The inexorable march of time...

[Pilgrim]

Medicare! I applied for Medicare today, at the last possible moment, hoping it wasn't so. But the lady on the phone assured me that not only is it true, but that I really should do so.

 

So I did, Part A, anyway.

 

I think I need a drink.

 

Pilgrim

[Redbrick]

Welcome to the Old F***s club Pilgrim...... (see below)..

[John Ranalletta]

I engaged a Medicare consultant when I learned about the penalties if the wrong choices were made. We'll talk Monday morning and the choices will be set in place.

 

Part D can be troublesome if declined and you don't have a "creditable" drug plan in its place.

[Dave McReynolds]

I've contemplated dropping my Blue Shield Medicare perscription plan and just using VA, since I tend to get all my perscriptions filled through VA anyway. It seems like I'm paying for something I'm not using, but I haven't dropped it because of the unknowns (as referenced above). Anyone have any opinions on this?

[John Ranalletta]

AFAIK, Medicare doesn't not dictate which drug plan you secure - only that you have a plan. AFAIK, the plan you choose has to be "creditable" and any plan administrator should be able to confirm if the plan is or isn't.

 

If an eligible person does not enroll in a drug plan when at first eligible (and required) and s/he later buy a drug plan, s/he will be assessed a 1% penalty FOR EACH MONTH s/he should have had coverage and that penalty is paid for the remainder of the person's life.

[Pilgrim]

I engaged a Medicare consultant when I learned about the penalties if the wrong choices were made. We'll talk Monday morning and the choices will be set in place.

 

Part D can be troublesome if declined and you don't have a "creditable" drug plan in its place.

 

The interactions between Medicare and any plans already in place make the transition awkward, sometimes.

 

Because my wife is 9 years away from Medicare I must continue existing coverage for her (and thus, me too) under the BC/BS federal retirees plan. However, in so doing, and thus not picking up Part B Medicare now at $115 a month, I begin to incur a 10% premium penalty for each year I don't take it. It kicks in when I (we) do sign up for Medicare Part B in 9 years. That will make my Part B premium more than twice as high then as if I took it now. Go figure.

 

You think those penalties are to encourage you to sign up ASAP? Huh, do you?

 

Pilgrim

[John Ranalletta]

When I go on Medicare, it becomes my primary coverage and our company group policy becomes secondary and the monthly premium for my part only drops by 75%, more than covering Part B premium. Can you do the same?

 

I keep the company plan for my wife as well.

[Pilgrim]

When I go on Medicare, it becomes my primary coverage and our company group policy becomes secondary and the monthly premium for my part only drops by 75%, more than covering Part B premium. Can you do the same?

 

I keep the company plan for my wife as well.

 

Hmmm... I asked BC/BS that specific question: does the premium to them drop if I take Part B? After all, their exposure to a claim from me drops by 80% since they will only be liable for the 20% of a claim that Medicare does not cover.

 

They said, "No;" the premium remains unchanged. Doesn't make sense to me, but I got the same answer on three different calls just to be sure. Different people each time.

 

If anyone knows different, please sing out. I've been with BC/BS for over 30 years so I haven't looked at another option available under the Federal Employee's Health Benefit Plan. Perhaps I should.

 

Pilgrim

[Jerry Johnston]

Don't know much about it but I have Essence which was far cheaper than any other plan I could get on. they wanted to be sure I had Medicare A & B. Essence covers approx 80% dental, drugs are dirt cheap and copay is $25 for vaccinations such as Shingles. My drugs cost me about $12 a month. I'm in good health and need to get an annual check up from the doctor only once a year.

[Patallaire]

Pilgrim:

You are analytical enough to do a spreadsheet of some sort to to look at the differences. Waiting on part B is expensive, the difference is for a lifetime plus compounding. So take a hard look at it. Also, look at the other options available, most of my clients want the drug plan, please just look at all the options you have available to you, the choices will become clearer as you get your arms around the differences. It is a quagmire that people need to make choices on as they get older, and it is extremely confusing. If you need help after you get it all layed out, send me your spreadsheet, I will look at it and be part of your sounding board.