Medicare Plan G

[KennyG]

I worked past 65 with employer insurance. No problem switching to Medicare at 68... BUT it turned out my employer insurance drug coverage (which I thought was pretty good) didn't meet the requirements for Part D equivalent. Therefore, I will pay a hefty penalty for Part D for the rest of my life. At 65 you need to check all these things out even if you continue working.

 

[workinonit]

Kenny, I've done my due diligence on educating myself on the Medicare and SS front and already have everything picked out and arranged for January of next year. But I've never heard of the issue you bring up about Part D. I had no idea your employer coverage had anything to do with what you were eligible for with Medicare and a supplement. Can you elaborate on this. My Part D is supposed to cost $32/mo. if I remember correctly.

Randy

 

[KennyG]

Kenny, I've done my due diligence on educating myself on the Medicare and SS front and already have everything picked out and arranged for January of next year. But I've never heard of the issue you bring up about Part D. I had no idea your employer coverage had anything to do with what you were eligible for with Medicare and a supplement. Can you elaborate on this. My Part D is supposed to cost $32/mo. if I remember correctly.

Randy

If you get Part D when you turn 65, there is no issue. However, if you look at Section 6 of the Medicare handbook, you will see that if you delay adding Part D (for instance, you kept working and remained on an employer plan) you will pay a penalty if you don't have "creditable prescription drug coverage". I got blindsided by this because I had a good Blue Cross/Blue Shield plan at work but, for some reason, it didn't qualify. It's worth checking out for those who retire late.

 

[workinonit]

Interesting. That's my exact situation. I did consult with an insurance agent friend of mine that guided me through selecting the plans I will be signing up for and this subject never came up. I will have to ask him about this next time we talk. Thanks for that info.

 

[ponytug]

Not in the know but several co workers past 65 have not done anything with any of the "Plans" as they are gainfully employed with comprehensive employer coverage here at the hospital.

One told me penalties don't apply as long as you have employer coverage with no gaps.

Also said COBRA doesn't count?

Yes, coverage without gaps is important for not having penalties, and COBRA does not count as coverage, but read the fine print around Medicare selection as what is considered insurance has a number of footnotes, including the size of your employer that also matters.

One footnote to footnotes, one more item to consider, if your employer goes out of business or is acquired, it is possible to retroactively cancel health insurance to the beginning of the month or the date of the acquisition, or when it ceased operations.

All the best,

Peter

 

[QRTRHRS]

My wife and I have the "F" plan. I did not see any mention that in addition to the part D drug plan, that you also need dental and routine eye glass coverage. We are lucky to have the University of KY's School of Dentistry for low cost dental. Though not inexpensive overall, we do reach the level that allows us to deduct our medical on our federal taxes. With both of us seeing several specislists, it works for us.

 

[LouNY]

Not in the know but several co workers past 65 have not done anything with any of the "Plans" as they are gainfully employed with comprehensive employer coverage here at the hospital.

One told me penalties don't apply as long as you have employer coverage with no gaps.

Also said COBRA doesn't count?

Very true, but they also automatically have Medicare "A" also. Everything else can hold while you have verifiable comparable coverage. I stayed on my wifes work insurance after I retired until this January when I switched to Medicare.

 

[ponytug]

Medicare & You

The "Medicare & You" handbook is your official guide to Medicare. We mail an updated handbook to all Medicare beneficiaries in late September, but we can email you an electronic version if you prefer.

www.medicare.gov

 

[kenmac]

medicareschool.com has some very informative videos that could be worth watching if you are new, or soon will be on medicare. Talks about the advantages of supplements vs Advantage plans

 

[kenmac]

You will need to check for your area and the various options. I pay about $110 per month for Plan N. For Part D I pay more because of a late enrollment penalty and a high income penalty so it is about $60/month

I have no idea how zip codes play into the price.. My N plan started out @ $92.00. Had an increase this year to $96.00. My drug plan which pays for almost everything I have needed is $40.00, and my dental plan (optional) is $35.00 per mo