Medicare - Change in start up date
 

My dear wife called to tell me that on the front page of the local Memphis newspaper is a new law proposal that explains the delay of commencing medicare eligibility for those born in 1949 and thereafter.

For this 49er means I would start medicare at 65 and two months. Delays my retirement by two months. Was hoping to retire 18 months prior to 65 ( using Cobra for 18 months to bridge the gap)...:cus:

We really need to be in TV ASAP!!!

Any one thinking of doing this better check to see if you can use COBRA to bridge the gap. I think if you use COBRA you could end up with a higher Medicare premium. You could be ok because you are bridging to 65. The problem might only be if you delay medicare past 65 by using COBRA.

I think this is the proposal floated by Joe Lieberman and another senator this week, I can't remember who the other senator is. We all know something has to be done to make Medicare sustainable over the long run, and a couple of months added to the start date for each birth year seems fair on its surface (by the way, I'm not a 49er, but a 50er). But like always, the devil is in the details. Not to worry though - Pelosi and Reid have already gone on record as being against it - I doubt either has read it, but they both have come out against it.

Raising the eligibility age for Medicare for anyone born after 1949 is simply a PROPOSAL at this stage...but it has got gotten blown out of the water so I would keep my eye on this. Something is going to happen to medicare but what!

Here is a link to an article that explains the issues with cobra and Medicare. Worth understanding before going down that path.

http://advisor.morningstar.com/artic...d=18315&pgNo=0

Meidcare
 

You are quite right. I checked with Medicare awhile ago.
As long as you request medicare to start before you reach age 65 you are in the clear.
In other words start Medicare the month you turn 65 ( or maybe the 1st day of the month after your 65th birthday) everything is fine even on cobra or a group plan such as from work.
Delay after 65 and you can pay more ie 10% more a year and you can start only Jan - Mar in any particular year ( I think)

So why would you pay cobra and Medicare? Only sign up for Medicare part A which is free if you also stay on Cobra. However my bet is that signing up for Medicare A plus B and maybe even all plans plus a gap coverage will cost less and provide better coverage.

It's actually quite simple. They don't want people to delay just to save the part B premiums. Since there's no physical requirements, if you're relatively healthy you could save $115/mo until you need significant medical services.

To avoid the penalty, you must sign-up in the three months either side of your 65 birthday month, a seven month window. The exception is if you continue working and have employer coverage, you have eight months to sign-up when you quit working. Cobra is not considered employer coverage. The example was an odd case, normally no one would do this since Cobra is very expensive.

There's a bill to extend Medicare to all. That be good. I can't understand how our system has become such a failure. We're the only developed country that fails to take care of its citizens. Think about this. Overall, we spend at least twice per person of any other developed country (big round estimate $7000/yr vs $3500/yr). And, we don't get as good results. The Gov't, i.e. taxpayers, covers 50% of the total today through Medicare, Medicaid, public employees, etc. Therefore, Gov't already spends as much, or more, than ever other country where universal coverage is the norm.

According to this article, the bill would raise the Medicare eligibility by 2 years (age 67).

http://blogs.forbes.com/rickungar/20...-and-the-ugly/

Better watch out...some of those right wingers in the political forum will come looking for you with those kind of thoughts, but I agree with you fully. :blahblahblah: