View Full Version : OT: Medicare Question

Weston Bye
07-28-2014, 06:25 PM
Asking here because somebody must have dealt with this situation. I will be going onto Medicare in about a year and would like to retire at that point.

The problem is that my wife reaches 65 two months after I will. If I retire the moment I am eligible for Medicare, she looses insurance coverage. Do I need to work another two months? (sigh)

07-28-2014, 06:47 PM
If your wife has ongoing health issues, work another 2 months. If not, retire when you can. I pulled the plug at 62, I still have 2 months to wait for medicare. It was not worth the hassle I was getting to stay any longer...That (retiring) was the best decision I've ever made!
I am reired US military, so the wife and I are covered by Tricare, and she's a few years older and already on medicare, I get medicare in September.
The truth is out, Weston, I thought you were an old bugger!
Chuck(older than Weston Bye!)

07-28-2014, 06:56 PM
When I applied for SS I was still working (at two jobs, in fact). I'd reached that age where you can have both wages and SS. We applied for but postponed Part B because we already had insurance via my workplace that met or exceeded Part B requirements. That kept my wife I fully insured. Don't know if you have a similar option.

Paul Alciatore
07-28-2014, 08:30 PM
Talk to your personnel manager. When I was "retired" it was carefully explained to me that I had the right to purchase continuing insurance. My employer would no longer be subsidizing it so the price was somewhat high, but not as high as I would have expected. I wound up purchasing that continuing insurance for a couple of months until I was sure that Medicare was firmly in place. I am sure that you will have the same option and a couple months of insurance payments probably will not break your personal bank.

On the Medicare route, you will probably need the supplemental coverage. If you have ever been in the armed forces or an employee of the government, be sure to check out USAA. They have the best supplemental coverage, by far.

07-28-2014, 08:56 PM
I worked for an group health insurance company for 34 years so I am familiar with Medicare and group insurance plans. I would not advise you to go without coverage for your wife. A single accident, heart attack, stroke, etc. without insurance coverage will wipe you out financially. If your employer has more than 20 employees he is required to offer you the right to purchase coverage under a federal law called COBRA. You will have to pay the full premium plus a 2% admin fee which can be very expensive. You can pay that or if it is too expensive you can continue working for 2 more months. You've come this far, you can do 60 more days.

Paul Alciatore
07-28-2014, 09:33 PM
Yes, that is what the extended coverage was called, COBRA.

You should also talk to the Social Security/Medicare people about when your and her coverage can begin.

07-28-2014, 10:11 PM
There are insurance agents who can help you make decisions related to retirement and Medicare and SSA benefits, as well as various IRAs and such, and can offer annuities and other products based on your situation. I'm sure you can find them through AARP. I had a guy knock on my door last winter when I was not quite yet 65, and since Muttley did not try to eat him, I figured he was a good guy, and we have met several times and he has helped me quite a bit. He works out of Annapolis, MD so you are out of his area, but I can provide contact info in case he knows others in your area.

I'm now receiving SSA benefits and Medicare, and I transferred my Roth IRA to a more liquid Capital One 360 account that gets 0.75%. I am splitting my traditional IRAs into two different annuities from which I can make partial withdrawals and then receive monthly payments starting at about 70 when there is a requirement to do so.

Weston Bye
07-29-2014, 08:17 AM
Well. Ask the righrt question, get the right answer.

Thanks guys, you've got me pointed in the right direction.

07-29-2014, 10:57 AM
I'm about 25 years away from Medicare.... But... I did finally get insurance this year after being without for 7 years....

All the insurance companies I looked at had "gap insurance".... A few months coverage until something else kicks in.

How did I find the insurance companies... Went to the federal site (that didn't work all that well).. Put in my state, then looked for insurance policies...
I could see the price for my age and what it included... Then I went straight to the insurance companies site....

I spent more time researching than actually signing up and paying.. All they needed was your name, ss#, address, smoker or not, and a credit card, and it was done.

Far easier now to get an individual policy than it used to be.. And a heck of a lot cheaper.

As an aside... I found my state had a newly formed insurance co-op... 20% cheaper than BCBS, and I couldn't find a single hospital, doctor or
clinic in my area that didn't accept it, lower deductible and out of pocket than BCBS also.

07-29-2014, 01:37 PM
SS/medicare application for me was a real mess, wife was already on it. I did not retire til I reached 70, and deferred SS. Went to SS office to apply for SS and I thought clearly
indicated I also wanted to activate medicare part B and D at the end of the year. This started in Oct. My bluecross coverage, which I pay for myself at ~$3300/6mo can be paid
quarterly at $1750 or so.Early Dec, nothing from SS so go back and ask: told SS being processed, will start Feb (paid 1 month in arrears) medicare? say what. So I apply for medicare
and am left with will it start Jan 1 or not, what about supplement--- not medicare problem, also part D not their problem either. D is via private insurance, like supplemental. Because of
runarounds and uncertaintly I elected to buy another quarter of private insurance while sorting out medicare B and D. Be aware your current coverage will have to verified to medicare as
well as the supplemental carrier before they will agree to do either, AND if you do not plan to continue your employer coverage as a retiree, be sure medicare knows about that, though
sometimes it is like talking to a post. Recently my MD notified me that medicare still thinks they are secondary to my previous BC coverage, so declined to pay anything. Find out a name
in your HR or insurance office to contact to arrange the data transfers about prior coverage before you retire.

To clarify medicare only cares about prior coverage if you apply after "usual age of 65". Charges for part D are increased if you apply "late" ie outside the (? 3-6 mo) window post
retirement and did not have equivalent drug coverage under your old plan (not common if your old plan was decent). Supplement/D providers want to be certain you actually have
parts A&B before they will issue policies for supplement and D.

Weston Bye
07-29-2014, 02:52 PM
your post gives me pause. Sounds like a nightmare.
I think I will save all these posts as a reference when I start setting up for the big day, presuming it hasn't all changed by then.

This quote seem appropriate:
"Sometimes I wonder if the world is being run by smart people who are putting us on, or by imbeciles who really mean it." -Mark Twain

07-29-2014, 04:10 PM
Just my limited $0.02, but I would suggest before you apply be sure yourself and others understand the financial ramifications it may/may not place upon your family and your estate. I know several folks who thought they were going to inherit the family homestead, one of whom lived on theirs, but a sudden illness followed by unexpected expensive "final costs" (nursing home and hospital stays) let the state inherit the land instead. A legal will is not enough in many cases.

Alistair Hosie
07-29-2014, 04:39 PM
A single accident, heart attack, stroke, etc. without insurance coverage will wipe you out financially

What sad situation you have worked very hard all those years both of you,and paid in all your life, and you could if you or your wife becomes ill seriously you could possible lose everything you have worked towards during your whole life.
That would never happen here sorry for the rant but it seems so unfair.Thank god for our system where everything including all types of surgery is totally free at source so that the patient never has or ever had to worry re medical bills crippling them.
And you guys if you think about it logically live in the richest country on the planet or am I just referring to the medical profession.
If I were in charge in the USA, I would spend a lot less on useless weapons, and look after the people who created the wealth i,E the voters.
Alistair truly not astounded but seriously saddened by his sort of thing.I don't mean to hurt anyone with my points though so don't take what most of what I feel along with most of us here in Europe feel re this personally it is not a criticism of Americans.

07-29-2014, 05:31 PM
that's easy to say Alistair, but try living here for a few years and you'll see how complicated it is and how it got to this state. Federal USA is very different from centrally administered UK, with all of the quirks and cons that go with it. As you can see from the ongoing nastiness about Obamacare, people here have very strong opinions on both sides of the debate. This is from someone who's on short term health insurance (and hoping no one in the family gets sick) until my employment and health insurance starts in a months time.

07-29-2014, 09:49 PM
Here it's not "health insurance", but "Wealth Insurance". Once you understand that the choices are easier to make.

Alistair Hosie
07-30-2014, 10:08 AM
I still feel desperately sorry for some peple as I said who have lived a good clean life, never breaking the law worked very hard in the USA sometimes doing two jobs,and saving and buying their homes.
Then and after thirty years or so , finally make the last payment and hope to leave it to their children and grandchildren when they die .To then get stuck in such a vacuum loop for perhaps a very short time between insurance .
Then one partner spouse etc gets perhaps heart problems or similar and they have to sell everything they own and even then sometimes also borrow to save their life long partners life.
That's neither fair or just.
It would never happen here.
We have very different problems as we have currently lot's of people coming here to the UK who have never paid a penny to the system and as political asylees etc illegal immigrants ,get fee instant education for them and their children.healthcare sometimes they come with several wives all paid for by the uk taxpayers of course , etc etc etc.

My wife was a schoolteacher all her life she went for a position of headteacher in a Glasgow primary school with about 95% asian children.In the classroom were about six other women staning up at the front of the class in full view of the children I.E besides the teacher .
All of them were paid to translate what the teacher had said into all kinds of different languages dialects etc before the teacher could continue to teach.
There were two white children in the classroom who were born in Scotland and the current headteacher told myself and my wife that those children should be currently studying from a grade five book by now, and they were being held back so much they were still on grade one.The headteacher went on to say that of course I never told you that . Aslo we are not allowed to publically discuss these problems.Adding that the parents of Scottish children are completely unaware that this is going on.
If you even dare question this there are groups of Muslims and muslim british white supporters who immediately call you racist.Just like if you dare question what the zionist goverment in Israel is currently doing you are immediately branded anti semetic you all know it to be true.
People are intimidated from speaking out regarding these very serious problems and the politicians will not admit it , or discuss it openly .
They completely drive the questioner who is currently sometimes being booo-ed by the crowd,There are genuine people good british people who just think that to question these things is totally wrong even anti Christian .Very recently a few weeks ago in fact some faith schools i'e muslim faith schools who are driving forward a very shia based muslim agenda through the school governance system.of course it was covered up and denied ,but the evidence is there that they want girls and boys to be seperated from an early age and the boys taught but the gils get a very much poorer form of education.Now by shia law girls should not be educated at all and that is what they eventually want here in the UK .For most of us, we decent thinking individuals it is like agoing a step back to the dark ages. This is very serious .We have young girls being taken on holiday to nigeria and pakistan etc and having genital mutilation carried out on them by local women they are held down and have their clitorous removed with a piece of broken glass that is the way it is usually done.And I am talking about tens of thousand of children each year.
I look forward seriously to the day soon when Scotland can seperate from the cowards in westminster .who are afraid of the muslim lobby groups. as they now desperately require their votes come the elction , especiually in London and the northen English counties.We have to address this issue soon as currently it is being simply swept under the carpet.Tony blairs multicultural society was poorly thought out and executed of course we welcome decent thinking peoples from all other countries but not those wanting to have areas and schools run under sheria law which is very harsh on women in general.Many young indian and pakistani girls are taken each year and what is a pretense of a holiday back in the motherl counytry suddenly becomes a place were they are forced to marry sometimes their own cousins all long before arranged between the two sets of parents who come to a mutual understanding which is of benefit to both parties this is forcefully carried outso that their family members can thanks to current british law come to great Britain and get a British passport.Many times the men are much older and large dowries are paid.
I wish you could see whats going on in England today .I hope we get seperation from westminster power as again and again the people of Scotland vote for a particular party that suits the wishes and aspirations of the Scottish people but end up because we are swamped tenfold in numbers by English votes, in other words Scotland always gets what the people of England chooses democracy at work I think not.Alistair

07-30-2014, 03:09 PM
just out of curiosity Alistair - how did this get from a Medicare question to one of Scottish independence? I'm not particularly fussed either way, it's always interesting to see other's views, just curious :)