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Or you can now use TapaTalk again!Retirement Talk - 03/19/19
- Thread starter tsptalk
- Start date
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?
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:rakendzior
Member
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.
clester
Well-known member
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
clester
Well-known member
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?
Correct. The cost on Part B can vary depending on income, but I believe would be no less than $135/month.
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.rakendzior
Member
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.rakendzior
Member
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.
PessOptimist
Well-known member
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
James48843
Well-known member
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?rakendzior
Member
I know next to nothing about FERS, FEHB, and all the other acronyms associated with being a Federal employee. All I know how to do is teach others how to think about their future retirement and come to terms with what has to happen before they start their transition. If you Google my name, you can find a way to reach me if that would help in any way. Tony Kendzior
PessOptimist
Well-known member
evilanne
Well-known member
James,
I believe as a reservist you have Reserve Select rather than TRICARE Prime, there is an annual fee you pay. At age 65 you have to enroll in Medicare part B and then there should be no cost as it converts to TRICARE--this applies to both you and your wife. You have to have to be enrolled FEHB 5 years to take it into retirement.
TRICARE is secondary to FEHB. FEHB is secondary to Medicare. If you look at your FEHB plan, they should outline how they interact with Medicare. My mother has all three and rarely has to pay anything, TRICARE is usually good for medication and if there is an issue, she can go to the base to get it filled for free.
As far as international travel, I believe most Fee For Service plans will cover you overseas but you really need to look at the plans. I still remember BCBS representative wanting to transfer me to their international division when I called about a claim in New Mexico years ago :laugh:
Love it! Certainly doesn't surprise me!
PessOptimist
Well-known member
James48843, replied to your post but in an effort not to clog up this thread posted it under https://www.tsptalk.com/mb/retirement-and-ira-talk/1747-military-tricare.html. Might be time to start a retirement story thread to share your experiences.
PO
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Buffalo_Nickle
Member
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
Maybe someone has already mentioned it, but if you do not signup for medicare part B at age 65 the price increases each and every year you wait to signup after 65. also with BCBS and Medicare part B there are no copays for all visits to doctors.rakendzior
Member
Medicare A is paid for from resources somewhere in the system. Medicare B is either deducted from your monthly benefit or if you have deferred your benefits, you pay from your bank account. The problem for some folks not signing up when they become eligible is you have a health issue and there's no open enrollment. If you have the money, I encourage you to sign up as soon as you are eligible, and forget about it. Part A is going to be your primary carrier for the expenses covered by Medicare Part A. Not sure if my reply helps you but...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...Similar threads
