Good thread again from this group. Reminding you again how fortunate I am that you're older and going thru all this before me. We have GEHA now which is way less than BCBS but they're run by United Healthcare and are a little tougher on some claims. If we're lucky to live long I can see how your medical needs would rise. Still seems tough to keep paying for FEHB and adding Part B as well.
On Jun 13, 2021, at 3:41 PM, MD2018 via groups.io <rlkane.wc=verizon.net@groups.io> wrote:
Has anyone in this group tried Option 3 for Medicare? In this plan you find a FEHB insurance which reimburses you for Med part B premium and provides wraparound coverage.
I am retired and have GEHA and my wife (is turning 62) has to choose whether or not to keep Med part B, I'm not eligible yet) and so need to keep FEHB (GEHA) +1, but am not sold on also paying for Med Part B. But Option 3 might be a viable option.
If anyone has tried Option 3 with FEHB, which Insurance(s) option provides reimbursement for Part B ?
Richard
On Jun 13, 2021, at 1:46 PM, Ardon Kharpuri Mukhim via groups.io <akharpuri=yahoo.com@groups.io> wrote:
Option 6: Move to Canada... JK....
On Sun, Jun 13, 2021 at 5:52 AM, sarah_oz via groups.io<sarah_oz=yahoo.com@groups.io> wrote:The Trickiest Retirement Decision You'll Have to Make
June 10, 2021
Life is full of choices. As retirement approaches for federal employees, there are issues like picking the best date, choosing when to start taking Social Security and deciding how much life insurance to keep.
None of these decisions seem to bring as much confusion and concern as the choice of whether or not to enroll in Medicare Part B.
There are a few reasons why this is true, including:
- Your Federal Employees Health Benefits Program coverage will continue even if you elect not to enroll in Part B.
- Part B can be expensive. The standard premium for 2021 is $148.50 per person per month. If you and your spouse are enrolled, the cost is an extra $297 a month out of your retirement income. This is in addition to your FEHBP premium.
- Some high-income retirees will pay an income-related monthly adjustment amount, or IRMAA.
So, with those issues in mind, what are your choices?
Option 1: Continue FEHBP and ignore Part B. Most people who do this will still get Medicare Part A (hospital insurance) at no charge.
Option 2: Enroll in Part B and pay the additional premium, with no change to your FEHBP coverage. Check Section 9 of your FEHBP plan brochure to see how your plan coordinates with Medicare. (If you are covered by TRICARE, you need to have Part B coverage in order to keep your TRICARE benefits.)
Option 3: Enroll in Part B and change your FEHBP coverage. Find an FEHBP plan that provides a reimbursement of some or all of your Part B premium and provides "wraparound" coverage with Medicare. That means when Medicare is the primary payer for your medical care, you will incur very little, if any, out of pocket expense. You might save more than it costs to enroll in Part B, or at least pay less in fixed costs than you would pay had you decided not to enroll in Part B.
Option 4: If you are covered by current employment health insurance, you can delay Part B enrollment without penalty and sign up during a special enrollment period that follows your retirement (or your spouse's retirement if you are covered under their health plan and they are still employed carrying insurance through their employer).
Option 5: Delay Part B for a year or more, saving the cost of Part B, but paying the surcharge of 10 percent of the standard premium for every 12 months that you delay enrollment. If you are enrolled in a high deductible health plan and you're contributing to a health savings account, you can continue doing so past age 65 if you are not enrolled in Medicare A or B.
If you're considering this option, keep two things in mind: First, you'll have to pay the surcharge for the rest of your life even though your income may have dropped. Second, if you experience a serious health problem during the years you delayed enrollment, you could have saved as much as the Part B premium would have cost.
June 10, 2021
https://www.govexec.com/pay-benefits/2021/06/trickiest-retirement-decision-youll-have-make/174650/
Re: [TSPStrategy] Trickiest Retirement Decision
Consider switching to BCBS Basic and sign up for Medicare B. BCBS refunds each member on your policy $800 annually. Medicare B is about $1,740 annually, but factoring in the refund your cost is really only $940 annually, less than $80 a month. If you do this you pretty much always pay $0 for any medical stuff. Medicare covers about 80% and then BCBS comes in and pays the 20%. Also, you usually have $0 co-pays for Doctors visits because BCBS pays he copay too. Medicare is not generous with prescriptions unless you have Part D (at an additional cos), so again, having BCBC with more generous coverage and lower prescription co-pays you make out better. I am about 2.5 years away but right now I am strongly leaning towards Medicare B and maintaining my BCBS Basic with the annual refund. My 2 cents anyway.
Ron
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