My IQ is around 130+ but Medicare decisions have me feeling like an idiot

[Anonymous]

I am turning 65 soon but I am still working full time. I have health insurance at work. I will likely retire next year. I am getting lots of Medicare related junk mail, some of which I read. I have also read a lot online. I have tried to consult with my HR department. So far all I've found out from them, by email, is I can keep my work insurance until I retire and then switch to Medicare. So that's good, I think, my work insurance is pretty good.

I've also read about something called Medicare Advantage which sometimes has zero premiums. Is that a good idea? Would that be better than keeping my work insurance which costs me about $160 a month? What if I move out of the area next year when I retire, how does that affect these decisions? I have more questions but that's an idea of what is confusing and frustrating me.

Does anybody out there have any guidance or advice?

[Anonymous]

Make sure your doctor accepts Medicare

[Anonymous]

Anonymous wrote:I am turning 65 soon but I am still working full time. I have health insurance at work. I will likely retire next year. I am getting lots of Medicare related junk mail, some of which I read. I have also read a lot online. I have tried to consult with my HR department. So far all I've found out from them, by email, is I can keep my work insurance until I retire and then switch to Medicare. So that's good, I think, my work insurance is pretty good.

I've also read about something called Medicare Advantage which sometimes has zero premiums. Is that a good idea? Would that be better than keeping my work insurance which costs me about $160 a month? What if I move out of the area next year when I retire, how does that affect these decisions? I have more questions but that's an idea of what is confusing and frustrating me.

Does anybody out there have any guidance or advice?

Good questions, OP. Age 60 here. Following.

[Anonymous]

You need to sign up at 65 for Part A, otherwise your premiums will be higher when you actually sign up. part A does not cost you any additional money. Employer healthcare will become secondary for hospital, but you will see no difference in what you pay now.

[Anonymous]

Google is your friend

https://www.google.com/amp/s/www.fool.com/amp/retirement/2017/05/25/do-i-need-to-enroll-in-medicare-if-im-still-workin.aspx

[Anonymous]

Anonymous wrote:I am turning 65 soon but I am still working full time. I have health insurance at work. I will likely retire next year. I am getting lots of Medicare related junk mail, some of which I read. I have also read a lot online. I have tried to consult with my HR department. So far all I've found out from them, by email, is I can keep my work insurance until I retire and then switch to Medicare. So that's good, I think, my work insurance is pretty good.

I've also read about something called Medicare Advantage which sometimes has zero premiums. Is that a good idea? Would that be better than keeping my work insurance which costs me about $160 a month? What if I move out of the area next year when I retire, how does that affect these decisions? I have more questions but that's an idea of what is confusing and frustrating me.

Does anybody out there have any guidance or advice?

Not sure from your post. You will lose your work coverage after you retire right? Unlike Govt workers. If that's the case, why not sign up for Part A (free) and Part B when you retire?

[Anonymous]

Agree - it's a nightmare and complicated. I've been reading up some because DH is almost 63 and we may move overseas. I'm a younger spouse.

Medicare Advantage doesn't have $0 premiums and if you plan to live in

[Anonymous]

oops -- live in 1 city then Medicare Advantage can be a better option but if you travel or may move, you want more flexibility which Advantage plans don't have as much of - https://www.investopedia.com/articles/personal-finance/071014/medigap-vs-medicare-advantage-which-better.asp

Start with this article but definitely Google recent comparison articles before you decide. $160 a month is insanely low give your age!

[Anonymous]

PS look at the AARP plans because a lot of seniors - both wealthy and not - that I work with use AARP plans for their gap coverage/prescription etc.

[Anonymous]

Also check out the AARP website for reliable info:
aarp.org/health/medicare-insurance/

[Anonymous]

At 65, sign up for Medicare Part A & B right away. Then, decisions going forward can de revisited as needed. At the time of your actual retirement, keep your employers insurance IF they allow AND it seems to make financial sense OR you will THEN look at one of these plans advertised. I wouldn't get spooked about what's ahead/and choices, as long as you act re: the first sentence.

[Anonymous]

There are Medicare Advantage programs that give more benefits than Part A + Part B, for no more than Part B would otherwise cost. They can be likened to HMO's. There is also Medigap insurance available that covers certain copays and deductibles. And Part D prescription coverage.

Complex, confusing, caveat emptor.

[Anonymous]

Anonymous wrote:There are Medicare Advantage programs that give more benefits than Part A + Part B, for no more than Part B would otherwise cost. They can be likened to HMO's. There is also Medigap insurance available that covers certain copays and deductibles. And Part D prescription coverage.

Complex, confusing, caveat emptor.

But be careful, also like HMO's they control and restrict where/what you can use Medicare for. Say you need post-hospital inpatient nursing or rehabilitation. Every skilled nursing facility accepts Medicare, and no prior authorization is needed assuming the facility believes you meet the general Medicare criteria. But if you have a Medicare Humana plan, for example, Humana has to agree that you need that level of care, pre-authorize it, and then you are stuck with whatever limited locations are in the Humana network. Just food for though. As a hospital case manger I have a much smoother path to get someone in the facility of their choice when they just have plain old Medicare.

[Anonymous]

Anonymous wrote:

Anonymous wrote:There are Medicare Advantage programs that give more benefits than Part A + Part B, for no more than Part B would otherwise cost. They can be likened to HMO's. There is also Medigap insurance available that covers certain copays and deductibles. And Part D prescription coverage.

Complex, confusing, caveat emptor.

But be careful, also like HMO's they control and restrict where/what you can use Medicare for. Say you need post-hospital inpatient nursing or rehabilitation. Every skilled nursing facility accepts Medicare, and no prior authorization is needed assuming the facility believes you meet the general Medicare criteria. But if you have a Medicare Humana plan, for example, Humana has to agree that you need that level of care, pre-authorize it, and then you are stuck with whatever limited locations are in the Humana network. Just food for though. As a hospital case manger I have a much smoother path to get someone in the facility of their choice when they just have plain old Medicare.

I posted above and this was my take from a few recent articles (I think NYT had one recently about people not reviewing their plans enough this time of year when changes are allowed). I'm glad to hear it from a healthcare professional. We plan to live some overseas so will avoid Medicare Advantage plans - definitely don't want to be limited in that way.

[Anonymous]

OP here--Thanks everyone so much for opinions and information!

It is my understanding that I can keep my work insurance (Anthem BCBS) and Medicare Plan A will be secondary until I retire, then Medicare A will be primary and I can switch to my work retiree insurance (also Anthem BCBS but called Advantage 65) supplemental plan for Plan B. It appears I will have to pay about a total of $250 for this health insurance combo.

From my research and from opinions here it seems that a Medicare Advantage plan is not a good idea for me when I retire because I will likely be moving out of this area and I do not like the idea of an HMO. I have several medical conditions that I would like to choose my doctors for. Also it appears that if the premiums are $0 then the deductible is very high and possibly copays as well.

So I am learning what all of this means and making some preliminary decisions but I am kind of stunned at the complexity of it all, especially for people (like me) who are at an age where no matter how much mental capacity we might have, or did have, it is getting a little shaky now. Seems like that would be a reason to simplify the process as much as possible, right?