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philh

Belleville MI

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Posted: 07/20/22 03:59pm Link  |  Quote  |  Print  |  Notify Moderator

Retiring mid sept. No post retirement pension or health care.

Wife is eligible for medicare in October, me in February.

Looks like my COBRA is affordable to carry at least through the end of the year.

Our income will be limited to her SSDI, until I decide to take my SSI, which I'm looking to hold off until 10/2024.

Will our reduced income help with supplemental costs?

mr. ed

Amarillo, Texas

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Posted: 07/20/22 04:24pm Link  |  Quote  |  Print  |  Notify Moderator

I get all my health care needs at a local VA medical ctr. I don't know if you're a veteran, but I'm very pleased with the care I've received. Now, I realize that if you're traveling, you may not be near a VA facility, but it's something to consider if you find yourself near one. I'm pretty sure your wife would be covered, too.


Mr. Ed (fulltiming since 1987)
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fj12ryder

Platte City, MO

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Posted: 07/20/22 04:32pm Link  |  Quote  |  Print  |  Notify Moderator

If your income is reduced enough, you may be eligible for VA, but don't hold your breath.


Howard and Peggy

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rk911

DuPage County

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Posted: 07/20/22 04:33pm Link  |  Quote  |  Print  |  Notify Moderator

philh wrote:

...Will our reduced income help with supplemental costs?


not sure what you mean but, you likely know, that Medicare will take care of 80% of approved charges. the other 20% is on you. there are supplemental plans that will cover most of the 20% but Plan F which covered 100% of the 20% is no longer available. you might also need/want a Plan D for prescriptions...more $. less $ if you take no or few meds but the more meds/the more serious meds the more $.

you might be a good candidate for a Medicare Advantage plan (Medicare Part C). MA plans are managed care plans (all-in-one). they take care of whatever traditional medicare covers plus the 20% + some meds + some other perks. depending on your zip code you might get a $0 premium or even $ back (at least that's what the ads say).

the downside for fulltimers, is getting help outside of your "home" zipcode. be sure to ask how that works...may be a huge problem or no problem at all but be sure to ask.

good luck.


Rich
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Skid Row Joe

Texas

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Posted: 07/20/22 04:54pm Link  |  Quote  |  Print  |  Notify Moderator

philh wrote:

Retiring mid sept. No post retirement pension or health care.

Wife is eligible for medicare in October, me in February.

Looks like my COBRA is affordable to carry at least through the end of the year.

Our income will be limited to her SSDI, until I decide to take my SSI, which I'm looking to hold off until 10/2024.

Will our reduced income help with supplemental costs?
Call Social Security. They'll answer your questions. Yours sounds detailed.

nickthehunter

Southgate, MI

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Posted: 07/20/22 06:00pm Link  |  Quote  |  Print  |  Notify Moderator

In my experience - no; Income never entered into the equation. Medicaid or welfare could be an option but I wouldn’t know about those things.

steveh27

Grosse Pointe Woods, MI

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Posted: 07/21/22 04:06am Link  |  Quote  |  Print  |  Notify Moderator

I pay $250/mo for a BCBS supplemental which covers all deductibles and copays. Do not forget to get drug coverage, Part D.

thomasmnile

Lake Mary, FL

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Posted: 07/24/22 09:07am Link  |  Quote  |  Print  |  Notify Moderator

Medicare Explained By Medicare......Kinda


The link above will provide a Reader's Digest version of Medicare Basics.

Here's a few things you may find useful (my experience) so it's anecdotal.

You must enroll in Medicare within 6 months of your 65th birthday. Medicare eligibility is NOT the same as Social Security's full benefit retirement age, which for anyone born in 1954 or later is 67. Late enrollment in Medicare can cost you dearly from a premium standpoint.

"Original Medicare" is a combination of Part A (hospitalization) and Part B (doctors, lab services, diagnostic services, and durable medical equipment (some but not all). Part A is "no premium" if you have Social Security "work credits", Part B has an annual monthly premium, which can be increased, sometimes significantly as this year's $21 premium increase. As others posted, Original Medicare (Part B) pays 80% of covered charges, you are responsible for the 20%. The Part A hospitalization covers in patient hospitalization costs, with a current deductible of around $1400, per covered event, it is not a calendar year deductible. Important to note: Both Medicare Part A & B deductibles can increase every year.

A "Medigap Policy", AKA Medicare Supplement, covers the 20% of approved charges not covered by Original Medicare. Medigap plans are sold by private insurance companies; about a half dozen or so plan options with various premiums and benefits/deductibles.

Original Medicare does not provide drug coverage (except for medications administered in a physician's office). For that, you need a Part D Prescription Drug Plan. Sold by private companies, separate premium, varying benefit levels, an annual deductible and out of pocket co-pays ranging from no charge to a percentage of the negotiated cost of a medication, dependent on the medication "tier" (1 through 5) and if your drug costs place you in the so-called_"donut hole".

Original Medicare has no provider network. You can go to the provider of your choosing as long as they accept Medicare assignment. There is no coverage outside the United States and its territories (except for some very narrow exceptions and they are few). A Medicare Supplement Plan may offer some one time international coverage (the supplement I'm enrolled in provides $50K in coverage).

Medicare Part C or "Advantage Plan is a plan sold and administered by a private insurance company that agrees to administer the plan under Medicare rules. No additional premium, except your Part B premium, which in some plans or depending on economic circumstances may be waived or refunded monthly. Most are operated as an HMO or PPO style delivery system, meaning narrow provider networks, you must have a referral from your primary care physician to see a specialist, you will have copays and annual out of pocket limits to meet. Advantage Plans have prescription drug coverage with prescription copays, but like Part D Prescription Drug Plans, don't have all inclusive drug formularies. Advantage Plans may also offer bells and whistles such as limited vision care, dental benefits, fitness memberships, and monthly allowance for OTC medications.


All in all, a lot to digest, study, and consider before making a decision that works for you and your economic situation. AARP, if you're a member, has some useful information on their website. Good luck.

mr. ed

Amarillo, Texas

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Posted: 07/24/22 09:31am Link  |  Quote  |  Print  |  Notify Moderator

rk911 wrote:

philh wrote:

...Will our reduced income help with supplemental costs?


not sure what you mean but, you likely know, that Medicare will take care of 80% of approved charges. the other 20% is on you. there are supplemental plans that will cover most of the 20% but Plan F which covered 100% of the 20% is no longer available. you might also need/want a Plan D for prescriptions...more $. less $ if you take no or few meds but the more meds/the more serious meds the more $.

you might be a good candidate for a Medicare Advantage plan (Medicare Part C). MA plans are managed care plans (all-in-one). they take care of whatever traditional medicare covers plus the 20% + some meds + some other perks[emoticon]. depending on your zip code you might get a $0 premium or even $ back (at least that's what the ads say).

the downside for fulltimers, is getting help outside of your "home" zipcode. be sure to ask how that works...may be a huge problem or no problem at all but be sure to ask.

good luck.


That's a good point. In addition to using the VA, I also have a Medicare Advantage plan throuh Aetna Insurance. It costs me all of $4/month.I believe the cost varies depending on your home state, but cost is still reasoable. [emoticon]

jetboater454

Camping or home

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Joined: 07/21/2009

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Posted: 07/24/22 09:41am Link  |  Quote  |  Print  |  Notify Moderator

philh wrote:



Will our reduced income help with supplemental costs?


If by reduced income you mean employment money,it's possible. When I applied for SS at 62 I was allowed to make $8,yes $8 for the year otherwise I had to pay the $144/month for insurance that the help plan covered.


2011 Toyota Tundra DC Long Bed
2001 Harley Dyna Lowrider

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