Do I need to get Medicare if I have insurance from my job?

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PostPosted: Tue Jul 27, 2010 8:01 am   Post subject:   

Medicare is our country’s health insurance program for people age 65 or older. Certain people younger than age 65 can qualify for Medicare, too, including those who have disabilities and those who have permanent kidney failure or amyotrophic lateral sclerosis (Lou Gehrig’s disease). The program helps with the cost of health care, but it does not cover all medical expenses or the cost of most long-term care.



Medicare is financed by a portion of the payroll taxes paid by workers and their employers. It also is financed in part by monthly premiums deducted from Social Security checks.



The Centers for Medicare & Medicaid Services is the agency in charge of the Medicare program. But you apply for Medicare at Social Security, and we can give you general information about the Medicare program.



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PostPosted: Tue Dec 07, 2010 2:46 pm   Post subject: MEDICARE  

MY HUSBAND IS 13 YEARS YOUNGER THEN ME,AND IS STILL WORKING..I HAVE FULL HEALTH INS. BL CROSS BLUE SHIELD THRU THE TEAMSTERS UNDER HIS INS....DO I NEED TO GET PART D EVEN THO I'M COVERED ALMOST 100% FOR MY MEDS THRU HIS INS.?MY PROBLEM IS I DO NOT WANT THE GOVERMENT DIPPING INTO MY SOCIAL SECURITY FOR PAYMENTS,AS I DO NOT GET MUCH..


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PostPosted: Tue Dec 07, 2010 5:03 pm   Post subject:   

Quote:
MY PROBLEM IS I DO NOT WANT THE GOVERMENT DIPPING INTO MY SOCIAL SECURITY FOR PAYMENTS,AS I DO NOT GET MUCH..




What exactly do you mean by this? "The Government" doesn't dip into your Social Security except for Part B premiums. If you are still covered by group insurance through your spouse, at this time you do not need to enroll in Medicare Part B.



If your spouse's group health insurance includes a prescription drug benefit that meets the minimum requirements for "creditable coverage" under Medicare rules, you also may opt out of Part D. You will receive a statement of "creditable coverage" if and when you are no longer covered by the group plan.



When that happens, you will have a "Special Enrollment Period" of 8 months to enroll in Medicare Part B without a penalty, but you must enroll in a Medicare Part D prescription drug plan as soon as possible to avoid the 1% per month penalty for every month you do not have creditable coverage. The cost of a Part D "PDP" is entirely your own out of pocket expense . . . it is not paid for by the Government or deducted from your monthly retirement benefit.



On the other hand, if you enroll in Medicare Part B at this point, Medicare will generally be secondary to the coverage provided by the group health plan.


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PostPosted: Thu Dec 09, 2010 3:25 pm   Post subject:   

if you can still avail for medicare then grab the opportunity. it will be beneficial for future use.

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PostPosted: Mon Dec 13, 2010 4:53 pm   Post subject:   

Quote:
if you can still avail for medicare then grab the opportunity.




Personal (or group) medical insurance is far more beneficial than Medicare. Even Medicare Advantage (aka "Part C") is generally more beneficial than "Original Medicare" (Parts A & B).



Mostly, Medicare is a $75,000,000,000,000 UNFUNDED LIABILITY looming in the future for untold millions of grandchildren and great-grandchildren of us Baby Boomers. At least that's what the Trustees are saying would be required in the Trust Fund by 2080 to assure the continuation of the program at the 2006 levels beyond the "infinite horizon."



One problem. There is not that much money in the United States. Sure, we could print it, and then toilet paper would be worth its weight in gold or some other substance, because at that point the currency would be worth S***!


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PostPosted: Sat Dec 18, 2010 12:48 am   Post subject: Opt Out Of Medicare Part B  

I am retired from the City , with very good insurance with the City that does not pay S.S. , but I am covered with S.S. other work. I have a letter from the City stating I have incrediable coverage, also prescription drugs. As long as I have this can I opt out of Medicare? and later if I want to go on Medicare will ,I have to pay a penalty.

Garry


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PostPosted: Sat Dec 18, 2010 4:11 pm   Post subject:   

Garry . . .



Medicare Part A (inpatient hospital care) is automatic for persons who are "fully insured" (40 lifetime credits) at age 65. For those persons, there is no premium. Everyone pays a premium for Part B (physicians, surgeons, outpatient hospital expenses), and a person may choose to reject Part B.



There may be a premium penalty of 10% for every 12 month period a person does not have Medicare Part B beginning at age 65, HOWEVER . . . if you are covered by another employer-sponsored plan (while working or in retirement), you would have an 8-month "Sepcial Enrollment Period" to enroll in Medicare Part B without a penalty, beginning with the month in which you were no longer covered by that plan.



It is unlikely that your local government-sponsored retirement plan would terminate (although anything is possible), so at this point, you may safely reject Part B. Part A coverage is secondary to any other insurance you have.



As far as Medicare Part D, the Prescription Drug Plan, if you have existing coverage under your employer-sponsored plan, you do not need to enroll in a Part D PDP. If your plan terminates its drug benefit, you would then be eligible to enroll in a Part D PDP and not have to pay the 1% PER MONTH premium penalty for not being enrolled, as long as your former plan counts as "creditable coverage" (which it most likely does).



So the only way you would be penalized when it comes to Medicare premiums, is if your retirement plan benefit terminates and you fail to enroll within the 8-month window explained above. Be aware that an extension of benefits of an employer-sponsored plan under COBRA DOES NOT similarly extend the 8-month SEP window.



Hope this helps!



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PostPosted: Wed Dec 29, 2010 1:59 am   Post subject: employer coverage or medicare  

Do I need to sign up for Medicare if still working and covered under spouse's insurance plan. Will be 66 next year and plan to continue working.


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PostPosted: Wed Dec 29, 2010 3:53 pm   Post subject:   

Quote:
Do I need to sign up for Medicare if still working and covered under spouse's insurance plan




At age 65, you will "automatically" be enrolled in Medicare Part A (at no cost to you if "fully insured" under Social Security). Medicare Part B is optional, and may be rejected if still covered by a group insurance plan of your or your spouse's employer. You will have that opportunity to reject Part B as early as three months prior to the month in which you turn age 65, and you can reject it as late as three months after age 65 (but you will not receive a refund of the $331.20 you will pay in Part B premiums in those three months in 2011). This is your "Initial Eligibility Period" and you only get it once.



At any time in the future, if you are no longer enrolled in an employer-sponsored health insurance plan, you will have eight months (a "Special Enrollment Period") to enroll in Part B. Continuation of a group plan under COBRA does not extend the eight month SEP.



If you miss the SEP, then you have to wait for the next "General Enrollment Period" which happens every year from January 1 to March 31. But that will cause you to have to pay a premium penalty for Part B for the rest of your lifetime. The penalty is 10% for every 12 months you were not enrolled in Part B when you should have been.



If your wife's health plan does not have a prescription drug benefit, you will also need to enroll in a Part D prescription drug plan (PDP), or you will enjoy a 1% per month lifetime premium penalty for every month you did not have "creditable" coverage prior to enrolling in a Part D PDP.



You can find out more about all of this at www.medicare.gov -- the official US Government website for Medicare. Other information you may find useful prior to turning age 65 can be found at www.socialsecurity.gov



You can delay the start of your Social Security retirement benefit to as late as age 70 and it will be increased by up to 32% over your full retirement benefit at age 66. Taking your Social Security retirement benefit at age 65 will result in a permanent reduction of about 4-5% of your monthly benefit payable at age 66. The difference between taking an early retirement benefit at age 62 and a delayed benefit at age 70 can be nearly 50%!!


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PostPosted: Tue Jan 04, 2011 7:23 am   Post subject:   

yeah that's right Johnny is not qualified for he is young and don't meet requirements for medicare... not eligible indeed for his very young age.

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PostPosted: Wed Jan 05, 2011 6:48 pm   Post subject:   

Spammer!



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PostPosted: Tue Jan 25, 2011 12:30 pm   Post subject: medicare benefits  

i am 65 and my husband is 59 and working and carrying bc bs epo for both of us.Is it mandatory i carry part b(i have part a)which is automatic).i cannot afford part b and his covers all of my rx's and dr's visits etc.please let me know


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PostPosted: Wed Jan 26, 2011 6:14 am   Post subject:   

As long as you are covered under a spouse's group plan (other than during COBRA continuation), you are not required to enroll in Medicare Part B. If your coverage under that plan terminates (or is continued under COBRA), you will have 8 months from the terminating event to enroll in Part B to avoid the 10% per year premium penalty for late enrollment in Part B.



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PostPosted: Sun Apr 03, 2011 12:09 pm   Post subject: medicare coverage  

i recently started receiving disability but not eligible for medicare until 24 months from date of disabilty. can i choose not to take medicare since my husband carries me on his insurance at his job?


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PostPosted: Wed Apr 06, 2011 4:03 pm   Post subject:   

Quote:
i recently started receiving disability but not eligible for medicare until 24 months from date of disabilty




If you are receiving Social Security Disability payments, your statement is wrong. You must be collecting SSDI payments for 24 consecutive months in order to qualify for Medicare prior to age 65. That could be VERY different from "24 months from the date of disability."



Medicare Part A under that scenario is premium-free, and automatic, whether you want it or not. Everyone pays a premium for Medicare Part B. If you have coverage under an employer-sponsored group health plan, then Medicare will be secondary to that plan. You can reject Medicare Part B if covered by a group health plan, but if the plan is "self-funded" under ERISA, you could be forced to enroll in Part B if the plan requires it.


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