Medicare Questions

[philh]

My wife (57yo)has received determination of full disability, and immediately eligible for medicare.

I'm still working full time for a fortune 50 company at 62-1/2. My continued working as been 1. income, 2. health insurance.

My corporate annual benefit and health elections has to be selected in the next two weeks.

Yes, I should have done research before being presented with this determination, but everything I knew, it was rare for immediate medicare opportunity.

I'll call HR Monday, but my experience is they are generally clueless and of little help.

How does medicare work with corporate insurance, or would I drop her off my corporate insurance plan. This year, the medical plan is no medical premiums, however, for her and I, it's a $7,000 deductible.

2nd lesser discussion item, with her being complete, I may only work another year or so. Corporation dropped the pension plan before I joined the company, so I get nothing after I stop working. I'll need some insurance for a little over a year starting in 2022.

[philh]

Thank you everybody!

I only have a couple of weeks to make my medical elections for next year. So, we'll stay with that while the rest plays out. Her attorney for disability stated she is in fact immediately eligible, but her determination letter was less clear. If we weren't in the middle of a move and temporarily misplaced the paperwork, she'd have that discussion with the attorney.

For me, I'm ready to chuck the corporate career. We're also going through cutbacks, but my luck, people around me will get cut, and I'll get stuck doing their jobs too.

We just put up a new park model in a campground that's open year round in MI. This will be our permanent base. Our plan is in a year to get the SD and 5th wheel and travel 4-6 months. I wish I had more money going into retirement, but wine, women, and song... and I wasted some too 🙂

[Scottiemom]

bgum wrote:
Everyone eligible for Social Security Disability Insurance (SSDI) benefits is also eligible for Medicare after a 24-month qualifying period. The first 24 months of disability benefit entitlement is the waiting period for Medicare coverage.

Be sure not to drop her off your plan. This was what the rule was when my DH received total disability. It was TWO YEARS before he became eligible. So you still need insurance to cover those 24 months. I don't know if that is still the rule, but we continued our private health insurance for him until he qualified for Medicare.

DAle

[stickdog]

My late wife was older than me so when she became medicare eligible it became secondary to my employer health insurance which was called a Cadillac plan. I don't think medicare paid squat for the three days she was in ICU. This was before Obamacare.

[bgum]

Everyone eligible for Social Security Disability Insurance (SSDI) benefits is also eligible for Medicare after a 24-month qualifying period. The first 24 months of disability benefit entitlement is the waiting period for Medicare coverage.

[wgriswold]

My wife became disabled and qualified for Social Security and Medicare at 60 years of age. I continued to work and had a group health insurance plan. My memory is that my plan was primary and Medicare secondary.

I found this at medicare.gov:

"Medicare pays first for your health care bills, before the IHS . However, if you have a group health plan through an employer, and the employer has 20 or more employees, then generally the plan pays first and Medicare pays second ."

[bgum]

Your wife should take all parts of Medicare she can. Part A which is hospital is automatic and premium free. Some private ( company's) insurance require her to do so before she can be also be carried on your insurance. Medicare normally starts the 25 month after SSA disability or if A Dialysis patient right away or age 65 attained. Did she have a disability claim that was pending for a long time, or is she a renal patient, or age 65. You will need to carry your own insurance and there is several ways to do that.
Best of luck whatever you decide. For her med bills the provider will bill both Medicare and your company insurance. For your med bills your insurance will be billed.

[BB_TX]

I would recommend you discuss your wife’s situation with your company insurance coordinator to choose the best option at least for the coming year.
And delay your retirement until 65 and eligible for Medicare. Full coverage before Medicare is expensive.
We have Medicare and Blue Cross/Blue Shield plan F and never pay a deductible. Even for surgical procedures.

[enblethen]

If you plan on traveling, make sure it is good nation wide.

[arhayes]

I think Taxman is spot on a far as your current corporate coverage will be secondary as long as your wife is carried on your plan. Not sure if you travel since you’re posting in FT Rving, but when you quit work, you’ll need a supplemental for your wife and other coverage for you. Will you be offered COBRA when you leave? It may be a little pricey but will at least give you 18 months at the same coverage you have at work and would get you close to 65. Insurance offered varies from state to state, so it’s great you’re investigating now. I retired in 2014 at 60: carried COBRA for the first 18 months, then used a Healthcare Sharing Ministry since my pension put me over being able to qualify for an Obamacare subsidy. Make sure to check all your options. Good luck!

[PawPaw_n_Gram]

I would recommend you do a line by line comparison of Medicare and Medicare supplemental plans with your company insurance.

You don't have time to do that properly this year. I recommend you keep her signed up for you company healthcare for the next year, and start your research for possibly making a change in 2011.

[Taxman2436]

Medicare will become primary payer for your wife and your health plan at work will function as supplemental insurance. As en let an said, start looking now for the insurance you will need when you leave the company. If the plan you choose does not cover both of you then you can get your wife a Medicare supplement policy and separate insurance for you. You will need to compare to see which is most cost effective.

Lenny

[enblethen]

We have Medicare and private insurance. Medicare does not cover some of the medical items as the cost of care is so high. Even with our private insurance it is very close to cover expenses.
We have Blue Cross which I think is a high end company.
Before you retire, I would look into a plan to help offset costs. Now would be a good time to tart research as you are doing here.