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Thread: Federal / Military Pension Retirement?

  1. #25

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    Default Re: New Retirement Talk Page

    Quote Originally Posted by Maricar19 View Post
    Latest on Military and Federal Retirement:

    We found a letter from the VA (almost lost in our piles of unopened mail) notifying us that we haven't enrolled in Tricare Select. We called and were told that Tricare Select is free (no monthly premium), but is second payor to our BCBS insurance. Tricare Select has $3000 deductible. We were also informed that once we reach 65 years old, we qualify for Tricare for Life, also no monthly premium. But Tricare for life is secondary to Medicare and we must enroll with Medicare B to qualify. So, at 65, our health insurance hierarchy is Medicare first, then BCBS and then Tricare for Life. Can one have too much insurance? Is this a good thing or will it make our life too confusing?
    That’s the hierarchy for me at 67 yo with Medicare, BCBS basic and TFL. The only confusing part is figuring out which visit/procedure the statements of coverage are referring to. If you don’t have a lot of medical things going on it should be no problem. The down side is that Medicare part B costs $144.60 per month. When you turn 65, people posting here say, you can suspend your FEHB and try out Medicare and Tricare for Life to see how it works. I haven’t tried that so don’t know how it works. You would lose the BSBC prescription benefit and be charged $10 per for Express scrip home delivery. Scrips at a military facility usually are $0 copay. Too much insurance? I am paying $384 per month for BCBS but it has worked out well considering all my wife's expenses in the last few years. It's a personal choice.

    Quote Originally Posted by Scout333 View Post
    My dad and mom had this exact setup and it worked very smoothly for them. If they got a bill it was a mistake. Occasionally a medical provider would forget to file with one of the insurance providers but for the most part it worked very well.
    It works like Scout said. Once in a while there is a non covered cost or a prescription copay for a non generic drug. Usually bills are because the provider forgot/didn't/was confused about submitting what to which insurer. If you get your scrips filled at a military base there are no copays (so far) but drugs will be generic in some cases.


    Quote Originally Posted by nasa1974 View Post
    No monthly premium is great.
    Government folks forget that when they retire and keep their Federal insurance, once they turn 65, they have to get Medicare Part B unless they are employed and are receiving insurance through their employer. Also BCBS basic will repay you up to $600 (I heard it might go up this year) of your yearly cost of Part B. Social Security will also take Part B payments out of your monthly check.
    Good point NASA, both for FEHB and TriCare if applicable. You have to take Medicare part B. As stated above, $144.60 per month or $1735.20 per year for me for 2020. It goes up about 7% every year. For 2020 BCBS basic will reimburse you $800. A long way from free for Tricare select or $24.50 per month for Tricare prime. Not enrolling in Medicare part B when you are 65 is going to cost you more by 10% for every year you delay. SSA is taking my part B premiums out of my benefit.

    Any corrections or questions please post them.

    PO

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  3. #26

    Default Re: Federal / Military Pension Retirement?

    Thanks PO, NASA and Scout.
    Q: Since we are under 65yo, we are currently covered by BCBS and Tricare Select. I guess my question is, when we go to the BCBS doctor, do we still pay the $30 copay?
    Q: What is the advantage of the VA waiver?
    Emotions should never play a role in one's investing strategy!
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  5. #27

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    Default Re: Federal / Military Pension Retirement?

    Quote Originally Posted by Maricar19 View Post
    Thanks PO, NASA and Scout.
    Q: Since we are under 65yo, we are currently covered by BCBS and Tricare Select. I guess my question is, when we go to the BCBS doctor, do we still pay the $30 copay?
    A: Before Medicare my copay varied doctor to doctor. Most of the time I didn't pay during the office visit and ended up being billed the copay after all the insurance coverage.
    Q: What is the advantage of the VA waiver?
    Don't have an answer for question #2.
    May the force be with us.


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  7. #28

    Default Re: New Retirement Talk Page

    Looks like there are new and innovative ways that Federal Pensioners to get screwed over, especially CSRS recipients who also had qualifying time for Social Security.

    https://www.govexec.com/pay-benefits...rement/162344/
    CURRENTLY 100% G (as of COB 03/18/2024) 1st March IFT

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  9. #29

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    Default Re: New Retirement Talk Page

    Quote Originally Posted by FireWeatherMet View Post
    Looks like there are new and innovative ways that Federal Pensioners to get screwed over, especially CSRS recipients who also had qualifying time for Social Security.

    https://www.govexec.com/pay-benefits...rement/162344/
    Yes DAMNIT! they cut my Social Security by 60%. I had 19 1/2 years paying SSN, thanks a damn lot!zits.gif



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  11. #30

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    Default Re: New Retirement Talk Page

    Quote Originally Posted by nnuut View Post
    Yes DAMNIT! they cut my Social Security by 60%. I had 19 1/2 years paying SSN, thanks a damn lot!zits.gif

    Yes and next year I will turn 65 and will be required to take Medicare Part B further eroding the measly benefit I get . I foresee a future whereas it will take my entire social security check to pay for Medicare.

    Thanks for nothing politicians.
    "the biggest mistake that traders make is to let these short-term trades turn into longer-term investments when they don’t work." RevShark

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  13. #31

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    Default Re: New Retirement Talk Page

    Quote Originally Posted by FireWeatherMet View Post
    Looks like there are new and innovative ways that Federal Pensioners to get screwed over, especially CSRS recipients who also had qualifying time for Social Security.

    https://www.govexec.com/pay-benefits...rement/162344/
    Thanks for the information.
    May the force be with us.

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  15. #32

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    Default Re: New Retirement Talk Page

    Quote Originally Posted by nnuut View Post
    Yes DAMNIT! they cut my Social Security by 60%. I had 19 1/2 years paying SSN, thanks a damn lot!zits.gif
    That's pretty much what I'm looking at. But I guess 40% is better than nothing. Maybe we will live long enough to see Congress eliminate WEP. Yeah!!!!
    May the force be with us.

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  17. #33

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    Default Re: New Retirement Talk Page

    Quote Originally Posted by nasa1974 View Post
    That's pretty much what I'm looking at. But I guess 40% is better than nothing. Maybe we will live long enough to see Congress eliminate WEP. Yeah!!!!
    Don't hold your breath. The proposal to eliminate WEP has been sitting in Committee for the last 10 years.
    "the biggest mistake that traders make is to let these short-term trades turn into longer-term investments when they don’t work." RevShark

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  19. #34

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    Default Re: Federal / Military Pension Retirement?

    Quote Originally Posted by Maricar19 View Post
    Q: Since we are under 65yo, we are currently covered by BCBS and Tricare Select. I guess my question is, when we go to the BCBS doctor, do we still pay the $30 copay?
    Q: What is the advantage of the VA waiver?
    Most of the time Tricare picks up the copay for my wife.

    VA disability pay is not subject to fed or state income tax.

    PO

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  21. #35

    Default Re: New Retirement Talk Page

    Hello Everybody:
    Review of facts:
    1. We are both retired from the government and receiving both Federal and military pensions and military disability pay.
    2. One of us just got rated by the VA with an 80% disability; thus full coverage for all medical expenses that are considered service-related injury.
    3. We currently have Federal BCBS Basic option -approx.$164/person; Dental $46/person; Vision -$15/person
    4. We received a letter telling us to sign up for Tricare Select. $Premium for husband and wife is $25/month premium; We still have to pay same dental and vision premiums as noted in #3.
    But I think if you don't have the Federal medical insurance, you can't get dental and vision.
    5. Age wise, we do not qualify yet for medicare.

    My question to Federal and military retirees or anybody who works for the VA:
    1. How does one suspend (not cancel) Federal medical insurance? And if we suspend it, do we wait for open season to sign back to the program?
    2. Anybody on Tricare Select? Are you happy with it? What is your experience in getting appointments and care?
    3. Is it worth to switch medical insurance to Tricare Select? Or should we keep both?


    Thanks in advance.
    Emotions should never play a role in one's investing strategy!
    No to Greed...No to Fear!
    http://share.robinhood.com/mariloc1

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  23. #36

    Default Re: New Retirement Talk Page

    Quote Originally Posted by Maricar19 View Post
    1. How does one suspend (not cancel) Federal medical insurance? And if we suspend it, do we wait for open season to sign back to the program?
    2. Anybody on Tricare Select? Are you happy with it? What is your experience in getting appointments and care?
    3. Is it worth to switch medical insurance to Tricare Select? Or should we keep both?
    Are you referring to VA health care when you reference Federal medical insurance..? If that is the case you don't have to cancel or suspend service, just don't use it. If you decide to go back to it just contact them and use their 'service' again. You are eligible whether you use it or not. Dental and vision uses the open season, but 'regular' VA medical care does not.

    I use Tricare select and am happy with it. I prefer the freedom to choose my own providers, but of course have to pay for that freedom in the form of copays, deductibles, etc. Effective Jan 1st as you said there will also be a monthly fee of $25/mo. I have not had any issue with getting appointments, care, or Tricare billing.

    You can VA healthcare and Tricare concurrently, which I did awhile back. I used VA healthcare for routine primary care and Tricare for some Orthopedic issues.


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