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Thread: Retirement Talk - 03/19/19

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    Default Retirement Talk - 03/19/19

    A new Retirement Talk with Tony Kendzior as been posted.

    Health Care in Retirement - 03/19/19
    Tom
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  3. Default Re: Retirement Talk - 03/19/19

    Hi, I understand Medicare part of retirement, but wondering what your thoughts are of continuing private health insurance (Fed employees can carry policy into retirement)? As Fed Retiree we can carry our policy for life (still paying monthly premium - which is not cheap), but because of this I think it makes buying Medicare unnecessary. At age 65 we would get part A, but why pay for part B (or even D) for what would be double coverage? Am I thinking right?

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  5. #3

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    Default Re: Retirement Talk - 03/19/19

    zedlep,

    I'm retired and have federal BCBS basic coverage for myself and my wife. We also have Medicare Part A and B. We don't have a lot of medical expenses but what we do have Medicare has picked up 80% and BCBS has covered the rest. Medicare Part B is a little expensive and I guess it all depends what kind of medical expenses you have. Depending on your drug coverage under your federal health insurance you may not need Part D. As long as you have employer covered health insurance you do not have to pick up Part B, retiree health insurance does not count. As a retiree with federal health insurance if you do not sign up for Part B you will be penalized 10% per year for each year you did not have Part B if and when you sign up for it. That penalty accumulates. So if you wait 4 years that will be a 40% penalty per year every year. Also as a retiree DO NOT cancel your federal health insurance just suspend it because then you can join again during any open season. Also BCBS basic coverage will reimburse you up to $600 of your Medicare Part B cost.
    Last edited by nasa1974; 03-20-2019 at 07:38 AM. Reason: corrected dollar amount
    May the force be with us.

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  7. #4

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    Default Re: Retirement Talk - 03/19/19

    Quote Originally Posted by zedlep View Post
    Hi, I understand Medicare part of retirement, but wondering what your thoughts are of continuing private health insurance (Fed employees can carry policy into retirement)? As Fed Retiree we can carry our policy for life (still paying monthly premium - which is not cheap), but because of this I think it makes buying Medicare unnecessary. At age 65 we would get part A, but why pay for part B (or even D) for what would be double coverage? Am I thinking right?
    I don't know the specifics of the existing Federal health insurance plan. What I do know is that Medicare, coupled with a good Medicare supplement plan, and Plan D is what I use. Wherever you are in the country, using Medicare as your insurance provider is known and there is always a built in understanding of it. You show them your card and voila, you're through the door. That may be true of what you have but I cannot say I know because I don't. What I think I interpret your comments to mean is that what you have is similar to Medicare Plan C, which was/is a sop to the insurance industry to give them an opportunity to participate with us seniors and still make money. More recently, they are competing in the market with newer plans that compare favorably with Plan A, Plan B, Plan C and a supplement plan.

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    Default Re: Retirement Talk - 03/19/19

    Quote Originally Posted by nasa1974 View Post
    zedlep,

    I'm retired and have federal BCBS basic coverage for myself and my wife. We also have Medicare Part A and B. We don't have a lot of medical expenses but what we do have Medicare has picked up 80% and BCBS has covered the rest. Medicare Part B is a little expensive and I guess it all depends what kind of medical expenses you have. Depending on your drug coverage under your federal health insurance you may not need Part D. As long as you have employer covered health insurance you do not have to pick up Part B, retiree health insurance does not count. As a retiree with federal health insurance if you do not sign up for Part B you will be penalized 10% per year for each year you did not have Part B if and when you sign up for it. That penalty accumulates. So if you wait 4 years that will be a 40% penalty per year every year. Also as a retiree DO NOT cancel your federal health insurance just suspend it because then you can join again during any open season. Also BCBS basic coverage will reimburse you up to $600 of your Medicare Part B cost.
    So, to sum up your post. If you have BCBS Basic (like me) you should probably take Medicare A and B but not D. Whats the cost for Medicare A and B for 2 people? $600 rebate sounds good too so include that. Thanks for your input
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    Default Re: Retirement Talk - 03/19/19

    Quote Originally Posted by clester View Post
    So, to sum up your post. If you have BCBS Basic (like me) you should probably take Medicare A and B but not D. Whats the cost for Medicare A and B for 2 people? $600 rebate sounds good too so include that. Thanks for your input
    So, part B is $135/ person premium it seems. So, $270/mo plus deductibles minus $600 reimbursement per person for BCBS basic. Part A is free.

    Sound about right?
    100 G
    RSI - Relative Strength Indicator DMA - day moving average

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    Default Re: Retirement Talk - 03/19/19

    Quote Originally Posted by clester View Post
    So, part B is $135/ person premium it seems. So, $270/mo plus deductibles minus $600 reimbursement per person for BCBS basic. Part A is free.

    Sound about right?
    Correct. The cost on Part B can vary depending on income, but I believe would be no less than $135/month.
    May the force be with us.

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    Default Re: Retirement Talk - 03/19/19

    Quote Originally Posted by rakendzior View Post
    I don't know the specifics of the existing Federal health insurance plan. What I do know is that Medicare, coupled with a good Medicare supplement plan, and Plan D is what I use. Wherever you are in the country, using Medicare as your insurance provider is known and there is always a built in understanding of it. You show them your card and voila, you're through the door. That may be true of what you have but I cannot say I know because I don't. What I think I interpret your comments to mean is that what you have is similar to Medicare Plan C, which was/is a sop to the insurance industry to give them an opportunity to participate with us seniors and still make money. More recently, they are competing in the market with newer plans that compare favorably with Plan A, Plan B, Plan C and a supplement plan.
    Once you have Medicare Part A that will be your primary insurance provider, all other insurance is secondary. Part C, Supplemental Plans vary from state to state in cost and coverage. I found in Ohio that AARP had about the best plan and coverage. Some Supplemental Plans may cover the cost of your Part B.
    I found it was less expensive for us to stay on my Federal BCBS plan with Part A & B then picking up a Supplemental Plan for each of us and suspending the BCBS. Also Medicare does not cover you outside the United States and only a few Supplemental Plans cover you outside the United States. So if you like to travel you have to do your homework. You also have to take into consideration that Part A does not cover dental, hearing or eye so you have to make sure you have a Supplemental Plan that will.
    May the force be with us.

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    Default Re: Retirement Talk - 03/19/19

    Quote Originally Posted by nasa1974 View Post
    Correct. The cost on Part B can vary depending on income, but I believe would be no less than $135/month.
    I'm 77 now, pay $135.50 for Part B and $28 for Part D every month. Our med supp plans add another layer of cost and she has a different Plan D provider as our meds are very different.


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  19. #10

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    Default Re: Retirement Talk - 03/19/19

    Agree with all you say. We have AARP med supp also and we're in Florida. I relied on an old colleague who is in the business and he said it was the best here in his opinion. Have never had an issue with it and it's been over ten years.

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    Default Re: Retirement Talk - 03/19/19

    A couple more facts to throw in to the mix that will not apply to everyone.

    I am retired, enrolled in medicare A&B and have federal BCBS basic coverage for myself and my wife. I am also retired military and have TriCare coverage. TriCare for Life for me and TriCare prime for the wife.

    If you are 65 and enrolled in medicare and still working and enrolled in FEHB (BCBS as stated above), BCBS will be the primary insurance. When you retire from fed service, Medicare becomes primary.

    If you are eligible for TriCare you must sign up for Medicare Part B to keep Tricare coverage.

    If you have FepBlue basic the reimbursement is not automatic. You have to log in to FepBlue and then create an account in https://participant.wageworks.com.

    PO

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    Default Re: Retirement Talk - 03/19/19

    Quote Originally Posted by PessOptimist View Post
    A couple more facts to throw in to the mix that will not apply to everyone.

    I am retired, enrolled in medicare A&B and have federal BCBS basic coverage for myself and my wife. I am also retired military and have TriCare coverage. TriCare for Life for me and TriCare prime for the wife.

    If you are 65 and enrolled in medicare and still working and enrolled in FEHB (BCBS as stated above), BCBS will be the primary insurance. When you retire from fed service, Medicare becomes primary.

    If you are eligible for TriCare you must sign up for Medicare Part B to keep Tricare coverage.

    If you have FepBlue basic the reimbursement is not automatic. You have to log in to FepBlue and then create an account in https://participant.wageworks.com.

    PO

    It sounds like you are somebody I need to sit down and talk with!

    Me: Retired ARNG, now age 58+, waiting to age 60 to start collecting guard retirement.

    My wife is 54, also retired ARNG. Also waiting to age 60 to collect guard retirement.

    I'm now eligibile for FERS retirement, but I need to work another year or two to try and pay down all bills before I pull the plug from federal retirement.

    Looking at choices ahead, I have to figure out what I will need to have for health coverage. I really want to live a few years in Europe and/or Central/South America as an expat for a bit to travel.

    I don't know how tri-care works, and.or how to blend FEHB polcies, tri-care, medicare (inside the us only, of course) etc. and cover what I need to cover.

    I am concerned I may end up having to buy :
    1. FEHB
    2. Tri-care select for my wife after I get to age 60.
    3. Medicare when I turn 65
    4. Some other foreign nation coverage from another provider if I happen to live in Spain, France, Portugal, Greece, Italy.

    I good cup of coffee and a sit down discussion would be great to understand all the things ahead.
    (That's if I survive that long. That's always the FIRST goal- is to make it that far! LOL! )

    Care to share how tri-care kicks in at age 60/ and 65, etc?

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