Retirement Talk - 03/19/19

[tom4jean]

Bottom line, (you don't have to know any acronyms) as Fed retirees we get to keep our health insurance, never goes away, no reductions in coverage, same insurance as when we worked. So, if we keep it, do we need Medicare Part B? Medicare part B cost (a premium) would this equate to paying twice for coverage we already have? I think it is, but just not sure...

This is exactly my thought and question, since we get to keep our insurance why is everybody talking about buying Medicare part B and C? Keeping our insurance is not exactly cheap in fact it's more then when we worked because its not paid pre-tax, I believe. I definitely don't want to pay for two insurance policies if I only need one, especially on a fixed income. So I'm confused. I have met quite a few people that took federal jobs in the last 5 years of their careers just so they could keep the insurance after they retired.

 

[tom4jean]

Double post...deleted.

 

[nasa1974]

I've met many people that came into federal government jobs for the last 5 years of their career just so they could get the insurance and keep it after they retired. I'm confused too as to why you would want to spend a lot more money to pay for Medicare part b or c when you're going to be paying the premiums on your health insurance in retirement on a fixed income that you had as a federal worker, (also taxed in retirement) that could prove to be very expensive.

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Medicare Part A is free, you have been paying into it for years and it will pay 80% of your medical bills. Part B currently costs $135 a month depending on your income and will pay 80% of your doctor bills and in most cases cover most if not all of your copays. Part C is the optional supplemental plans that may or may not be less expensive then your FEHB coverage and may or may not have better coverage. If you go with a Part C you need to suspend your FEHB not quit. Part D is prescription drug coverage.

Depending on your health insurance you may be required to pick up Part B.

If you do not have a lot of doctor bills Part B very well may not be an option, but remember if you do not pick up Part B when eligible and decide to pick it up a few years later then there will be a large penalty. If you feel you do not need Part B and do not plan to pick it up at all then you can save $135/month

 

[Buffalo_Nickle]

Bottom line, (you don't have to know any acronyms) as Fed retirees we get to keep our health insurance, never goes away, no reductions in coverage, same insurance as when we worked. So, if we keep it, do we need Medicare Part B? Medicare part B cost (a premium) would this equate to paying twice for coverage we already have? I think it is, but just not sure...

I would best phrase it as a quality of life issue, having part B medicare and your FEHB together and you are prepared to weather the storm of old age medical trials and tribulations. Also everyone's medical needs differ but as you grow older they come closer to being the same. MHO

 

[zedlep]

Yeah, this is the question, we get to keep our Fed Insurance (pretty expensive) in retirement. Why pay for Medicare Part B? Someone answer that? Don't care about anything else, why buy something (extra - Medicare B) if we get to keep out health insurance?

 

[nasa1974]

Yeah, this is the question, we get to keep our Fed Insurance (pretty expensive) in retirement. Why pay for Medicare Part B? Someone answer that? Don't care about anything else, why buy something (extra - Medicare B) if we get to keep out health insurance?

See post #23 below.

We are pretty lucky that we get to keep our Federal health insurance when we retire and change policies if we want to during our retirement. But, it's possible that you might find a supplemental insurance that has similar coverage and is less expensive than your Federal insurance. If that happens then you would suspend your Federal insurance and sign up for the supplemental. In this case you do need Part "B" and if you did not sign up for it when you first became eligible then there could/would be a substantial penalty. Each persons needs and circumstances are different. Even though you have FEHB coverage you need to check with your insurance company to see if you have to pick up Part "B" or not.

 

[PessOptimist]

Medical Plans in Retirement - 03/19/19

Maybe this should be renamed medical plans in retirement - 03/19/19? Seems to be what it is mostly about.

 

[tom4jean]

This is an excellent article about Medicare and federal employees....

https://www.myfederalretirement.com/fehb-medicare-1/


PS if you have a question about retirement that does not have to do with Medicare just ask away. There's lots in this thread besides that

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