OT turning 65 soon medicare part B

[Kingfisher]

I know this question has been asked before, but why do most sites advise you to choose part B even though you might have good post retirement health insurance? Part A is automatic and free. It seems like a scare tactic!

I am retired DOD and have Fed Blue Cross Blue Shield for life and am very happy with it at $150 or so/month, covers basically everything.

[rccardr]

You should speak with a specialist who knows the ins and outs of the interaction between Medicare and supplemental plans. It's...complex.

You may find, for example, that your BCBS coverage automatically changes to a Medicare supplemental plan, with no option for you to continue with BCBS as your primary coverage, once you reach age 65.

Do some research with someone who does this for a living. It's worth the time.

[Spaghetti Legs]

There’s a column in today’s Wash Post which discusses some of this

https://www.washingtonpost.com/business/economy/even-doctors-wonder-how-medicare-works/2019/11/07/054c35b6-00bd-11ea-8501-2a7123a38c58_story.html

[DeBike]

Medicare just announced the increase in monthly payments for Part B. The cost is going up 7%. This averages out to $9.10 per month. The Part B deductible also goes up 7%, about $13 dollars a month. Social Security raise for the year is only 1.6%, which averages out to about $24 a month. So after Medicare, the raise in SS payments will net about $2 a month, not including the inflation in all other areas.

[wc1934]

edit

[Kingfisher]

OP here, after doing a bit of research I've found out that my current Fed blue cross blue shield will give money back for paying Part B premiums....$800/year.

So in effect, signing up for Part B now will cost $67.30/month. This makes the decision much easier.

Thanks for all input

[oldpotatoe]

I know this question has been asked before, but why do most sites advise you to choose part B even though you might have good post retirement health insurance? Part A is automatic and free. It seems like a scare tactic!

I am retired DOD and have Fed Blue Cross Blue Shield for life and am very happy with it at $150 or so/month, covers basically everything.

Part A is free? Isn’t that the 80% part? Mine isn’t free. My 20% is free via ‘tricare for life’, but???

[paredown]

I'm probably not the most reliable guide, since I finally threw up my hands in dismay (and could never actually speak to a local rep--although most people say this is a good thing to do).

Three Parts : A, B and D.

Everyone gets A--and you should sign up in advance of your 65th birthday--and coverage will be backdated to the date of your birthday if your application is late or slow to be processed (I screwed this up a little--and thought I needed to purchase a continuation of the plan I was on--created a bit of a mess!). A is free if you have worked sufficient hours, are of retirement age (and there are some other conditions as well).

Part B: this is where it gets interesting--the "free market' folks got them to add a choice, so you can sign up for the government Part B--which is decent coverage, but has some limitations. OR you can sign up for a Medicare Advantage Plan--privately provided B coverage with more generous coverage and usually some perks like gym membership coverage--but you will pay for it. It is also (as the WaPo article notes, narrow or 'network' coverage--so not all physicians/hospitals etc may take your plan). Either way most people will pay for Part B--either government provided or private 'Advantage' plan.

As to what to do if you are still carrying a private plan, you should probably contact your current provider--as far as I know, if you are still covered under your own plan (and it is compatible with Medicaire) you don't have to buy part B. In my case, the plan I was on through the Health Exchange was not (and it was already a paid plan), so it made sense to switch to the Medicaire B.

Part D: the 'donut hole' plan--aka Medigap--designed to cover the limits on Medicare payouts for prescription medicine. This part is only private purchase (thanks to Bush), and they put an incentive in there for you to purchase this IMMEDIATELY ON TURNING 65--because if you don't and have to purchase it later to cover your prescription costs, the private plan providers will jack the price for you to get coverage.

Clearly if you have the need for prescription coverage this is not a problem. but if you don't you are forced to purchase coverage you don't need OR gamble that you will purchase it later.

FWIW--I got the A coverage, purchased the basic B coverage through the Gubmint, and said 'no thanks' to the D coverage since I don't require any prescription medicines to stay healthy at present.

[DfCas]

Medicare is an extremely complicated set of decisions with possible life long costs. I suggest you contact your state SHIP counselers. They are professionally trained and free. They were a tremendoes help for me.

https://www.seniorsresourceguide.com/directories/National/SHIP/

[Tommasini53]

Medicare is an extremely complicated set of decisions with possible life long costs. I suggest you contact your state SHIP counselers. They are professionally trained and free. They were a tremendoes help for me.

https://www.seniorsresourceguide.com/directories/National/SHIP/

+++1 on this response. I'm doing bills and medical for an elderly relative and learned about this service. Ours is administered via a local "resources for the elderly" agency. It is one of many service the agency provides. These are the experts, retired individuals that receive ongoing training. In our community it is a face to face meeting and the advice is good. Caution, it is open enrollment, they might be swamped. I'm really surprised how much mis-information floats around with Medicare, go to the pros for help.

[Dave]

I have the same insurance as the OP, thanks to my wife, and I only take part A.

[echappist]

I know this question has been asked before, but why do most sites advise you to choose part B even though you might have good post retirement health insurance? Part A is automatic and free. It seems like a scare tactic!

I am retired DOD and have Fed Blue Cross Blue Shield for life and am very happy with it at $150 or so/month, covers basically everything.

1) not many people have this perk, and
2) they probably don't want to be held liable for telling people that they don't need it, only for people to come back and say it was needed (say someone who was an actual employee at age of 57-61 but was a contractor from age 61-62)

IIRC, the qualification (for civilians) is five years of continuous employment with the Federal Gov't prior to retirement.

[Ralph]

I pay for Part B because when I hit 65, my retirement benefit plan required it. Then it switched me to a Part C Advantage plan which we really like. The Advantage plan includes Part B, Part D (drugs), gym member ship, etc.

Everyone gets Part A.

Part D is the Gov't drug plan. If your retirement benefit plan provides drug coverage, and you get a letter every year from the plan saying you had coverage (credible coverage), save that letter. Because if it isn't credible coverage, and for some reason you have to join the Gov't D drug coverage plan later....you pay a penalty to join.

It sounds to me like you have coverage few of us have.

This convoluted medical system some of us enjoy is one reason some of us think "there must be a better way".

[Hindmost]

I found an insurer who put on a local "seminar." They bought me a cup of coffee; I didn't have to buy their product. They gave a concise presentation on options and it was a great opportunity to ask questions and pose hypotheticals. Audience members were helpful also.

[smontanaro]

This convoluted medical system some of us enjoy is one reason some of us think "there must be a better way".

I suspect that's because it's been assembled from pieces over the years. They don't always fit together all that well or in a straightforward fashion.