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Medicare
William81
Member Posts: 25,336 ✭✭✭✭
I spent a chunk of yesterday getting signed up. I had put in some time researching things and had it pretty well figured out.. The real positive is even though they will take the Medicare deduction out of my SS, I still come up about ahead 300 bucks a month over what my health insurance currently costs me. The over all coverage is pretty close to what I have. I can keep all my current Docs except for my dentist...
I still feel like I am stepping off a cliff. Part of my retirement package was Health coverage until I turn 65. It has been a great plan that really paid well.
Those of you with experience, how has your Medicare worked out for you ? Any pitfalls to avoid etc..
Comments
I don't know how your company insurance was set up, but mine was taken from my paycheck pretax (along with the dental and vision coverage). Meaning the approximately $2,500 a year I was paying was not considered taxable income. Now, although my medicare plan is "less" each month, it's not pretax. So it pretty much comes out about the same for me.
As to my medicare plan, after about six months I would rate it much better than my previous employer's plan. The only negative is the helpline people speak broken English. 😀
Judy and I both have Medicare and we also kept her federal Blue Cross through her post office retirement. So far, so good. My advice is to get a good supplemental insurance that covers prescriptions. A family member was hit hard with the cost of cancer drugs a couple of years ago because of only having standard Medicare. What he ended up paying over a years time would have paid for our Blue Cross for a decade or so. Bob
Funny you started this thread as I just rec'd my card in the mail and was going to start a thread.
SS automatically signed me up, but I have option to opt out.
Part A- hospital, zero cost
Part B- doctor care, $164.50 monthly, deducted from SS payment
Part C- Vision,hearing aids, ect.- Zero cost. (already talked to a insurance broker)
All takes effect Dec. 1st.
I'm right behind you guys and need to figure out what and how to do it, I only just got VA care about a year and a half ago and I know I have to go the Medicare route in February when I turn 65. I hadn't had any coverage for about 10 years until I finally made less enough to qualify for the VA about 6 months after starting social security. My VA is still costing me deductibles for RX and now I have to figure out the whole Medicare stuff, any help is appreciated.
Have you signed up for your 'MY Social Security' account on-line? I find it very helpful and great source of info.
my Social Security | SSA
You get part A automatically this for the hospital. Part B is for the doctor and doctor office visits, you will pay for this, this will cost you $165 a month this year. Part D is for prescription medicine you may need. Again this will cost you, I’m paying $28 a month for my part D. Now part A and B only pay 80% of the costs, you are responsible for the 20% not covered. To cover the 20% you will want to buy a supplemental policy which will cost you. My supplemental costs me $200 a month. My supplemental has a $226 dollar a year deductible, once you meet your deductible they cover all other expenses after that. Now there is a part C that covers glasses and you only pay a co- pay when seeing a doctor or have hospital work done such as tests. But you have to stay with hospitals and doctors that are in their network, or they don’t pay.
I have used Medicare, and with my supplemental after meeting my deductible they payed for everything.
My advice: closely review your statements. Our providers were hacked, and different front companies were paid a total of a $7,000+ in fraudulent charges between my wife and me. True, we owed nothing out of pocket, but I hate to see my tax dollars scammed (as much as Capt. Call hated rudeness in a man 😄). We reported the fraud, and were told, so far, at least one of the companies had to reimburse Uncle Sam. But how much $ have they gotten because nobody noticed, or didn't care because it cost nothing out of pocket? Yeah, I'm a vindictive cuss!
Been drawing SS since 62......
Signed up for a supplemental plan yesterday...No cost....all my current meds covered no cost... I guess I am just uneasy with changing over although it appears to cover everything I should run up against...
Thanks all for the information....keep it coming
I gots a whole $146 per month when I signed up for SS.
I did not sign up for any extra cost stuff from medicare.
Margaret Thatcher
"There are three kinds of lies: lies, damned lies and statistics."
Mark Twain
Once you become eligible for Medicare (65)you really have no choice. No medical plan will take you unless you are on Medicare. Also, watch out for your income. If it is above a level (changes every year) the amount they take out of your SS for Medicare goes up.
I have medicare and have insurance. I don't think medicare alone will do it for you.
Between my Medicare and my wife's government health plan, we hardly ever have to cough up any money for health care.
Joe
I am signing up for Medicare next year. I would rather stay with my ACA plan which I pay zero for with an $8000 deductible. I was looking into it and if I get a High deductible supplement plus the 165 plus part D I’m going to be paying just over $200 per month. I never go the doctor but don’t want to be penalized for not signing up for Medicare and need coverage for emergencies.
The smartest thing I ever did was to serve a full military career. Now, with Medicare and Tricare for Life, my medical expenses are next to nothing. We pay our own dental because we both have good teeth and what care we need costs us less than any insurance plan would. (And we get a cash discount because the dental office is spared all that paperwork.)
In the 16 years we've been retired, we've probably paid less than $1000 total for non-dental medical care other than the mandatory SS premiums.
Starting SS in January (65). Have been studying all these plans / plains.......
Will still be on the Wife's insurance work Plan.Has HSA with Company paying in some on a Card
It seems to come out lower total cost and the Drug coverage is better, Lower deductibles too.
She is looking to retire in the next 1-2 years. Think there is supposed to be a medicare , change in 2025, Will see then.
I did serve 8 years in the Army but don't think the VA will help , I'm a Cold war Soldier, with no conflicts time.
@hoosier VA coverage doesn't require combat service or a disability, although those factors can play in to what type of coverage you get. What they look at is annual income, When I was getting ready to completely retire my small pension and SS was just under the threshold so I could get some medical benefits but I do have copays for RX. Its worth any veterans time to at least take a look to see, I previously made to much but things change and the numbers finally worked 40 years after my service.
Check out the different prescription plans (it's actually easy.) My mother was in a $36 a month plan & her pharmacy was using GoodRX for lower prices. I switched her to a $6 plan with the same co. & changed pharmacies. Her scripts are now 33% less than GoodRX & 70% less than the $36 plan.