I have BlueShield Medical insurance. My copay is $15. My company takes care of it. I also have hospitalization for me and my spouse..
Total Comments: 95
Posted: Wed Mar 05, 2014 05:29 am Post Subject:
As an employee, you do not need to apply for Medicare Part B. You are automatically enrolled in Medicare Part A on reaching age 65. If and when you leave your employment, you have a period of 63 days to enroll in Medicare B under a Special Election Period (SEP). This is very important since failure to do so would subject you to a permanent 10% penalty for each year in which you were eligible but not enrolled.
If you have any comments, questions or need additional information, please feel free to contact me at [phone number deleted per TOU] or visit my website at [link deleted per TOU].
Stanley W. Dean, CLU
Posted: Sat Mar 08, 2014 10:44 pm Post Subject:
As a CLU, perhaps you will want to do some CE on Senior Issues and Medicare. Two of your three main points are incorrect.
As an employee, you do not need to apply for Medicare Part B.
Except that a person will automatically be enrolled in Part B unless they complete the disenrollment application that comes in their "Welcome to Medicare" packet. Disenrollment must be applied for within the 7-month initial eligibility period that begins on the first day of the month three months prior to the month in which a person turns age 65, and ends on the last day of the third month following the month the person turns age 65.
If and when you leave your employment, you have a period of 63 days to enroll in Medicare B under a Special Election Period (SEP).
Actually, the SEP for Medicare is 8 months, not 63 days. 63 days is the HIPAA requirement to go to work for another employer that offers group health insurance. 60 days is the amount of time a person has to elect COBRA continuation of the former employer's group health plan.
This is very important since failure to do so would subject you to a permanent 10% penalty for each year in which you were eligible but not enrolled.
Perhaps the single most common cause of the 10% penalty in such circumstances in the past was a misunderstanding of how COBRA continuation fits into this. Although COBRA would allow an employee up to 18 months of continued group coverage at the group rate, it does not "toll" the 8 month SEP for Medicare Part B, and the penalty will apply beginning with the date the SEP was triggered.
Posted: Wed Apr 23, 2014 06:36 pm Post Subject: just retired
My husband is 14 years younger than me and I am under his insurance. I have just retired. Can I stay on his insurance or do I have to enroll in Part B
Posted: Thu Apr 24, 2014 02:26 am Post Subject:
As long as your husband's employer makes group insurance available for spouse, you should be eligible to enroll. In that case, you may decline Medicare Part B. If at any time in the future, you lose your group coverage, you must enroll in Part B within 8 months of that event or face a lifetime premium penalty of 10% per each 12-month period during which you were not enrolled in Part B.
Know that the PPACA does not define a spouse as a "dependent" of an employee, and does not require employers to provide coverage to spouses -- only to dependents. Some states, such as California, have specifically changed their insurance codes to include "spouse" in the list of dependents to whom group health insurance must be offered.
Posted: Tue May 06, 2014 07:06 pm Post Subject: State health insurance and medicare
I am not working. Age 62 on social security. Have state insurance. When I turn 65 I need to sign up for medicare. Can I keep my state insurance plan- Blue Cross?
Posted: Tue May 13, 2014 04:41 pm Post Subject:
Have state insurance.
Are you asking about Medicaid or a retired employee's insurance plan?
Posted: Tue Jul 08, 2014 01:41 am Post Subject: part b
Several people tell me that part b will pay for alot more. I do have insurance at work I am 70 years old and still working will it save me any money? Does it really pay a lot more thank you in advance for any help
Posted: Tue Jul 08, 2014 02:00 am Post Subject:
Part B only pays for the services of a physician or surgeon (in or out of the hospital) and certain covered outpatient hospital expenses. Covered expenses are paid 80% by the government and 20% by the Part B beneficiary.
If you are still working, your employer-sponsored insurance may provide a better benefit, but I cannot tell you with any certainty. Medicare Advantage plans, if available in your area, generally offer a higher level of benefits and reduced out of pocket expenses compared to Medicare Parts A and B combined along with Part D prescription drug benefits.
Part B leaves many common expenses uncovered as "not medically necessary." Medicare Advantage plans may cover some of those expenses.
In a worst case scenario, spending 90 consecutive days in a hospital under Part A and Part B, your out of pocket expense under Part A could exceed $35,000, PLUS your physician / surgeon expenses. Under a Medicare Advantage plan, your out of pocket might reach $3000-$3500. A tremendous savings, and possibly even less than under your employer-sponsored health insurance plan.
Email me with more specific information about your situation and I can probably give you a better answer. At least one that is more precise.
Posted: Sun Jul 27, 2014 10:45 pm Post Subject: Medicare part B
I am 65, employed and covered by State BC/BS and have no plans to retire in the next several years. Should I sign up for Medicare part B?
Posted: Mon Jul 28, 2014 02:10 pm Post Subject:
If you are covered by an employer-sponsored "qualified health plan" then you may opt out of Medicare Part B. Once you are no longer covered by a QHP, then you have 8 months to enroll in Part B or face a lifetime premium penalty of 10% for every 12 months you were not enrolled in Part B.
Posted: Wed Mar 05, 2014 05:29 am Post Subject:
As an employee, you do not need to apply for Medicare Part B. You are automatically enrolled in Medicare Part A on reaching age 65. If and when you leave your employment, you have a period of 63 days to enroll in Medicare B under a Special Election Period (SEP). This is very important since failure to do so would subject you to a permanent 10% penalty for each year in which you were eligible but not enrolled.
If you have any comments, questions or need additional information, please feel free to contact me at [phone number deleted per TOU] or visit my website at [link deleted per TOU].
Stanley W. Dean, CLU
Posted: Sat Mar 08, 2014 10:44 pm Post Subject:
As a CLU, perhaps you will want to do some CE on Senior Issues and Medicare. Two of your three main points are incorrect.
As an employee, you do not need to apply for Medicare Part B.
Except that a person will automatically be enrolled in Part B unless they complete the disenrollment application that comes in their "Welcome to Medicare" packet. Disenrollment must be applied for within the 7-month initial eligibility period that begins on the first day of the month three months prior to the month in which a person turns age 65, and ends on the last day of the third month following the month the person turns age 65.If and when you leave your employment, you have a period of 63 days to enroll in Medicare B under a Special Election Period (SEP).
Actually, the SEP for Medicare is 8 months, not 63 days. 63 days is the HIPAA requirement to go to work for another employer that offers group health insurance. 60 days is the amount of time a person has to elect COBRA continuation of the former employer's group health plan.This is very important since failure to do so would subject you to a permanent 10% penalty for each year in which you were eligible but not enrolled.
Perhaps the single most common cause of the 10% penalty in such circumstances in the past was a misunderstanding of how COBRA continuation fits into this. Although COBRA would allow an employee up to 18 months of continued group coverage at the group rate, it does not "toll" the 8 month SEP for Medicare Part B, and the penalty will apply beginning with the date the SEP was triggered.Posted: Wed Apr 23, 2014 06:36 pm Post Subject: just retired
My husband is 14 years younger than me and I am under his insurance. I have just retired. Can I stay on his insurance or do I have to enroll in Part B
Posted: Thu Apr 24, 2014 02:26 am Post Subject:
As long as your husband's employer makes group insurance available for spouse, you should be eligible to enroll. In that case, you may decline Medicare Part B. If at any time in the future, you lose your group coverage, you must enroll in Part B within 8 months of that event or face a lifetime premium penalty of 10% per each 12-month period during which you were not enrolled in Part B.
Know that the PPACA does not define a spouse as a "dependent" of an employee, and does not require employers to provide coverage to spouses -- only to dependents. Some states, such as California, have specifically changed their insurance codes to include "spouse" in the list of dependents to whom group health insurance must be offered.
Posted: Tue May 06, 2014 07:06 pm Post Subject: State health insurance and medicare
I am not working. Age 62 on social security. Have state insurance. When I turn 65 I need to sign up for medicare. Can I keep my state insurance plan- Blue Cross?
Posted: Tue May 13, 2014 04:41 pm Post Subject:
Have state insurance.
Are you asking about Medicaid or a retired employee's insurance plan?Posted: Tue Jul 08, 2014 01:41 am Post Subject: part b
Several people tell me that part b will pay for alot more. I do have insurance at work I am 70 years old and still working will it save me any money? Does it really pay a lot more thank you in advance for any help
Posted: Tue Jul 08, 2014 02:00 am Post Subject:
Part B only pays for the services of a physician or surgeon (in or out of the hospital) and certain covered outpatient hospital expenses. Covered expenses are paid 80% by the government and 20% by the Part B beneficiary.
If you are still working, your employer-sponsored insurance may provide a better benefit, but I cannot tell you with any certainty. Medicare Advantage plans, if available in your area, generally offer a higher level of benefits and reduced out of pocket expenses compared to Medicare Parts A and B combined along with Part D prescription drug benefits.
Part B leaves many common expenses uncovered as "not medically necessary." Medicare Advantage plans may cover some of those expenses.
In a worst case scenario, spending 90 consecutive days in a hospital under Part A and Part B, your out of pocket expense under Part A could exceed $35,000, PLUS your physician / surgeon expenses. Under a Medicare Advantage plan, your out of pocket might reach $3000-$3500. A tremendous savings, and possibly even less than under your employer-sponsored health insurance plan.
Email me with more specific information about your situation and I can probably give you a better answer. At least one that is more precise.
Posted: Sun Jul 27, 2014 10:45 pm Post Subject: Medicare part B
I am 65, employed and covered by State BC/BS and have no plans to retire in the next several years. Should I sign up for Medicare part B?
Posted: Mon Jul 28, 2014 02:10 pm Post Subject:
If you are covered by an employer-sponsored "qualified health plan" then you may opt out of Medicare Part B. Once you are no longer covered by a QHP, then you have 8 months to enroll in Part B or face a lifetime premium penalty of 10% for every 12 months you were not enrolled in Part B.
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