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Re: [TSP_Strategy] Health Insurance for Retirees at age 65

The fact of not taking out Part B just bit us in the butt. Hubby retired 13 years ago. While I was still working, my BC/BS was primary plus he uses the VA hospital. Planned on taking out Part B within 6 months but time passed by without thinking about it. Still no problem as we just paid for his cataract surgery. Well now he is an inpatient and needs inpatient rehab. Um..... Not covered!

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On Mar 1, 2016, at 3:07 PM, mribas@suddenlink.net [TSP_Strategy] <TSP_Strategy@yahoogroups.com> wrote:

I'm wondering if anyone has the answer to this. I've heard different information on health insurance when you're a retired Federal employee & turn 65. Some tell me, including my brother who just turned 65 last year, you have to go on Medicare Part B. Then others have told me you can keep your FEHB plan and not have to take Part B. Or do you have to pay for both? I have 7 years before I turn 65 but would really like to know the answer is well before I get there. I understand if you don't take Part B as soon as you're eligible the cost starts to go way up. Thanks.

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Posted by: Gayle <dollhousefreak@yahoo.com>

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Re: [TSP_Strategy] Re: MIght "T" Quite Out There!!!

I'm with you - don't know if I have the fortitude to control my urge to take what I can get and get out, but 1000 is my goal

"God is our refuge and strength, a very present help in trouble" Psalm 46:1

On Mar 1, 2016, at 2:08 PM, "sarah_oz@yahoo.com [TSP_Strategy]" <TSP_Strategy@yahoogroups.com> wrote:

I'd like to see about 1000 or so.

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Posted by: Lafayette <IAMUnlimitedAu@yahoo.com>

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Re: [TSP_Strategy] Health Insurance for Retirees at age 65

Thanks Jim.

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Posted by: mribas@suddenlink.net

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Re: [TSP_Strategy] Health Insurance for Retirees at age 65

Part A, hospitalization, is free. You do not have to take Part B. If you take B, cost varies by income. You can take Part B, and keep FEHB. I took Part B and moved to a less expensive FEHB. Has worked well for my situation.

Jim Hattaway

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On Mar 1, 2016, at 3:07 PM, mribas@suddenlink.net [TSP_Strategy] <TSP_Strategy@yahoogroups.com> wrote:

I'm wondering if anyone has the answer to this. I've heard different information on health insurance when you're a retired Federal employee & turn 65. Some tell me, including my brother who just turned 65 last year, you have to go on Medicare Part B. Then others have told me you can keep your FEHB plan and not have to take Part B. Or do you have to pay for both? I have 7 years before I turn 65 but would really like to know the answer is well before I get there. I understand if you don't take Part B as soon as you're eligible the cost starts to go way up. Thanks.

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Posted by: jimhattaway@yahoo.com

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[TSP_Strategy] Health Insurance for Retirees at age 65

I'm wondering if anyone has the answer to this. I've heard different information on health insurance when you're a retired Federal employee & turn 65. Some tell me, including my brother who just turned 65 last year, you have to go on Medicare Part B. Then others have told me you can keep your FEHB plan and not have to take Part B. Or do you have to pay for both? I have 7 years before I turn 65 but would really like to know the answer is well before I get there. I understand if you don't take Part B as soon as you're eligible the cost starts to go way up. Thanks.

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Posted by: mribas@suddenlink.net

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Re: [TSP_Strategy] Who Has 4.6 Million in Their TSP?

I am a retired Fed under FERS.
Just some things to keep in mind.
Your TSP is taxed as ordinary income.
Your health insurance is no longer pre-tax.
If you want to spouse to get health care after you are gone (and they
are not also a Fed) you must pick survivor benefits or they will not be
able to keep FEHB.
Survivor benefits are taken out before taxes so you get a little break
there.
You must be under a federal health plan for 5 years prior to retirement
which can be as a dependent even under tricare.
The basic Life insurance if you have it can be free after age 65 so it
is a nice thing to have for funeral etc...
You can see how much you will get in My Biz but keep in mind the FERS
social security supplement payable under age 62 is based on your actual
federal service not any military time or buy back. If you only have
federal time than it is easy to see if you bought back Military time
then the formula need to be adjusted. This is the formula total federal
time divided by the number 40 multiplied times your SSA estimate you get
every year(IE 30 years of service /40 is 75%). What some people forget
when they retire is with all your benefits you can end up in a higher
tax bracket with not as many deductions. I recommend younger people put
at least some of the TSP money into the Roth portion.
Also different states treat TSP, retirement income and SS differently.
I live in PA so as far as the state goes I have no taxes on any of my
retirement. I only have to worry about normal investment and interest
income.
Just some information to keep in the back of your head.