I retired a year ago, at 64. I turned 65 in August. Between November `22 and August `23 I had to pay my own medical insurance premiums for the first time. That was a nasty surprise. I had been contributing about $60 a month and my employer paid the rest. After I retired my premiums went to $880 a month. I didn't waste a lot of time worrying about it because I knew I'd be going on Medicare in a few months. So now my Medicare premium is $235 including the IRMAA amounts. Prescription copays are also a lot less than they were under COBRA. I'm starting SS benefits next month.

quote:

Originally posted by 6guns:
I opted for the high deductible plan G with the additional drug coverage which is required for what it's worth. My carrier is Mutual of Omaha.

Thank you!

Happy birthday. Sounds like a good choice. I think the biggest risk (and not much at that) is finding a company that will be financially stable for the long haul. And government business is pretty profitable. But Mutual Of Omaha has been around for quite a while.

Congratulations! It is an important safety net!

quote:

Originally posted by SigSAC:
I filed for Medicare earlier this month, and got the card in the mail yesterday. Now waiting for my retirement plan to move me to a supplement plan from a full plan.

That is the same path we took. Medicare with an employer provided supplement that is equivalent (benefit-wise) to the most complete supplement Medicare ever defined. If I recall correctly, it was supplement plan F, and F is no longer available to new enrollees. G is the closest equivalent. Between my wife and I, we have had 7 major hospitalizations with surgery since 2003, and not a penny out of pocket.

A word of caution. Most (if not all) supplements will not pay any benefits for a procedure that Medicare does not approve, and for which Medicare pays nothing. In such a case, you will be (should be) presented with ABN (advanced beneficiary notification) prior to the procedure, and not always in a straightforward way. Such as "sign this so we can proceed with your blood work" (just an example). STOP. Read the ABN and see what Medicare is not covering and how much it will cost you if you proceed (It should be spelled out on the ABN). In some cases, the incorrect charge code was used for the order, and changing the charge code will make the ABN go away.
 
If you were not shown/did not sign an ABN, Medicare will deny the claim and prevent the provider from collecting anything.

Pipe Smoker and armored, thanks! It's nice to know I have a long way to go still and enjoy the forum along the way.

quote:

Originally posted by Rey HRH:

quote:

Originally posted by 6guns:
I opted for the high deductible plan G with the additional drug coverage which is required for what it's worth. My carrier is Mutual of Omaha.

Thank you!

Happy birthday. Sounds like a good choice. I think the biggest risk (and not much at that) is finding a company that will be financially stable for the long haul. And government business is pretty profitable. But Mutual Of Omaha has been around for quite a while.

Thanks, Rey. After quite a bit of research, it seemed like the best choice for me. I learned that Mutual of Omaha doesn't have a history of raising rates much, though that's no guarantee for the future and they do have a good reputation to boot.

7 months out from medicare. Still working. Looking forward to 66 and 10 months.

Congrats 6guns!

66 y.o. here.

Am wondering just is worth the hanging around for.

The only two bucket list I have left are way out of my price range.

With out a substantial big win.
Living past 70, just seem super attractive.

I am going to hate being dependant on others .

Without a significant other to share life with,
Is there life ?

quote:

Originally posted by bendable:
66 y.o. here.

Am wondering just is worth the hanging around for.

The only two bucket list I have left are way out of my price range.

With out a substantial big win.
Living past 70, just seem super attractive.

I am going to hate being dependant on others .

Without a significant other to share life with,
Is there life ?

There's two ways to survive financially in your old age as far as health insurance goes. First is to be financially well-off such that health care costs and assisted living / old people's home expenses are not a problem. Second is to be so financially poor that Medicaid takes over your financial responsibility. Assisted living and old people's home will still be a problem unless you have Alzheimers or Dementia, in which case, Medicare and Medicaid will kick in.

The people in between are the people who are proverbially caught between a rock and a hard place.

Congrats-some good things will keck in......Ceers!

I'm close behind...I turn ⁶5 in Jan. I'm still working and have great insurance, but will be going to part A

Happy birthday, belated and welcome to the club.

I turned 66 last month. I was recently approved to receive disability benefits from Social Security.

It took awhile for the claim to be evaluated, about 15 months, but it's over.

Best of luck to those coming up to 65 and Medicare. Do your research; there's a lot to decide and the process isn't an easy one...at least it wasn't for me. And a lot depends on which state you're in.

Regarding bendable's statement; I don't ever want to be dependent on others either. I hope I'm far enough away from that kind of decision, but that won't be easy. I'm the youngest in my family with no significant other or children. I do not want to be a burden on anyone.

As for no significant other, I really miss a woman in my life, but having been married/divorced twice and through several "longer" relationships, things haven't worked out. I wonder if it's not meant to be or if there is someone out there somewhere.

quote:

Originally posted by 6guns:
Best of luck to those coming up to 65 and Medicare. Do your research; there's a lot to decide and the process isn't an easy one...at least it wasn't for me. And a lot depends on which state you're in.

It certainly isn’t easy to understand. I started a year out before needing Medicare to understand it. Fortunately, Medicare.gov is actually a great resource along with YouTube.

But even then, after understanding Parts A, B, and C well enough which is the very important stuff. It was only coming up on my second year of Medicare did I understand Part D. Fortunately, you can easily switch Part D plans every year with no hassle.

The least difficult part of understanding Part D is the different phases of coverage. First phase is the deductible phase which applies only to certain (more expensive non generic drugs). Then comes the Initial Coverage Phase where you pay a co-pay. Then, once the total cost of your drugs year to date paid by you and your plan reaches a certain point ($4,660 in 2023), you pay the coverage gap phase copay of 25%. Then when the total invoice cost of your drugs year to date reaches a certain point ($7,400 in 2023), you pay the catastrophic phase copay of 5%. Fortunately, for 2024, the member’s copay in the Catastrophic phase goes to zero percent. Notice the threshold limits are based on different calculations.

Not only is that first part of Part D difficult to grasp, I also now realize your out of pocket costs depends on which pharmacy you use. The information is plainly laid out on Medicare.gov but it went over my head. Unlike a medical procedure where your copay is the same regardless of which doctor you use because Medicare has a set price for each procedure, each insurance company negotiates a different price for the same drug among different pharmacies. So your insurance company may have negotiated a $100 price with Walgreens for a particular drug and your copay in the Gap Phase is 25% of $100, the same drug from Walmart has a negotiated price of $150 so your copay in the coverage gap is 25% of $150.

Like I said, I only grasp it this year. In my case, my total outlay for 2023 was $1,700 because I went through CVS. I would have paid only $1,200 if I picked up my drugs from Walgreens. $500 a year is not something to sneeze at for me.

I had no idea the drug part was so complicated. Thankfully at this time there are only two prescription drugs I take and that, I think I could get by without taking either. But I imagine as time goes by, things will change.

I'll have to delve into the fine print of part D.

Happy Birthday 6er

quote:

Assisted living and old people's home will still be a problem unless you have Alzheimers or Dementia, in which case, Medicare and Medicaid will kick in

^^^^^^^^^^^^
Not quite. Medicare only pays for a brief stay in assisted living after a hospital stay, then it is up to you. If you are dirt poor Medicaid will pay.

quote:

In some cases, the incorrect charge code was used for the order, and changing the charge code will make the ABN go away

It is called the CPT code not charge code. It stands for current procedure terminology. Every CPT code has a charge associated with it.

I went on Medicare a year ago, Nov 1.

It's absolutely the best insurance I've ever had in my life.
.

quote:

Originally posted by Valpo Fz:
Happy Birthday 6er

Thanks, Ed!