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Eligible for medicare Today.

hoosierhoosier Member Posts: 1,499 ✭✭✭✭
edited January 3 in General Discussion

Hit the 65 mile mark today, not doing too bad, Health is good, family is great.

Wife took me out yesterday for dinner, Steak and veggies.

Had to go back to work today to satisfy all the customers.

No, not taking medicare, staying with wife's Company insurance. we are saving $$$.

But did apply for Social Security, Why not.........

Magazines, Gun Parts and More. US Army Veteran, VFW, NRA Patron

Comments

  • cbxjeffcbxjeff Member Posts: 17,376 ✭✭✭✭

    I assume you evaluated the difference between being 65 and reaching your full retirement age in relation to SS monthly payments.

    It's too late for me, save yourself.
  • waltermoewaltermoe Member Posts: 1,771 ✭✭✭✭

    Are you sure? When you become 65 you are automatically put on Medicare. You can use her insurance as a supplement insurance to pay for what Medicare doesn’t. Part A is for hospital and part B is for doctors visits. A supplement insurance plan covers what Medicare doesn’t after you meet your deductible. Part A doesn’t cost you, but part B now is $174 a month.

    Happy Birthday.

  • cbxjeffcbxjeff Member Posts: 17,376 ✭✭✭✭

    My bad. You were talking Medicare and I was thinking SS payments. 😕

    It's too late for me, save yourself.
  • BrookwoodBrookwood Member, Moderator Posts: 13,174 ******

    Happy Birthday hoosier! 65 is a special milestone!

  • MobuckMobuck Member Posts: 13,682 ✭✭✭✭

    Being eligible for Medicare didn't reduce my insurance costs much. Now, I'm paying for BOTH. 🤔

  • Rocky RaabRocky Raab Member Posts: 14,053 ✭✭✭✭

    You will be bombarded with offers for "Medicare Advantage" plans, which are nothing more than poor/expensive insurance policies. Almost always pure ripoffs.

    I may be a bit crazy - but I didn't drive myself.
  • forgemonkeyforgemonkey Member Posts: 1,041 ✭✭✭✭
    edited January 3

    How so ?? My medical bills for the last 1 1/2 yrs. are currently over $400,000+ and I’m out less than 8k. I have Advantage ,,,, also includes $$$ Rx coverage.

  • Ruger4meRuger4me Member, Moderator Posts: 3,269 ******

    It is definitely not a one size fits all situation, the automatically being signed up for parts A & B only happens if a person is already receiving Social Security payments either the retirement or a disability, the way I understand it, otherwise you have to actually request it. Whatever your situation, you need to really understand the drawbacks to not taking part B from the start of being eligible because there is only a short window (less than a year) where you will have to pay even more for it if you don't take it right away and the penalty is forever not just a short time. I'm in the process of figuring it out myself as I will be 65 in about 30 days and I have been bombarded with mail, email and phone calls for the last 6 months... whatever you decide @hoosier just make sure you are aware of what it will cost when you have to make a change, your insurance won't be there forever in most folks case where it is supplied by you or your spouses employee... Good luck on figuring it out.

  • tommyjoetommyjoe Member Posts: 18

    Medicare part b which you pay for is not mandentory, nor or you automaticly enroled in it when you become of age . I dont have it, nor my wife .I have the same health insurance I had when I retired in 2005

    Tom

  • austin20austin20 Member Posts: 34,683 ✭✭✭✭

    Bret, I need you to become an expert on this because I will be 65 in five years and you can be my expert advisor

  • Ruger4meRuger4me Member, Moderator Posts: 3,269 ******

    As I said above Part B is automatic if you are already receiving a benefit from the SSA. You can opt out of it but you have to tell them that you don't want it. I was already receiving my SS retirement and they sent me the Medicare Card showing both parts A and B with instructions on how to opt out of the B if I didn't want the monthly deduction for it from my SS payment starting next month. It may have been different in 2005 @tommyjoe what I am relaying is from the last 3-4 months and currently the process if one is currently receiving benefits from the SSA. So like I said originally it is not a one size fits all situation.

  • montanajoemontanajoe Forums Admins, Member, Moderator Posts: 57,792 ******

    Just turned 65 in December. Rugers above info is curent and accurate.

  • waltermoewaltermoe Member Posts: 1,771 ✭✭✭✭

    Maybe I should have been a little more clear. You said that you were going on social security at 65, I should have said when you start receiving social security. Ruger4me me is correct on signing up for part B, I believe it was 6 months from going on social security to sign up and after that it will cost you 10% more after each year. Myself I’m not on social security but railroad retirement, it operates in the same manner though. I retired at 60 years old and was automatically put on Medicare at age 65.

    It all sounds confusing at first but it will fall in order. The important thing is to get it set up before you need it.

  • hoosierhoosier Member Posts: 1,499 ✭✭✭✭

    Yes I'm getting Part A. But since I'm on my wife's insurance I've opted out of the Part B. So no extra $$$ coming out of the SS check (deposit).

    When I signed up for SS I answered that I had Insurance thru my wife's plan. Therefore I will not be penalized because of this. I double and triple checked this. My medicare card only shows part A.

    If our insurance changes, we have 30-90 days to enroll in the Part B. But will do immediately, and then shop for Part D or other.

    Magazines, Gun Parts and More. US Army Veteran, VFW, NRA Patron
  • Rocky RaabRocky Raab Member Posts: 14,053 ✭✭✭✭

    I'm glad that Advantage has helped you out, forgemonkey. But insurance companies don't stay in business paying out more than they rake in. I'd bet that the vast majority of policy holders end up very much on the losing end.

    It's the same with all insurance, of course. There wouldn't be hundreds of insurance companies if it wasn't extremely lucrative for them.

    I may be a bit crazy - but I didn't drive myself.
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