insurance advice

[brigeton]

I'll be 65 next year and eligible for Medicare. My wife is still working and I'm on her health insurance. I think she pays about 1500 a year to have me on it. I don't know if I should sign up for Medicare right away or wait until she is done working. I don't know how much the supplemental insurance for Medicare costs. I am wondering where to go for advice on this. I don't want to talk to a insurance agent about advice on what kind of insurance to have.

 

[joeintexas]

Actually talking to an agent that handles several different companies and can show you the ins and outs of each one, then you can choose which policy fits your needs best, everyone of us has different needs when it comes to health coverage. By all means do get a supplement policy to cover what medicare doesn't cover. The wife and I are both on medicare insurance but we have different supplement companies. Its good to have a choice. Good luck.

 

[JSR III]

Just don't get sick and you won't need insurance.

 

[bigwheelzip]

Make sure that your wife's coverage for you doesn't revert to secondary status (applying only to the 20% beyond Medicare) once you are Medicare eligible age. Have the answer in writing, that the wife's coverage for you will continue as primary.
I was verbally assured twice, but when a hospital bill was submitted, they "appologised" for the mix-up but would only act as secondary (20%) coverage.
After a long fight, Medicare covered it retroactively, but I had to pay the Medicare premiums back to the date I first became eligible.

 

[bullmack]

I agree with Joeintexas. I was retired and covered under my wife's policy. When she turned 65 we both switched to Medicare. Premium costs for medicare/supplemental/and drug coverages were the same (wife is a physician and still works so we are "means tested") Her commercial coverage had a $10k annual deductible so medicare was still way more cost effective. All medicare supplemental plans have to offer identical coverage. This is spread over several plan options. An agent can walk you through these. It then comes down to which companies provide the best service which is where an agent brings more value to the discussion. Key point - you have to join medicare when you become eligible unless you are covered by a spouse's policy. Failing to do so incurs penalties.

 

[Bullet Bob]

As long as your wife is working full-time, you can stay on her health insurance without taking Part B of Medicare (the part that costs money, and covers outpatient care), and then pick up Part B when she retires without a delay in coverage, or a penalty.

Since evidently she's paying $125.00 a month for you that's very close to the $129.00 a month Part B costs this year, but who knows about next year. So whether you switched could depend on the quality of her insurance coverage.

You're going to want Part A of Medicare since it's free for almost everybody. That covers hospitalizations.

You don't say whether you're already getting Social Security benefits. If you are, Medicare enrollment is automatic, and you can refuse Part B if you want. If you're not getting benefits, you'll want to make an appointment with your local SSA office to sign up for Medicare, and they can be very helpful, although they're not allowed to advise you as to what you should do.

The states I'm familiar with have an agency called SHIIP that can help, and since they're not trying to sell you anything I can recommend them. The one in NC is excellent.

The one thing I can advise you to not do is take advice from internet forums, although it's your business as to what you actually do. Heck, maybe you can go on the Medicare site and ask about Triple Locks, what do I know (less every day, it seems)?

 

[KKECK5]

I'll be 65 next year and eligible for Medicare. My wife is still working and I'm on her health insurance. I think she pays about 1500 a year to have me on it. I don't know if I should sign up for Medicare right away or wait until she is done working. I don't know how much the supplemental insurance for Medicare costs. I am wondering where to go for advice on this. I don't want to talk to a insurance agent about advice on what kind of insurance to have.

MOST private INSURANCE COMPANIES make you go on Medicare when you turn 65......very few don't. Medicare is not a bad deal, no co-pays for doctor visits....you can then use your wife insurance(at a much lower rate) as a supplemental insurance for the 20% that Medicare does not cover.. If you don't join medicare at 65 the government can make you pay more as a surcharge 10% over the amount you pay at 65.. If you are getting social security and medicare comes out of your check your cost this year and next is $104.90 per month..... If your still working and not getting social yet, it's approx $122.00 and will go higher in January.... The more money you make retired or working the cost of medicare can increase.. remember there is a 'non harm clause for medicare'... meaning when there is no social security increase people having their medicare taking out of their SS check, WILL NOT be increased... only people still working not getting SS were increased this year and next... here is a link to how much each group pays.

correction........$104.90 covers people already 65 this year.. when you turn 65 next year, you will be at the slightly higher level of $122-$130 whatever the new 2017 rate is...

Part B costs | Medicare.gov

 

[johngalt]

Stay on your wife's insurance if possible. You will likely have far better choice of doctors.

 

[dave1918a2]

I went with Humana. What a mistake. Whatever You do make sure You sign up for part 'D' also. I didn't and now I pay a penalty forever. Again get part 'B' and D or a penalty will come.

 

[da gimp]

I got parts A& B when I retired due to medical disability. Because I was covered by two good prescription plans at the time, I chose not to get the drug # coverage.

Due to the high increases to our prescription co-pays due to the "Affordable Care Act". I got enrolled in the prescription coverage this year... I had to prove I was covered by a good quality prescription plan or I would have incurred a very high monthly premium increase/penalty. This was easy to do thru my wife's employer.

My advice to you if you decide to opt out of the prescription drug coverage because of coverage you already have, is to save every piece of paper documenting what your plan now pays & keep saving it & all future plans, because when you do opt into the coverage... you'll need to be able to prove what you had...

 

[coltle6920]

To add to what Bullet Bob said...

Here's some useful info that might help you out.Page down to the special enrollment period (SEP).

Retirement Planner: Applying for Medicare Only

Or just go to SSA.gov and look for Medicare coverage.