fosterscik
Full time employment: Posting here.
I'm very close to FIRE and have to seriously consider what I'm going to do about medical insurance. I work for a state and am eligible to opt for their BCBS administered self-insured plan. Rates have been stable for a number of years (amazing with all the stories I've seen here over the last few days). It subscribes to the blue card program (so I have in-network access when out of state and when travelling overseas). It's not cheap at $430/person/month but a reasonable deal (In network: $1,000 deductible, 20% copay until $2,500 reached). If I opt out of the plan, I can never opt back in . I plan to keep this coverage for me and my wife for the period between FIRE and medicare.
My question really concerns what I do when I hit medicare eligibility age. At 65 the plan becomes secondary and effectively mandates I maintain medicare A,B and D coverage (prescription benefits vanish when I hit medicare age). The monthly rate for my retiree coverage drops to $180/person/month (plus, of course, the medicare premiums). I would maintain international travel insurance, but I'm not sure what other benefits I would get and whether they would be worth paying for.
What do others do in a similar circumstance? Why would I not drop retiree coverage at 65? Any insight or advice would be appreciated.
My question really concerns what I do when I hit medicare eligibility age. At 65 the plan becomes secondary and effectively mandates I maintain medicare A,B and D coverage (prescription benefits vanish when I hit medicare age). The monthly rate for my retiree coverage drops to $180/person/month (plus, of course, the medicare premiums). I would maintain international travel insurance, but I'm not sure what other benefits I would get and whether they would be worth paying for.
What do others do in a similar circumstance? Why would I not drop retiree coverage at 65? Any insight or advice would be appreciated.