Federal Employee and medicare?
 

Hi everyone and thanks in advance for any help.

I just turned 64 and have begun trying to figure out medicare.

I retired from the Postal Service two years ago.

I'm healthy to a fault and had a perfect checkup recently, the first in four years.

I am currently insured by FEHP, BCBS, Standard Option. My portion of the policy is about $160 a month.

I understand that I must pay $99 a month for Medicare Part B when I turn 65, is that correct?

I know that my great health could change at any time but I just can't see paying $3100 a year for medical that I probably won't use. Doesn't Medicare Part A cover anything major? Would I be better off just saving my money and paying the difference if something did happen?

I need help! I'm so confused by all of this!

Thanks again!

Usually when you go on Medicare, Medicare becomes your primary and your other insurance becomes your secondary carrier. They know you are turning 65 and will change your rate accordingly. I would call FEHP, BCBS, Standard Option and verify this or at least find out what will happen.

This is a good question. I will be in same predicament in a few years. The FEHB program mentioned a few years ago that they might come up with a reduced plan for medicare eligible enrollees but so far I haven't seen anything. Check with Medicare and find out if you do not sign up for Part B right now, can you get it later with no penalty if anything changes with your current plan.

"Z" has got this correct.

In addition, Medicare Part A covers hospital expenses, while Part B covers doctor's charges.

If you went on Soc Sec prior to age 65, you will go on Medicare automaticallyy at age 65. If that is not the case, you must apply for Medicare about 3 months prior to you 65th birthday. My company benefits dept is already "prepping" me for this.

I will be right behind you, since I turn 65 in May of next year. :sigh:

Where did all the time go ? :ohdear: :shocked:

Medicare
 

AARP might also be able to help with your question. You need some really good professional advice before you make up your mind NOT to take Medicare. It's probably the best insurance you can buy!

I just started on Medicare this month and what you've explained (and other posters) sounds exactly like what I'm experiencing. I worked for the State of New York and where $100 was deducted from my SS payment, $99.90 was credited to my retirement payment. No changes in my coverage except for as you describe... Medicare is primary then my NYSHIP/Empire Plan takes care of the rest. I don't know why there is a $0.10 difference between the Fed charge and the State credit, but I ain't about to complain over the dime it's costing me for the coverage.

:agree:

AARP can pbe helpful here, and yes, you should make sure about your decision on Medicare.

I wouldn't either......... :smiley:

...but then, if it was 20 cents... :p

Then, go for it - ABSOLUTELY ! :22yikes: :a20:

Without a crystal ball no one knows whether its best to take medicare right away or pay the penalty when you pick it up later during open season. As a federal employee on medicare, medicare is the primary and BCBS is secondary. Between the two you probably wouldn't have any co-payments. If you are a NARFE member, you could always speak with them, however, no one will be able to tell you what would be most cost effective for you.

Nope, no rate change from BCBS when you go on Medicare. The Fed policies have to lump everyone in the large pool, so no separate pool for Medicare and non-Medicare.
The OP can however change to a lower cost insurance, like the BCBS Basic plan, if he wants to lower his monthly costs.
Since nobody knows what the future holds, I would go with the Medicare A and B. It is, after all, insurance against really bad things happening that could wipe out you and your family. And that 10 pct yearly penalty is a real deal breaker if things go south.
Even if you stay with the BCBS Standard and Medicare, you have a whole lot of coverage for a LOT less money than retirees without the benefit of FEHB plans.
And yes, I'm a retired Fed with BCBS and Medicare. :beer3:

Which is why I said to call FEHP, BCBS, Standard Option and verify this or at least find out what will happen. Not all plans are the same.

Fehb
 

If you don't take the Medicare and later decide to get it it's will cost you more.
"Q. What Happens If I Don't Take Part B as Soon as I'm Eligible?
A. If you do not enroll in Medicare Part B during your initial enrollment period, you must wait for the general enrollment period (January 1- March 31 of each year) to enroll, and Part B coverage will begin the following July 1 of that year. If you wait 12 months or more, after first becoming eligible, your Part B premium will go up 10 percent for each 12 months that you could have had Part B but didn't take it. You will pay the extra 10 percent for as long as you have Part B.

If you didn't take Part B at age 65 because you were covered under FEHB as an active employee (or you were covered under your spouse's group health insurance plan and he/she was an active employee), you may sign up for Part B (generally without an increased premium) within 8 months from the time you or your spouse stop working or are no longer covered by the group plan. You also can sign up at any time while you are covered by the group plan."

I would get the part B and hope that FEHB gives you an option for a "Supplemental Pan" at a later date. I'm Military so I get Tricare as a supplemental, but under Tricare you have to take the part B coverage as primary.

Medicare costs
 

Sounds like you may want to gamble on your health which is not such a great idea but here is something to try.

If you can opt out of your current plan and get back into it later that might suit you well.

Then I would sign up for a Medicare Advantage plan. You can get one through AARP and its $0 out of pocket/month. The best thing is that it reduces your costs if you do need hospital or doctor services. It also has a drug plan.

Beware though, you can use only those Doctors and hospitals that are in the plan.

You can check out the Drs and hospitals in your area before committing to anything.

Now as you get older and want say more choices in Drs and hosiptals you may be able to opt back into your current plans if that is possible.

You just need to do a little homework.

Good luck!