80K in assets. I can't imagine that too many early retirees on this board fit that demographic.

I do agree that, if you are eligible due to compensable service connected conditions, then you should, by all means take advantage of it. I am retired military and use TRICARE in coordination with regular insurance and have no compensable condition, so the VA is not an option for me - which is just by sheer luck.

You're right; that should be made clear.
In my case, I was able to enroll several years ago, since I was in Priority Group 3.
Enrollment Priority Groups (View All) (VA Health Care Eligibility & Enrollment)

 

[oldtrig]

MichaelB, my wife is 63 and only 18 months from Medicare. I work on weekends in the summer and I can tell you since I mentioned retiring they are treating me much better. I think they took me serious this time which I was. I know it would be much better if I waited until my wife is 65 but I did not want to do that if work conditions remained the same. I think I shocked everyone when I told them I was retiring at the end of the year. I will wait and see if things get better because I do like what I do. I am hard headed though and I had decided to take money in my saving and pay for the group insurance if it came to that. Old T

 

[MichaelB]

MichaelB, my wife is 63 and only 18 months from Medicare. I work on weekends in the summer and I can tell you since I mentioned retiring they are treating me much better. I think they took me serious this time which I was. I know it would be much better if I waited until my wife is 65 but I did not want to do that if work conditions remained the same. I think I shocked everyone when I told them I was retiring at the end of the year. I will wait and see if things get better because I do like what I do. I am hard headed though and I had decided to take money in my saving and pay for the group insurance if it came to that. Old T

Oldtrig, your wife is eligible for Cobra even if you work to Medicare age, so she will have access to health care insurance and the 18 month coverage period brings here straight to Medicare as well. That's good, because it is "just" a matter of policy cost. Still a big issue but one you've already assessed.

As for work, it looks like things are improving, and it doesn't seem hard headed at all to me.

 

[oldtrig]

Thanks for that info MichaelB. I did not know I could use that with my wife. I will check on that Monday and see what it will cost in case I need to use that option. I know once I drop my group coverage I cannot pick it back up. Thanks again. oldt

 

[ivinsfan]

The VA information might prove useful to servicemen at or nearing retirement age that had "boots on the ground" in Vietnam. Those vets are given access thru Priority Group 6 without means testing. Some vets that meet this guideline aren't aware of this option. It's nice to share information like this, as healthcare costs seem to be an issue with almost everyone.