Fyi - In addition to Advantage plans, some Medicare supplement plans also cover gym memberships. Our N supplement from United Healthcare does, so it’s possible to have standard Medicare and still go to the gym for free.

Thanks for posting this and excellent info.

I get an injection of octreotide every four weeks that costs around 60K a year. I will be 70 in a month but still of wife's Cadillac plan from her work where she will be working for a few more years yet. There is a decent chance I may not need to be on this injecton forever but I want to plan for the worst when we make the switch to Medicare and we definitely prefer a PPO type plan like we have now.

I also believe that I read that when on Medicare you are not eligible for Co Pay cards that can save one a lot of money with drugs, but I am not sure about that and need to find out more.

quote:

Originally posted by konata88:
Thanks springnr and OKCGene!

. . . [] . . .

Good timely article - I've been trying to figure this stuff out. Could we have made this system any more complex? As I age, I want taxes, insurance, investments, income to all get simpler, not more complex.

Yes, Thanks!

Got a few years before I need to figure this out, but it never hurts to start thinking about it and gathering information.

Yeah, it would be nice if things got simpler, but that’ll never happen. It would put too many service providers (accountants, tax preparers, enrolled agents, insurance agents, Medicare consultants, etc) out of work.

To me, one of the most challenging parts of this is that not only do you have to understand the different options well and how they relate to your current (known) health situation and life (staying in one place or not), but you also need to consider how the different options will play with your future (unknown) health and life. I guess one needs to have a good crystal ball.

Of course the same is true of taxes. One can figure it all out, optimize lifetime taxes and estate planning for the rules now, but as 2020 showed (or is showing), we’re only one election away from radical changes to the tax code. Those changes may have considerable impact on how optimal one’s previously completed planning ends up being.

Oh well, I guess it all keeps life interesting.

quote:

I also believe that I read that when on Medicare you are not eligible for Co Pay cards that can save one a lot of money with drugs, but I am not sure about that and need to find out more

^^^^^^^^^^^^^^^^^
This is tricky. In general copay cards cannot be used. Good Rx can be. Medicare Part D covers most drugs. Certain cancer drugs,however are covered by Part B. Drugs on the Part D formuary are cheaper. I would look into it fairly soon. Hope this helps.

Thanks! Currently mine is being covered by our major medical plan rather than as a prescription drug.

quote:

Originally posted by grumpy1:
Thanks! Currently mine is being covered by our major medical plan rather than as a prescription drug.

You may want to see if that drug is under the Part B as well as anything else you may need or look into the Part D plans too.
The extremely low copay & deductible and the low Part B premium may make it a better deal that a company medical plan.

Well, I have about six months to go before turning 65 and having to wade through all this crap.

Besides the info provided in the articles posted, are there specific groups or associations who can make the best suggestions for ones specific situation?

Because of two residences, I'd like a PPO plan that can travel with me.

Maybe resurrecting this thread will benefit others.

quote:

We ended up with Part A, B and G. The G is the supplement. We are very happy with this combination. After we pay our annual Part B deductible of $203 ($217 for 2022), the combination of coverage has paid everything else.

I know the Advantage plan is cheaper per month but coverage isn't near as good. Friends with this plan alway complain about their out of pocket costs for doctor and hospital visits.

This!!!!!! No worrys about being away from home & finding care within the plan. My wife is 70 & the supplemental is $146 mo with no deductable covering the 20%. I also have part D @ 30 mo. Simple to understrand & can go to any doctor we wish that accepts Medicare. I go to the VA so they handle all of mine.

Medicare Advantage is mostly a DIS-advantage.

Stick with one of the traditional Medicare Supplement plans. We have Plan J, now discontinued but we are grandfathered, so we can keep it. We chose Plan J because it had the most comprehensive coverage. Plan F is a good replacement for Plan J.

quote:

Originally posted by TomV:
A few years away....but thanks for the read.

Same here. I’m 2 years away, but it’s good to start thinking about it. Thanks for posting this.

Thanks ZSMICHAEL for the info.

I’m currently on my wife’s company insurance as it’s pretty encompassing but will eventually have to get into the Medicare game.

The article mentions several times about Medicare consultants, which are I assume third party experts that aren’t trying to sell you on a generic plan. How does one go about finding a truly independent expert that can take your personal situation ( both financial and medical) into consideration and craft an option that works best for you?

Wish I could help there. It is not too complicated. Medicare A is hospital and already paid through your work history. You want Part B and you pay for that. You then select Medicare supplements for drugs and outpatient doctor visits. I would select the no deductible plan. {It used to be Plan F or G. It is means tested, in other words you pay more if you are rich.
Getting on Medicare itself can be kind of tricky.
There are certain time guidelines in terms of singing up. Not too complicated just be sure you follow the guidelines for enrollment.

Medicare A B and G here along with a prescription drug plan.

It's been working really well for me.

Perhaps worth mentioning that military retirees have access to Tricare For Life (TFL) coverage, which requires having Medicare parts A and B to qualify. TFL pretty well covers everything not covered by A and B, but doesn't have some of the additional benefits that Part C or Advantage plans have; it does have prescription coverage. TFL does not require a premium for retirees.

flashguy

quote:

Originally posted by smlsig:
Thanks ZSMICHAEL for the info.

The article mentions several times about Medicare consultants, which are I assume third party experts that aren’t trying to sell you on a generic plan. How does one go about finding a truly independent expert that can take your personal situation ( both financial and medical) into consideration and craft an option that works best for you?

I asked everybody I knew, family and friends, for recommendations.

I only asked those who had gone on Medicare within the last 3 years. My 3 year cutoff was thinking how things change and I wanted more or less current experience.

I literally asked people from church, longtime friends, associates, folks at the gym, etc etc etc.

Some said they would NOT recommend who they used, some highly recommended a particular person.

There are agencies, varying by State to State, who have people who only advise you, they may or may not sign you up. Talk to them.

Out of all those, I weeded out most for one reason or another, and ended up with 2 I believed to be competent, honest, fair, unbiased, etc etc etc. My final choice was one a friend of almost 45 years recommendation.

You'll get a lot of solicitations in the mail offering you to come to their seminar, get a free meal, etc. My experience was that EVERY one of those were by salesmen who were worse than used car lot salesmen. All they wanted to talk about was signing you up and also trying to sell you all kinds of other insurance. NO NO NO.

After meeting with all these bozos, I realized I still have a pair of books on my bookshelf that I purchased probably 30 or so years ago. They're by a guy named Harvey Mackay who wrote a couple of fascinating books, one is titled "Swimming With The Sharks Without Being Eaten Alive" and the other is "Beware The Naked Man Who Offers You His Shirt". Mr Mackay sold 10 million of these. These 2 books are well worth reading to help you being victimized in business, to actually survive and thrive.

Anyway, knowledge is power. Start learning as early as you can, weed out the ones who do not have your best interests at heart, otherwise you WILL get screwed by the scum.

One final thought: You really need to do this right the first time. It's critical. You do NOT want to select the wrong plan at the onset. Sometimes you can change them, but after awhile you can't, I don't care what they say, don't screw this up.

Best wishes, good luck to each of you on this road.
.

Just stay away from the Medicare Advantage plans. They say you can switch to regular Medicare at any time. That is correct. HOWEVER, the Supplemental Insurance can turn you down for coverage or charge you an outrageous rate.
The Government is also getting ready to crack down on Medicare Advantage plans. That means if you are a patient get ready for preauthorization requirements and barriers to care. Gene is right!

quote:

also believe that I read that when on Medicare you are not eligible for Co Pay cards that can save one a lot of money with drugs, but I am not sure about that and need to find out more.

^^^^^^^^^^^^
True with some drugs. Good Rx is good to go with Medicare. I would look around. The Biden administration is talking about reining in PBHs which may help in the future.

PBH are pharmacy benefit managers, who are middlemen in the drug delivery process.

quote:

Originally posted by V-Tail:
Medicare Advantage is mostly a DIS-advantage.

This right here!!! After having to tend to mother and some medical issues, I am now preaching to EVERYONE I come in contact with to NEVER, EVER select a “Medicare Advantage” plan like Humana Gold…that’s what mother had. We were LUCKY and the timing was such that the enrollment period was open to get her off that crap.

I know people are just trying to make a living, but those that push and sell these plans to unknowing senior citizens should be taken out and flogged and scourged. They are selling snake oil and they know it.

quote:

Originally posted by ZSMICHAEL:
Just stay away from the Medicare Advantage plans. They say you can switch to regular Medicare at any time. That is correct.

Not trying to argue, but are you sure about that. I was under the impression there was a specific enrollment period (1-JAN thru 31-MAR) that allows switching. If you miss that enrollment period, you’d be stuck like Chuck for the rest of the year. I honestly don’t know and would have to research that…

^^^^^^^^^^^^^
I do not know the exact dates you are allowed to switch, but you are screwed if you do switch. The supplment to Medicare Part B can refuse to accept you as a patient or charge sky high rates. BTW last I looked Mayo and MD Anderson do NOT TAKE MA plans. The other problem is that doctors are often paid less by Medicare than private insurance. The rates paid by Medicare to Doctors were SLASHED again this year.

Do any of you know when exactly one has to apply for Medicare? Or is there a time frame before you reach the age of 65?