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Beware Medicare's Part B Premium Penalty And Surcharge Traps!

MULTIZ321

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Beware Medicare's Part B Premium Penalty And Surcharge Traps!.


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Richard
 

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Beware Medicare's Part B Premium Penalty And Surcharge Traps!.


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Richard
Wow this is confusing. What should "Sue" have done to avoid the predicament she's in? I hope this gets easier in the next 15 years, although I'm gonna have to figure it out for my DH in less than 4 years. Although once he retires he probably will not get another job, so maybe it will be simpler? Jeessh!
 

Talent312

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... Although once he retires he probably will not get another job, so maybe it will be simpler?

It will... If he doesn't wait too long to sign up.
My DW applied for Part B+D even before her employer policy ended.
That way, she had no gap in coverage.

Sue could'a avoided it by getting B+D when her 1st post-65 job ended.
It's a shame that she didn't understand that the gaps would add up.
But going w/o any insurance for months was not too smart in any event.
.
 

WinniWoman

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I just went through this whole process for my husband before he retired and all I can say is start educating yourself way before your husband's retirement date and understand the timelines and the process for all of it- A, B, supplement or advantage plan and Part D.

It takes longer than you think and it is a lot of work. And now that we are moving I have to start the process over again for the supplement and Part D. What fun.
 

Talent312

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Finding a Part D plan and choosing a Supplemental/Advantage plan
is definitely a pain in the behind.

BTW, you may want to choose one different than your spouse, becuz:
1. Premiums may be different; and
(b) It's easier to track whose paperswork is who's.
IOW, I don't have to read it to know which pile to put it in.
.
 

Laurie

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BTW, you may want to choose one different than your spouse, becuz:
1. Premiums may be different; and
(b) It's easier to track whose paperswork is who's.
IOW, I don't have to read it to know which pile to put it in.
.
Or choose the same one, and put them all in the same pile. That way, you don't even have to read the addressee's name, just glance at the logo. Good chance you'll never have to sort thru them. :)
 

Sugarcubesea

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Wow this is confusing. What should "Sue" have done to avoid the predicament she's in? I hope this gets easier in the next 15 years, although I'm gonna have to figure it out for my DH in less than 4 years. Although once he retires he probably will not get another job, so maybe it will be simpler? Jeessh!

I was just thinking the same thing. If I'm still working at age 65, am I supposed to sign up for the whole alphabet right when I turn 65? I think in the year I turn 64, I'm going to see if I can find someone that specializes in Medicare and its inner workings and find out exactly what I have to do?
 

Luanne

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Finding a Part D plan and choosing a Supplemental/Advantage plan
is definitely a pain in the behind.

BTW, you may want to choose one different than your spouse, becuz:
1. Premiums may be different; and
(b) It's easier to track whose paperswork is who's.
IOW, I don't have to read it to know which pile to put it in.
.
Dh and I do have the same Part D provider. We get it through my retiree site. We now both have the same supplement provider because that was the cheapest for both of us.
 

Luanne

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I was just thinking the same thing. If I'm still working at age 65, am I supposed to sign up for the whole alphabet right when I turn 65? I think in the year I turn 64, I'm going to see if I can find someone that specializes in Medicare and its inner workings and find out exactly what I have to do?
If you are still working at 65, and if you are covered by an employee provided health care plan, all you have to sign up for is Medicare Part A.
 

Luanne

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I was just thinking the same thing. If I'm still working at age 65, am I supposed to sign up for the whole alphabet right when I turn 65? I think in the year I turn 64, I'm going to see if I can find someone that specializes in Medicare and its inner workings and find out exactly what I have to do?
Also, in many areas seminars are provided to aid people with Medicare decisions. I think AARP provides them. You can check around for your area. Dh and I went and talked to our State Farm insurance agent (he'd sent me a letter prior to my 65th birthday) but he mostly talked about the different plans, not everything you needed to do.
 

Talent312

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I think in the year I turn 64, I'm going to see if I can find someone that specializes in Medicare and its inner workings and find out exactly what I have to do?

Your state may offer free senior health insurance counselling...
In Florida. it's SHINE (Serving Health Insurance Needs of Elders).
You might check with the state or local agency on aging.

As others have said, sign up for Part A (Hospitals) at 65... It's free.
As for Part B+D, it comes down to this:
You may defer Part B+D while covered by an employer plan.
But your employer's plan may also say it's only pays secondary
to Medicare or switch you to their Medicare Supplement Plan.
IOW, you may need to get Part B+D anyway even if covered.
-- Check it out, either with HR or with your plan.
.
.
 
Last edited:

Rolltydr

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Your state offer free senior health insurance counselling...
In Florida. it's SHINE (Serving Health Insurance Needs of Elders).
You might check with the state or local agency on aging.

As others have said, sign up for Part A (Hospitals) at 65... It's free.
As for Part B+D, it comes down to this:
You may defer Part B+D while covered by an employer plan.
But your employer's plan may also say it's only pays secondary
to Medicare or switch you to their Medicare Supplement Plan.
IOW, you may need to get Part B+D anyway even if covered.
-- Check it out, either with HR or with your plan.
.
.
Every state also has a SHIP (State Health Insurance Assistance Program) office that you can contact for help.

 
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If you can spend time reading through 9-ish pages, I have a comprehensive Q&A about Medicare. To answer a few questions above:
  1. Medicare Part-A is not "free", if you worked 40 quarters it is paid off. If you worked for less than 40 quarters, you will have a premium. It is highly suggested everyone get it, since it has a late enrollment penalty (LEP) like Part-B's. As long as you sign up for Part-A 3 months before, month of, or 3 months after 65, you're good.
  2. If you don't have employer coverage, get everything you can and get with an independent agent to sign up for a Medicare Advantage or Supplement at that time. It is free for you, Medicare pays our commissions. If you will be getting TriCare (veterans), you don't need Medicare.
  3. I heard seniors complain about the Part-D Late Enrollment Penalty, they said it is a tax from liberals. If you search it online, a lot of Republicans signed the law. That is all I will say about politics of it. Anyway, if you make less than $1700 per month, contact Social Security (online or go to their office) and sign up for Social Security Extra Help. That will eliminate all LEPs, eliminate deductibles, and cut copays for medicines IF you qualify.
I am licensed in Florida, North Carolina, and Washington State. If you have any more Medicare questions, read over my post, ask me privately if you have anything not covered.

TS
 
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