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Medicare Annual Enrollment Period coming up!

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I will be calling Humana and changing our plans. Neither of us take prescription drugs, but had to choose one when we went on Medicare 7 years ago. (Never have used it.) Our plan started at $12 then and gradually went up. It went from $26.10 each in 2019 and now will be $56.30 each for 2020. I am signing us both up for the $13.20 plan. That will save us $1000 per year for something we do not use
In many - if not all - states, Humana has changed their pricing on PDPs as well as their MAPDs for 2020. Like you, many retirees do not need a PDP, but they're required to by law. You can either talk to an agent or call their sales lines to get it changed.

TS
 

WinniWoman

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In many - if not all - states, Humana has changed their pricing on PDPs as well as their MAPDs for 2020. Like you, many retirees do not need a PDP, but they're required to by law. You can either talk to an agent or call their sales lines to get it changed.

TS

Still- what if suddenly you needed prescriptions that were expensive and you had no drug plan? Nightmare,
 
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Precisely. It may be required by law to have Part-D once you hit 65 yrs 3 months old (unless you already have Medicare-compliant drug coverage), but if/when you need an expensive medicine, you're covered.

TS
 

b2bailey

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The Advantage plans limit you to providers that are part of their network, although most have very large networks. The Medicare plan with supplemental works for all providers that accept Medicare no matter which state you're in when you need care. Medicare with all the supplemental options cost more/month, but has $0 copay and $0 deductibles. You never see any bills! Since we started on Medicare 5 years ago, we've had 5 joint replacement surgeries and didn't have to pay for anything except the prescriptions. For us, it certainly paid for itself.
I have Medicare plus supplemental plan and I do see my bills. Pay about $200 initially, then all the rest is covered.
 

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Still - what if suddenly you needed prescriptions that were expensive and you had no drug plan? Nightmare,
We will have a drug plan (the cheap one), once we pay the $435 deductible, it will kick in - just like the others. We will most likely pay more, but will take our chances. Just because we choose not to spend it for prescription insurance does not mean that we do not have the money available. Over the past few years, we have put what we call "Zero Balance" in all of our checking and savings accounts and add $500-$1000 each year. That is money that is available for emergencies. These would pay for any meds until the next time we can make changes. We have both been truly blessed with good health. As for me, both of my grandmothers and mother lived to be 89, 91, and 90, so I am taking my chances at 72.
 

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Medicare Open Enrollment starts today!

Open Enrollment is October 15–December 7

Medicare's Open Enrollment Period is here!

Now's the time to compare Medicare coverage options for 2020.
 

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Medicare is 64 yrs 9 months.


TS

Can you explain the above? I turn 64 on December 30, 2019. Anthem/Blue Cross decided to discontinue my current plan. I had been figuring I needed to find something for 11 months, and that whatever Medicare I choose would kick in in on 12/1/2020. What does 64 years 9 months mean?
 

Talent312

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Even if you enroll early:
Your coverage won't start until the 1st of the month in which you turn 65.
Unless your birthday is on the 1st, then it starts the 1st of the prior month.

Examples:
(1) Mr. Green's 65th birthday is July 20, 2020. If he signs up for Medicare
in April, May, or June, his coverage will start on July 1, 2020.
(2) Mr. Kim's 65th birthday is July 1, 2020. If he signs up for Medicare
in March, April, or May, his coverage will start on June 1, 2020.

But if you wait to enroll until the month you turn 65 or later:
The month you turn 65 -- Coverage starts 1 month after you sign up.
1 month after you turn 65 -- Coverage starts 2 months after you sign up.
2 months after you turn 65 -- Coverage starts 3 months after you sign up.
3 months after you turn 65 -- Coverage starts 3 months after you sign up
General Enrollment Period (January 1–March 31) -- Coverage starts July 1.*
---------------------------------
*Deferred enrollment may incur penalties, unless covered by employer plan.

Source:
Medicare.gov

.
 
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Rolltydr

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Even if you enroll early...
Your coverage won't start until the 1st of the month in which you turn 65.
Unless your birthday is on the 1st, then it starts the 1st of the prior month.

Examples:
(1) Mr. Green's 65th birthday is July 20, 2020. If he signs up for Medicare in April, May, or June, his coverage will start on July 1, 2020.
(2) Mr. Kim's 65th birthday is July 1, 2020. If he signs up for Medicare in March, April, or May , his coverage will start on June 1, 2020.

But if you wait to enroll until the month you turn 65 or later:
The month you turn 65 -- Coverage starts 1 month after you sign up.
1 month after you turn 65 -- Coverage starts 2 months after you sign up.
2 months after you turn 65 -- Coverage starts 3 months after you sign up.
3 months after you turn 65 -- Coverage starts 3 months after you sign up
General Enrollment Period (January 1–March 31) -- Coverage starts July 1.

-- Source: Medicare.gov

.
Thank you so much for posting this. So, I actually turn 65 this month. My wife has been on Medicare since January when she turned 65. She is a retired federal employee and we also have FEHB Blue Cross Standard Plan for which we pay approximately $500/month. Our plan was for me to wait until December to apply for Medicare and to change to BC/BS Basic during annual open season for federal retirees health insurance. That will drop our BC/BS premium about $200/month, more than paying for my Medicare premium. We do not need a supplemental or part D drug plan. as BC/BS takes care of most of our drug costs and for the small co-pays we do have, I also have a health reimbursement account from my previous employer that reimburses the few hundred dollars of our out of pocket costs. However, according to the info above, I will need to apply in November in order for my Medicare coverage to begin in January.

I love TUG! I have learned so much since I joined, and oftentimes, it has nothing to do with timeshares!
 
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As I mentioned before, if you get retirement or job health benefits equal to Medicare's benefits, you can keep them if you wish and hold off on Medicare. The only time you will get a late-enrollment penalty is if you don't have Medicare-like benefits or none.

If a Medicare-eligible person has health insurance with a deductible, they can have both, where Medicare/MAPD will pay for whatever their plan doesn't, while copays for Medicare/MAPD will apply towards the health insurance deductible.

TS
 

WinniWoman

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My husband retires the end of this year. Already has Medicare Part A. I went to the SS office today and brought the two forms required for him to get Part B beginning January 1st. (He is not taking SS until age 70 and he is currently age 65).

Then he will go through the company's broker (Via Benefits) in November to pick a supplement and Part D. They will put $60 per month in an HRA account for him.

Then when we move to New Hampshire - which could be very early in 2020, he will have to possibly switch. What a pain...
 
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WinniWoman

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As I mentioned before, if you get retirement or job health benefits equal to Medicare's benefits, you can keep them if you wish and hold off on Medicare. The only time you will get a late-enrollment penalty is if you don't have Medicare-like benefits or none.

If a Medicare-eligible person has health insurance with a deductible, they can have both, where Medicare/MAPD will pay for whatever their plan doesn't, while copays for Medicare/MAPD will apply towards the health insurance deductible.

TS

I do not believe my husband can get his retiree health benefits since he is 65. He has a high deductible plan anyway and would have to pay the premiums I think, so not sure we would want it if he could.

But I can get it and I will need it until June 2021 when I turn 65. That said, I was told by the company retirement specialist assigned to us that I will prbably be better off on COBRA as it could be less expensive. They are waiting to see what the 2020 rates will be.
 

Luanne

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I do not believe my husband can get his retiree health benefits since he is 65. He has a high deductible plan anyway and would have to pay the premiums I think, so not sure we would want it if he could.

But I can get it and I will need it until June 2021 when I turn 65. That said, I was told by the company retirement specialist assigned to us that I will prbably be better off on COBRA as it could be less expensive. They are waiting to see what the 2020 rates will be.
I'm confused. Is your husband retired? If so, he should be able to get his retiree health benefits.

And if COBRA is less expensive for you I would be very, very surprised. When our older dd aged out of my health insurance she could get COBRA, at about $600/month (this was back in 2014). It was much cheaper to get her a policy through BC/BS on her own. I have also heard from others who found COBRA to be more expensive than finding a policy on their own.
 

WinniWoman

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I'm confused. Is your husband retired? If so, he should be able to get his retiree health benefits.

And if COBRA is less expensive for you I would be very, very surprised. When our older dd aged out of my health insurance she could get COBRA, at about $600/month (this was back in 2014). It was much cheaper to get her a policy through BC/BS on her own. I have also heard from others who found COBRA to be more expensive than finding a policy on their own.

He retires 12/31, but he would have to pay for the retiree health insurance. It is not company paid. Well- they say a portion of it is but the premiums are expensive. Plus it is a high deductible plan.

But I recall them saying if he is 65 he cannot get it because he is Medicare eligible. A company policy. I guess maybe it is really for younger retirees. I will clarify this with them next week when I have a conference call with the company retirement specialist or look back at my notes.

As for me, the Cobra premium is about $30 per month less than the retiree health insurance. $515 vs. $545 per month based on 2019 rates. Don't have 2020 yet. . I figure to just go that route because in 18 months (the Cobra limit)- actually 17 months since I am born in June- I will be on Medicare. Plus the broker the company uses will give me $60 per month in the HRA account once I go on Medicare and go through them for the supplement and part D, as they are doing for my husband.
 
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WinniWoman

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So I looked on line at the retiree health coverage. It is called non Medicare retiree coverage. Great- so a lot of people have to retire later due to the FRA increase for Social Security so they cannot take advantage of it. Slick. I also called our retirement specialist at the company and yes- the last day of work his health coverage stops dead cold. He has to have Medicare then- as it would be primary- because if he doesn't- even with retiree health coverage- he would be penalized for applying for Medicare later on or something like that. (see what the company did there?).

(The company also chopped the employees pensions a few years ago on top of this- my husband lost over $100,000+ due to this. SMH....)

So employees who retire younger than 65 can take advantage of the retiree health plan. But who can retire young if they now cut out the pensions and only have a cash balance plan that stinks? I guess just the high salaried people who can contribute huge amounts to their 401k plans or else have some kind of executive perks.

They told me hubby could take COBRA- but since he is Medicare eligible the only thing it would pay out would be the prescriptions so that would not make any sense.

I am only eligible for the retiree health plan IF my husband goes through the VIA Benefits the employer steers retirees to. If hubby gets a supplement on his own, I would not be eligible for the retiree health plan, but I could still do COBRA. He and I would then also lose the $60 each per month in the HRA. (mine I would be able to get once I went on Medicare through VIA benefits in 2021 and if hubby was still on plans through VIA benefits). (yeah- that is their big incentive- $60 per month each- LOL!- But- hey- we'll take it IF it is worth it)

I asked about the rates that VIA benefits offers on the supplements and the specialist said he heard they are competitive. Hmmm.....

I tried to go on the ACA website (for my health insurance - just to see the rates)- but living in NY with it's own health plans it directs me to the NYS website and then there they said closed for maintenance. I don't think the 2020 rates are out until November anyway.

Nothing is easy. This whole thing gives me such a headache... There needs to be a major overhaul in this country regarding the health care system and insurance.
 
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Talk about a quagmire! I don't do anything with the ACA, but you could look up someone in your area who works with an insurer who does. But with Medicare, it sounds like that is the easiest option. Sign up at 64 yrs 9 months for Parts A & B, then sign up for a Medicare Advantage (or Supplement with Part-D) plan, and be done with it. And talk with your HSA/FSA, see if you can cancel the plan, keep the card, and then use the $$$ for Medicare copays.

TS
 

WinniWoman

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Talk about a quagmire! I don't do anything with the ACA, but you could look up someone in your area who works with an insurer who does. But with Medicare, it sounds like that is the easiest option. Sign up at 64 yrs 9 months for Parts A & B, then sign up for a Medicare Advantage (or Supplement with Part-D) plan, and be done with it. And talk with your HSA/FSA, see if you can cancel the plan, keep the card, and then use the $$$ for Medicare copays.

TS

My husband is already 65. He has Medicare A and he just applied for B.

We do have an HSA account and, of course, it is our money and I am pretty sure we can pay premiums out of it. We don't have that much money in it but it will help for a while as long as (heaven forbid) we don't suddenly have huge medical bills. Hubby couldn't contribute this year because he had Medicare A and though a way around it we decided it wasn't worth the hassle. Just as well as right now we couldn't afford it with this high rent we are paying. He even had to stop his Roth IRA contributions. He's just doing the minimum 401K match enough to get the final employer contribution for this year.
 

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@mpumilia You can get around the ACA system to get 2019 rates by indicating that you have change of life events and it will let you proceed to get current rates. 2020 rates will be available starting in Nov. You may be eligible for premium and share of cost subsidies next year since you will both not be working. Your income will be calculated using your mother's IRA RMD inheritance, interests and dividends from your taxable accounts and whatever amount you want to withdraw from IRA and roll into ROTH.

If you are eligible for subsidies then ACA is likely to be cheaper than COBRA and private individual health insurance. If you are not eligible, you are most likely going to find private individual health insurance cheaper and better than ACA. ACA rates without subsidies are always going to be most expensive and have the worst coverage, because the rates are averaged out with the healthy and the private market-rejected very sick group of people. Without ACA subsidies, you will need to compare oranges to oranges between COBRA rates and coverages and those in the private individual market. Insurance brokers don't get commission from ACA plans so you will first need to find out whether you will get subsidies or not using the ACA site. If you are not going to be eligible ffor ACA subsidies, then you need to connect with broker(s) to find all available private individual market plans.

I was on ACA with full subsidies for premiums and share of cost for the one year after we retired. My premium for their best gold plan was $161 per month and max out of pocket of $850, with $5 copay for PCP and $10 for specialists. No kidding. However many of the best specialists in the area did not take that insurance. I moved to the private individual market the following year and picked the best plan where I could see the best specialists -yes I have many medical issues. Our income also would not qualify for any subsidies. The best ACA plan which many good doctors would not accept their plan, costs more than the best plan in private individual market which has much better doctor coverage.

If what I have written above is unclear, please holler.
 
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WinniWoman

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@mpumilia You can get around the ACA system to get 2019 rates by indicating that you have change of life events and it will let you proceed to get current rates. 2020 rates will be available starting in Nov. You may be eligible for premium and share of cost subsidies next year since you will both not be working. Your income will be calculated using your mother's IRA RMD inheritance, interests and dividends from your taxable accounts and whatever amount you want to withdraw from IRA and roll into ROTH.

If you are eligible for subsidies then ACA is likely to be cheaper than COBRA and private individual health insurance. If you are not eligible, you are most likely going to find private individual health insurance cheaper and better than ACA. ACA rates without subsidies are always going to be most expensive and have the worst coverage, because the rates are averaged out with the healthy and the private market-rejected very sick group of people. Without ACA subsidies, you will need to compare oranges to oranges between COBRA rates and coverages and those in the private individual market. Insurance brokers don't get commission from ACA plans so you will first need to find out whether you will get subsidies or not using the ACA site. If you are not going to be eligible ffor ACA subsidies, then you need to connect with broker(s) to find all available private individual market plans.

I was on ACA with full subsidies for premiums and share of cost for the one year after we retired. My premium for their best gold plan was $161 per month and max out of pocket of $850, with $5 copay for PCP and $10 for specialists. No kidding. However many of the best specialists in the area did not take that insurance. I moved to the private individual market the following year and picked the best plan where I could see the best specialists -yes I have many medical issues. Our income also would not qualify for any subsidies. The best ACA plan which many good doctors would not accept their plan, costs more than the best plan in private individual market which has much better doctor coverage.

If what I have written above is unclear, please holler.

Thanks. I went on the NYS website to see 2019 rates. The only thing is-how can I know what our income would be if it didn't happen yet? And how would NYS calculate it then? We will not have salaries- true.

We were originally planning to only withdraw money from our taxable accounts. Yes- I do get the RMD from mom's inheritance iRA. It is small. But I don't know the amount until next June.
 

WinniWoman

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You know what? I just thought of something and that is since we will be moving out of state, getting the ACA coverage in NY- since it has to go through the NYS website- would not be a good idea. I would then have to switch again mid year or even sooner. His company plan is good everywhere, though it is a high deductible/high premium.

(Of course, my husband will also have to do so with his medicare supplement, unless maybe the company he gets the supplement with will also be in NH.)
 

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Thanks. I went on the NYS website to see 2019 rates. The only thing is-how can I know what our income would be if it didn't happen yet? And how would NYS calculate it then? We will not have salaries- true.

We were originally planning to only withdraw money from our taxable accounts. Yes- I do get the RMD from mom's inheritance iRA. It is small. But I don't know the amount until next June.
It is called estimated income. You look at how much interests and dividends from taxable accounts that you have been getting each year and adjust for changes in withdrawal of principal or deposits. There is a table for inherited IRA RMD, percentages based on your age, and you can estimate 2019 year end balance in the IRA account. You will need to decide how much you want to rollover from IRA to Roth.

The nice thing is if you underestimate and get subsidies for both premiums and share of cost, you will need to make up additional premium payment only and not share of cost when you file 2020 IRS returns.
 
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