Medicare

[VJoe571]

I'm retired post office and I will be 65 in nine months. My wife and I are currently enrolled in blue cross/blue shield. We are wondering what would be the best course of action when I apply to medicare.

We are in good health and we don't have any medical issues.

Should I just apply for the basic medicare, or the advance coverage which is more expensive?

I understand that when I apply for medicare, the medicare becomes my primary and the blue cross/blue shield will be the secondary medical coverage.

I just want to make sure that I spend my retirement money wisely.

Any experience retirees out there that can assist with this issue?

[jdeacon]

I am not yet retired from federal service but I started Medicare almost 2 years ago and elected to maintain my BC/BS for a number of reasons. First, the BC/BS premium has a cost share of 75% government so you only pay 25%. Second, as a medicare recipient, you get a rebate of your personal BC/BS premium in the form of a check or direct deposit. For me that is $800 each for CY 2020. Third, should medicare benefits become diluted as our federal deficit soars, I shall still have BC/BC to rely on. Fourth, the premiums for the medicare "advantage" program are about the same depending on your geographic location and the medicare advantage options offered there. Fifth, medicare does not cover you when you travel overseas but BC/BS does.

[VJoe571]

I think that the safe path is to enroll into, both, medicare A/B and to keep my current medical plan to avoid any unforeseen financial problems or medical expenses.

[johny125]

I too just turned 65 and I currently have Medicare parts A & B and kept BC/BS. With the rebate from BC/BS it is a no brainer. Medicare will be your primary insurance and BC/BS will pick up the rest as your secondary insurance. Remember, one catastrophic medical incident could wipe you out!! Good luck

[crondanet5]

If you don't sign up for Medicare your BC/BS will stop paying bills. Also one hospital stay equals a year or 2 of BC/BC premiums.

[Optimus187]

not retired but Im printing this out and keeping it. This is thr type of knowledge that makes a difference in people's lives. Thank you all for sharing. you are awesome

[buck]

I'm retired, have Medicare A and B plus BCBS on myself and my wife. I'm pretty sure I'm not getting a rebate.....
What is this rebate you're referring to?

Thanks
Buck

[jdeacon]

You must apply for the rebate through BC/BS. They will require proof of your Medicare coverage so contact them on the paperwork required. You can also go back for at least one year and get that rebate two for 2020 it is $800 per person paying Medicare part B premiums. For 2019 I think it was $600 per person.

[buck]

Thanks, I'll definitely give it a shot.

[buck]

Just did a quick Google search....rebates are paid to "Basic Option" members and "Standard Option" members are not eligible....I'm enrolled in the Standard Option Plan. However I do not pay Co-payments, Co-insurance nor Deductibles for BCBS nor Medicare.

[jdeacon]

Buck,

Good catch. I am enrolled in basic and did not know the rebate was not payable to those in standard.

[VJoe571]

Can you clarify. What rebate? Can you explain it to me like I'm a five year old?

Thanks!

[Midway]

https://www.fepblue.org/en/benefit-plan ... nt-account

[md2018]

https://www.fedsmith.com/2020/06/17/how ... ntent=post

I read this article in FEDSMITH today. I have to make the same decision soon. But if you are in relatively good heath, and pay for FEHB (BCBC/ GEHA, etc) and pay for Part B when FEHB generally only will cover about 20% of your medical cost at full premium cost? It really seems like you are paying double for about 100% of coverage rather than paying half for 80% of coverage. Which you were doing your entire career anyway?

[evilanne]

If you do not sign up for Medicare Part B at 65 when eligible (and not employed with coverage through your employer) there is a 10% penalty per year when you do enroll in Medicare if you decide you need it later. https://www.medicare.gov/your-medicare- ... 20Part%20B.