Pre retirement planning - good article in Consumer reports Dec 2010 issue (2014, health insurance)

[Mary2014]

FYI - All soon to be retirees - about to turn 65 - you might want to check out the article in Consumer Reports Dec 2010 called "Medicare: How to navigate the mase".

I did know that if you are 65 and working and have health insurance with your employer you do not have to sign up for Medicare part B until you stop working. I DID NOT know it only applied if the employer has 20 or more employees. Different rules apply if there are less than 20 employees - you need to sign up for part B when you turn 65 even if you continue to work!

There are also special rules if you are 65, and your younger spouse is still working and you are covered under your spouse's policy. If your spouse gets laid off and signs up for COBRA - the spouse over 65 must sign up for part B of Medicare immediately.

Lots of information in this article you need to know - so you don't get a stiff surcharge because you delayed signing up for Medicare part B.

This is one article you may want to clip and save.

Mary2014

[longnecker]

Thanks Mary..Interesting article.. I does pay to stick with your spouces insurance rather thaan paying PartB and then a supplemental insurance like AARP.

[Mary2014]

Originally Posted by longnecker

Thanks Mary..Interesting article.. I does pay to stick with your spouces insurance rather thaan paying PartB and then a supplemental insurance like AARP.

Longnecker,

I think where the younger spouse is working and the older spouse is on their policy - with all the layoffs and electing to continue insurance thru COBRA, it would have never occured to me that would trigger a requirement for the older spouse to be required to sign up for part B.

I also never realized that if your employer has less than 20 employees that would also trigger the individual when they turn 65 to be required to sign up for part B.

If you fail to sign up when you are supposed to, there is a stiff on going higher cost you must pay for part B when you finally do need to sign up for Part B.

I don't think this information is well publicized - and I was glad to find this article in Consumer reports that explainded some of these details.

Mary2014

[rdlr]

Originally Posted by Mary2014

I don't think this information is well publicized - and I was glad to find this article in Consumer reports that explainded some of these details.
Mary2014

Hello, Mary! I never did see the link to the article you are speaking of.

You are right, these things are not well publicized. More than ever, I'm so grateful that we have always lived in small Delaware! We learned the ropes from our friends here in our little town when we attended a seminar at town hall a few years ago. Also, senior centers around here have speakers on the subject. One must keep watch as these seminars crop up often. Delaware is such a convenient place to live - small scale, everything, and lots of situations where we can ask one-on-one questions regarding retirement, medicare, etc.

We are of a different stripe, in this household. Husband is retired, I'm running a business, am 70 years old, and still paying social security (both sides for myself - employer and employee). Same with medicare and then there's the supplemental insurance. At the same time, both of us have been collecting SS since age 65 & 4 months. It does get complicated, but the town workshop we attended got us on the right track, along with a couple of meetings with our accountant.

[Mary2014]

Originally Posted by rdlr

Hello, Mary! I never did see the link to the article you are speaking of.

rdlr,
I saw the article in my hard copy of Consumer reports I get in the mail. If you google Consumer Reports Dec 2010 I think you can read it on line. It is in the health section under Do's and dont's of navigating the Medicare maze.

Mary2010

[rdlr]

Originally Posted by Mary2014

rdlr,
I saw the article in my hard copy of Consumer reports I get in the mail. If you google Consumer Reports Dec 2010 I think you can read it on line. It is in the health section under Do's and dont's of navigating the Medicare maze.

Mary2010

Thank you!