How do you handle Healthcare costs in retirement

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sixtyforty
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How do you handle Healthcare costs in retirement

Post by sixtyforty » Thu Sep 06, 2018 9:47 am

I'm curious on how others on this board are handling healthcare costs in retirement. Specifically two questions;

(1) For those on Medicare, do you find you need supplemental insurance and is it expensive ?
(2) For those retiring earlier than 65 , not on medicare but possibly enrolling in ACA, do you have an account that is earmarked for HC costs ?
"Simplicity is the ultimate sophistication" - Leonardo Da Vinci

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Sandtrap
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Re: How do you handle Healthcare costs in retirement

Post by Sandtrap » Thu Sep 06, 2018 9:56 am

sixtyforty wrote:
Thu Sep 06, 2018 9:47 am
I'm curious on how others on this board are handling healthcare costs in retirement. Specifically two questions;

(1) For those on Medicare, do you find you need supplemental insurance and is it expensive ?
(2) For those retiring earlier than 65 , not on medicare but possibly enrolling in ACA, do you have an account that is earmarked for HC costs ?
1. Yes. No (relatively speaking). The supplementals are well worth the minimal costs.
2. Yes. Did that. Costs can be very high. Beware the "ACA Subsidy Cliff" which can be very very expensive. Google the forum archives, lot's of posts on this.

RudyS
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Re: How do you handle Healthcare costs in retirement

Post by RudyS » Thu Sep 06, 2018 10:03 am

By all means go with the Medigap coverage (#1). The 20% copay on traditional Medicare can be a huge amount if you have bad luck. You can get an idea of cost on medicare.gov which has a way to search for a policy at your location. DW and I pay about $400/mo for both of us, for Plan F and Plan N.

b4real
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Re: How do you handle Healthcare costs in retirement

Post by b4real » Thu Sep 06, 2018 10:31 am

sixtyforty wrote:
Thu Sep 06, 2018 9:47 am
(1) For those on Medicare, do you find you need supplemental insurance and is it expensive ?
We have Plan G supplements at $142/month each and consider it a reasonable cost to insure the 20% gap.

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Re: How do you handle Healthcare costs in retirement

Post by Mel Lindauer » Thu Sep 06, 2018 10:38 am

And don't overlook the possible need for (and cost of) Part D (drug coverage). The cost of some drugs could put you in the poor house very rapidly if you don't have adequate coverage.
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munemaker
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Re: How do you handle Healthcare costs in retirement

Post by munemaker » Thu Sep 06, 2018 10:55 am

PRE MEDICARE

DW and I used ObamaCare the last 2 years since we retired pre-medicare. I had to cover 2 years, DW about 3 years. We could have used COBRA for 18 months, but it was $12,000/year. By planning to keep our taxable income down, we were able to buy a nice Silver plan on the exchange that was about $1,600/year for both of us combined. The coverage was pretty much equivalent to my plan at work. The Silver plan we have this year has no deductible. All the preventive stuff is covered totally (i.e. free). Drug plan is included. Doctor's office visit is $30 (aside from annual wellness exam which is covered). Everything seems reasonable except an ER visit is $350 which fortunately we have not needed.

MEDICARE
I am moving from ObamaCare to Medicare soon. I selected a Medicare Advantage HMO plan that is $20/month. That is with $750 deductible and copays after that. It also includes preventive dental ($15 check ups, $15 cleanings, $15 bitewings), vision exam (covered every other year) and a gym membership (HMO so you need to have in-network vision and dental providers). Drug plan is included. The drug I am taking is $5/month on ObamaCare (as I remember) and goes to $10/month on Medicare.

COMPARISON
Both the ObamaCare and Medicare plans are with UPMC, who is the insurer as well as the dominant health care provider in Western PA. Having the same company provide insurance and the medical care eliminates squabbles between the insurer and provider and also (they claim) prevents outside doctors from balance billing you). The Medicare HMO actually includes a broader network with hospitals, facilities and doctors outside of UPMC but I doubt I would ever use them. We have been really happy with our experience with UPMC (insurer and medical provider) on ObamaCare and expect the same to continue with MediCare.

Both the ObamaCare and Medicare Advantage plans we are using are geographically limited. Emergencies are covered anywhere under both our ObamaCare and MediCare plans. My ObamaCare plan has coverage in Western PA. My Advantage plan will have coverage in Western PA and FL (snow bird coverage).

A side note. The ObamaCare subsidy formulas do not consider that we are paying MediCare premiums for another family member, so they think we have more income available to pay the premium for the remaining spouse. We further reduced our taxable income and it looks like we will be paying around $1,000/ year for DW's ObamaCare next year (compared to $1,600 for both of us this year) for an equivalent plan. So it looks like our health care costs will be going up as we transition to MediCare.

From reading, it seems the availability of Medicare Advantage plans is spotty, but you might want to review what is available in your area.

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Re: How do you handle Healthcare costs in retirement

Post by MikeG62 » Thu Sep 06, 2018 11:04 am

sixtyforty wrote:
Thu Sep 06, 2018 9:47 am
I'm curious on how others on this board are handling healthcare costs in retirement. Specifically two questions;

(1) For those on Medicare, do you find you need supplemental insurance and is it expensive ?
(2) For those retiring earlier than 65 , not on medicare but possibly enrolling in ACA, do you have an account that is earmarked for HC costs ?
DW and I are in the second camp. Retired three years ago (I was 53 and she 51). No retiree medical from prior employer. We purchase our health insurance in the open market (medical and vision - we self insure for dental). Our options in the open market are identical in every respect to what we would get going through Healthcare.gov (note that we are not eligible for any subsidies) - at least as far as I have seen. So I contract directly with BCBS. We buy two individual policies - DW has the silver level (as she goes to doc’s far more often than I do) while I have a bronze HSA. This is cheaper than a combined silver policy by about $2,000 per year in premium cost. Of course, my OOP’s are higher, but again I typically don’t go the doc other than for a annual wellness visit.

We pay a combined monthly premium of about $1,450. On top of that, I budget $500 per month in OOP’s. Total annual cost in the $23,000 range. This year we are likely to exceed the $500 per month in OOP’s due to one-off stuff we needed addressed.

In terms of funding, we simply include healthcare as a line item cost in our budget (and expense tracking). It is no different than utilities, groceries, restaurants, auto insurance, travel and entertainment, etc...

OP, I hope this helps.
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FrugalInvestor
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Re: How do you handle Healthcare costs in retirement

Post by FrugalInvestor » Thu Sep 06, 2018 11:18 am

sixtyforty wrote:
Thu Sep 06, 2018 9:47 am
I'm curious on how others on this board are handling healthcare costs in retirement. Specifically two questions;

(1) For those on Medicare, do you find you need supplemental insurance and is it expensive ?
(2) For those retiring earlier than 65 , not on medicare but possibly enrolling in ACA, do you have an account that is earmarked for HC costs ?
1. Financially I could go without it but I wouldn't. As far as I'm concerned supplemental insurance is a bargain both financially and in order to simplify recordkeeping and dealings with medical billing staff as I age.

2. Prior to Medicare I had ACA policies for a number of years and my wife still does. We've never had a separate medical account but the cost of medical care has always been incorporated into our budget. We've also contribute(d) to HSA accounts since their inception (I can no longer do so now that I'm on Medicare) which provides us with a medical "emergency fund" in the event of something unforeseen.
IGNORE the noise! | Our life is frittered away by detail... simplify, simplify. - Henry David Thoreau

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Re: How do you handle Healthcare costs in retirement

Post by jebmke » Thu Sep 06, 2018 11:28 am

We both have regular Medicare, a "G" supplemental plan and a basic Rx plan. Don't ignore costs for things that are not covered by Medicare (e.g. dental work, a lot of eye related care for example) -- these can add up. We handle these out of pocket. Some Medicare Advantage plans cover some of these I think but there are no Advantage plans in our area.
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dm200
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Re: How do you handle Healthcare costs in retirement

Post by dm200 » Thu Sep 06, 2018 12:02 pm

sixtyforty wrote:
Thu Sep 06, 2018 9:47 am
I'm curious on how others on this board are handling healthcare costs in retirement. Specifically two questions;

(1) For those on Medicare, do you find you need supplemental insurance and is it expensive ?
(2) For those retiring earlier than 65 , not on medicare but possibly enrolling in ACA, do you have an account that is earmarked for HC costs ?
We are on Kaiser Medicare plan (a Medicare Cost plan - very similar to Advantage) - including drug coverage. In addition to paying Part B, we each pay $30/month to Kaiser. We believe we have low costs and high quality - as well as low to moderate financial risk.

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Re: How do you handle Healthcare costs in retirement

Post by RetiredAL » Thu Sep 06, 2018 12:13 pm

I retired at age 66 two years ago, so DW and I went from my work insurance straight to regular medicare with supplement insurance plus part D insurance.

The yearly cost for both of us on medicare was basically the same as the work insurance's monthly contributions, the yearly deductibles, and drug co-pays. I am a high maintenance person, so yearly we were always well past work's deductibles.

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dm200
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Re: How do you handle Healthcare costs in retirement

Post by dm200 » Thu Sep 06, 2018 12:19 pm

dm200 wrote:
Thu Sep 06, 2018 12:02 pm
sixtyforty wrote:
Thu Sep 06, 2018 9:47 am
I'm curious on how others on this board are handling healthcare costs in retirement. Specifically two questions;

(1) For those on Medicare, do you find you need supplemental insurance and is it expensive ?
(2) For those retiring earlier than 65 , not on medicare but possibly enrolling in ACA, do you have an account that is earmarked for HC costs ?
We are on Kaiser Medicare plan (a Medicare Cost plan - very similar to Advantage) - including drug coverage. In addition to paying Part B, we each pay $30/month to Kaiser. We believe we have low costs and high quality - as well as low to moderate financial risk.
With a MA (or the similar MC) plan, you do not (and cannot) purchase a supplement. Most MA and MC plans include prescription drug coverage (ours does).

If you stick with Original Medicare, in my opinion, you need a supplement because there is no limit on care costs beyond what Original Medicare pays.

Broken Man 1999
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Re: How do you handle Healthcare costs in retirement

Post by Broken Man 1999 » Thu Sep 06, 2018 12:39 pm

Today I wrote my first check for retiree insurance, wife just put it in the mailbox.

After a few issues getting the company that administers retiree insurance to get us enrolled in retiree insurance, I was finally able to get everything squared away. Hopefully the billing will be handled better than the enrollment.

We have a Humana Medicare Advantage PPO plan that covers health, dental (through Aetna),vision and meds. My total rate for both of us is $52.50/month (plus the current Medicare $134/month for each for Part A) and I think it is an absolute gift at that monthly rate.

We have no deductibles and very low co-pays, and a great mail-order drug plan if we want to save more for our meds.

As a retiree I could get a Humana Medicare Advantage HMO for $00.00/month (plus the Medicare charge of $134 each) but my doctor likes the ability for me to see anyone he wants me to see, in or out of network, so the extra $52.50/month is well worth the small cost. Wife's doctor feels the same way about referring to the best doctor, in network or not. We appreciated being able to go outside of network if necessary when DW had a major health scare last year. As well we have a couple of United Health Care options, but those options are very expensive compared to a Humana HMO or PPO.

It might be a urban Florida thing, but it seems very easy to get Medicare Supplement, Medicare Advantage HMO or PPO plans that are very reasonably priced. I am always checking rates as there is no guarantee MegaCorp will continue to subsidize retiree insurance.

Broken Man 1999
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drawpoker
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Re: How do you handle Healthcare costs in retirement

Post by drawpoker » Thu Sep 06, 2018 12:47 pm

sixtyforty wrote:
Thu Sep 06, 2018 9:47 am
..... Specifically....... questions;
(1) For those on Medicare, do you find you need supplemental insurance and is it expensive ?
Yes, if you take Original Medicare you definitely need to buy a supplement. Expensive? You decide.

Here is your current list of premium prices from all insurers offering Medigap in Colorado. (Be glad you are where you are.
And not in one of the 8 states (Medicare hellholes) that require all Medigap policies be community rated, not issue age or attained age rated.)

Remember, when checking the charts here, don't waste any time studying Plan F or C - you won't be able to buy either unless you go on Medicare before Jan 1, 2020.

https://drive.google.com/file/d/1DVi-sz ... l6VG1/view

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Re: How do you handle Healthcare costs in retirement

Post by Broken Man 1999 » Thu Sep 06, 2018 1:02 pm

Serious question: Are you able to get non-smokers rates IF you smoke (medically prescribed) marijuana?

I see tobacco as being defined by some insurers as in cigarettes, cigars, pipes, and chewing/snuff products.

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven than I shall not go. " -Mark Twain

drawpoker
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Re: How do you handle Healthcare costs in retirement

Post by drawpoker » Thu Sep 06, 2018 1:14 pm

Dunno. Do reefers contain any amount of nicotine? Snopes say weed contains 33 cancer causing chemicals and four times the amount of tar as in regular cigarettes. But, no association with increased cases of lung cancer.

scrabbler1
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Re: How do you handle Healthcare costs in retirement

Post by scrabbler1 » Thu Sep 06, 2018 1:36 pm

sixtyforty wrote:
Thu Sep 06, 2018 9:47 am
I'm curious on how others on this board are handling healthcare costs in retirement. Specifically two questions;

(1) For those on Medicare, do you find you need supplemental insurance and is it expensive ?
(2) For those retiring earlier than 65 , not on medicare but possibly enrolling in ACA, do you have an account that is earmarked for HC costs ?
I have been retired for nearly 10 years, before the ACA came into existence. I am 55 now and have been on an ACA plan since 2014 and will be on it for another 10 years (as long as it doesn't get totally frigged up). The monthly premiums and OOP expenses are part of my regular budgeting process.

Gretchen
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Re: How do you handle Healthcare costs in retirement

Post by Gretchen » Thu Sep 06, 2018 2:11 pm

Yes, absolutely, do get a Medicare supplement. We have Anthem MedBlue Select HMO at a cost of $0 per month. I think they accomplish that by being the front end authorizer to Medicare. Anthem is pretty aggressive about reminding us about preventive care, which probably keeps short-term Medicare dollars coming in and keeps long-term costs down. We've had to push for timely authorizations twice, but they came through after some nagging.

Here's what we've spent on health care since I finished work in October 2014. My company medical coverage continued through February 2015 (too complicated to explain), and I elected COBRA (exact same price as ACA) until March 2015. DH was already on Medicare, and I started Medicare in February 2016.

COBRA $6,868.90 (9 payments)
Dental $10,551.51
Drugstore $1220.10
Vision $843.44
Other $2688.25
TOTAL $22,172.20

Additional information:
Medicare I don't know and didn't look it up, because it's automatically deducted from our Social Security payments.
Silver Sneakers -$1,395.00 (Anthem picks up my Curves membership that used to cost $45/month)

Now, here's the real kicker. The $2688.25 covers our share of DH's's colon cancer, including surgery and six months of chemo, that our Medicare statement says was originally billed for just over $300,000. Yes, the supplement paid off big-time. (And he's doing fine now, thanks. He's apparently cancer-free after two checkups.)

So, bottom line, GET A MEDICARE SUPPLEMENT! And in retrospect, we should have gotten dental coverage as well.

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Re: How do you handle Healthcare costs in retirement

Post by livesoft » Thu Sep 06, 2018 2:52 pm

Just like before retirement we do not have an account earmarked for health care. What for? We are not going to forego health care, so we just pay deductibles and out-of-pocket health care expenses from the portfolio just like we would pay taxes or food or car expenses.
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Watty
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Re: How do you handle Healthcare costs in retirement

Post by Watty » Thu Sep 06, 2018 3:16 pm

When I was getting my wife set up on Medicare I found the book "Medicare for Dummies" to be excellent despite the title and I would highly recommend it. Be sure you are looking at the most current edition since there are always a lot of changes.

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dm200
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Re: How do you handle Healthcare costs in retirement

Post by dm200 » Thu Sep 06, 2018 3:58 pm

Broken Man 1999 wrote:
Thu Sep 06, 2018 12:39 pm
Today I wrote my first check for retiree insurance, wife just put it in the mailbox.
After a few issues getting the company that administers retiree insurance to get us enrolled in retiree insurance, I was finally able to get everything squared away. Hopefully the billing will be handled better than the enrollment.

We have a Humana Medicare Advantage PPO plan that covers health, dental (through Aetna),vision and meds. My total rate for both of us is $52.50/month (plus the current Medicare $134/month for each for Part A) and I think it is an absolute gift at that monthly rate.
We have no deductibles and very low co-pays, and a great mail-order drug plan if we want to save more for our meds.
As a retiree I could get a Humana Medicare Advantage HMO for $00.00/month (plus the Medicare charge of $134 each) but my doctor likes the ability for me to see anyone he wants me to see, in or out of network, so the extra $52.50/month is well worth the small cost. Wife's doctor feels the same way about referring to the best doctor, in network or not. We appreciated being able to go outside of network if necessary when DW had a major health scare last year. As well we have a couple of United Health Care options, but those options are very expensive compared to a Humana HMO or PPO.
It might be a urban Florida thing, but it seems very easy to get Medicare Supplement, Medicare Advantage HMO or PPO plans that are very reasonably priced. I am always checking rates as there is no guarantee MegaCorp will continue to subsidize retiree insurance.

Broken Man 1999
Depending on the area and the plans available, this is an example of the low costs of an MA plan.

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Re: How do you handle Healthcare costs in retirement

Post by Toons » Thu Sep 06, 2018 4:28 pm

Me Medicare +Supplemental Plan 120.00 per month mutual of Omaha
Spouse -Retiree health insurance plan until Medicare age.
:happy
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munemaker
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Re: How do you handle Healthcare costs in retirement

Post by munemaker » Thu Sep 06, 2018 4:49 pm

Watty wrote:
Thu Sep 06, 2018 3:16 pm
When I was getting my wife set up on Medicare I found the book "Medicare for Dummies" to be excellent despite the title and I would highly recommend it. Be sure you are looking at the most current edition since there are always a lot of changes.
+1 --> helped me a lot

Nowizard
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Re: How do you handle Healthcare costs in retirement

Post by Nowizard » Thu Sep 06, 2018 5:24 pm

Definitely, get supplemental coverage and Part D. Depending on your past employment, some firms contribute a set amount for a supplemental policy. The government site gives all plans in your area. It is time consuming to review them, but it pays off to determine if meds you take are covered and at what cost to you. Our supplemental insurance is approximately $225 monthly, and our Part D is $115 for both of us. Also, be aware that depending on your AGI you may be subject to additional costs for Part B and D in addition to the set fees.

Tim

sixtyforty
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Re: How do you handle Healthcare costs in retirement

Post by sixtyforty » Fri Sep 07, 2018 8:49 am

Thanks everyone. Incredibly helpful.
"Simplicity is the ultimate sophistication" - Leonardo Da Vinci

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David Jay
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Re: How do you handle Healthcare costs in retirement

Post by David Jay » Fri Sep 07, 2018 8:56 am

Sandtrap wrote:
Thu Sep 06, 2018 9:56 am
Beware the "ACA Subsidy Cliff" which can be very very expensive. Google the forum archives, lot's of posts on this.
This is a good reason to have some funds in Roth or taxable accounts at retirement (before age 65), so you can keep your MAGI below (in Michigan) $64,000 a year. If you make have income of $63,999 you get $13,200 in ACA subsidy, if you make $64,001 you get nothing.

I am working though these issues right now. I intend to retire in 2019 and my employer would like me to consult enough to bump me over 64K. Looking for alternatives.
Prediction is very difficult, especially about the future - Niels Bohr | To get the "risk premium", you really do have to take the risk - nisiprius

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Re: How do you handle Healthcare costs in retirement

Post by pennywise » Fri Sep 07, 2018 9:08 am

Broken Man 1999 wrote:
Thu Sep 06, 2018 12:39 pm
Today I wrote my first check for retiree insurance, wife just put it in the mailbox.

After a few issues getting the company that administers retiree insurance to get us enrolled in retiree insurance, I was finally able to get everything squared away. Hopefully the billing will be handled better than the enrollment.

We have a Humana Medicare Advantage PPO plan that covers health, dental (through Aetna),vision and meds. My total rate for both of us is $52.50/month (plus the current Medicare $134/month for each for Part A) and I think it is an absolute gift at that monthly rate.

We have no deductibles and very low co-pays, and a great mail-order drug plan if we want to save more for our meds.

As a retiree I could get a Humana Medicare Advantage HMO for $00.00/month (plus the Medicare charge of $134 each) but my doctor likes the ability for me to see anyone he wants me to see, in or out of network, so the extra $52.50/month is well worth the small cost. Wife's doctor feels the same way about referring to the best doctor, in network or not. We appreciated being able to go outside of network if necessary when DW had a major health scare last year. As well we have a couple of United Health Care options, but those options are very expensive compared to a Humana HMO or PPO.

It might be a urban Florida thing, but it seems very easy to get Medicare Supplement, Medicare Advantage HMO or PPO plans that are very reasonably priced. I am always checking rates as there is no guarantee MegaCorp will continue to subsidize retiree insurance.

Broken Man 1999
Are you talking about healthcare that is available as a retiree through your former company, or Medicare?

I also live in urban (South) Florida and while I"m aware it's a Medicare mecca I would love to know if there are plans available on the 'open' market at those stunningly low rates. I'm probably retiring next year at 62 YO so will have 3 years of healthcare to cover on our own (husband is Medicare eligible tomorrow on his 65th birthday). I can continue coverage through my employer, paying full rate of ~$700/month. If there's a cheaper option here I am all ears!

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Re: How do you handle Healthcare costs in retirement

Post by Cody » Fri Sep 07, 2018 9:14 am

Watty or others:

Is Medicare for Dummies the Oct. 2017 version and is it the AARP version (if there are others?).

Thanks,
Cody

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Re: How do you handle Healthcare costs in retirement

Post by Cody » Fri Sep 07, 2018 9:21 am

Ps - Is it the Third Edition? Some say copyright 2018 some say October 2017.

Cody

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cheese_breath
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Re: How do you handle Healthcare costs in retirement

Post by cheese_breath » Fri Sep 07, 2018 9:29 am

sixtyforty wrote:
Thu Sep 06, 2018 9:47 am
I'm curious on how others on this board are handling healthcare costs in retirement. Specifically two questions;

(1) For those on Medicare, do you find you need supplemental insurance and is it expensive ?
(2) For those retiring earlier than 65 , not on medicare but possibly enrolling in ACA, do you have an account that is earmarked for HC costs ?
(1) Yes. Depends on what you consider expensive. Mine is $175/mo. DW's is $162/mo.
(2) Retired at age 56, and healthcare was one of the components in projecting my future yearly living expenses. But I didn't set up a separate account for it.
The surest way to know the future is when it becomes the past.

Broken Man 1999
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Re: How do you handle Healthcare costs in retirement

Post by Broken Man 1999 » Fri Sep 07, 2018 9:50 am

pennywise wrote:
Fri Sep 07, 2018 9:08 am
Broken Man 1999 wrote:
Thu Sep 06, 2018 12:39 pm
Today I wrote my first check for retiree insurance, wife just put it in the mailbox.

After a few issues getting the company that administers retiree insurance to get us enrolled in retiree insurance, I was finally able to get everything squared away. Hopefully the billing will be handled better than the enrollment.

We have a Humana Medicare Advantage PPO plan that covers health, dental (through Aetna),vision and meds. My total rate for both of us is $52.50/month (plus the current Medicare $134/month for each for Part A) and I think it is an absolute gift at that monthly rate.

We have no deductibles and very low co-pays, and a great mail-order drug plan if we want to save more for our meds.

As a retiree I could get a Humana Medicare Advantage HMO for $00.00/month (plus the Medicare charge of $134 each) but my doctor likes the ability for me to see anyone he wants me to see, in or out of network, so the extra $52.50/month is well worth the small cost. Wife's doctor feels the same way about referring to the best doctor, in network or not. We appreciated being able to go outside of network if necessary when DW had a major health scare last year. As well we have a couple of United Health Care options, but those options are very expensive compared to a Humana HMO or PPO.

It might be a urban Florida thing, but it seems very easy to get Medicare Supplement, Medicare Advantage HMO or PPO plans that are very reasonably priced. I am always checking rates as there is no guarantee MegaCorp will continue to subsidize retiree insurance.

Broken Man 1999
Are you talking about healthcare that is available as a retiree through your former company, or Medicare?

I also live in urban (South) Florida and while I"m aware it's a Medicare mecca I would love to know if there are plans available on the 'open' market at those stunningly low rates. I'm probably retiring next year at 62 YO so will have 3 years of healthcare to cover on our own (husband is Medicare eligible tomorrow on his 65th birthday). I can continue coverage through my employer, paying full rate of ~$700/month. If there's a cheaper option here I am all ears!
My last statement, now in RED is referring to market pricing (not retiree) that is available around me, inland on Florida's west coast.

Since your husband is now 65, he should have a copy of Medicare and You - A Guide to Medicare. If not, look for it on line. It should have Medicare plans available in your neck of the woods.

Also, just for examples of pricing, go to Humana and United Health Care websites, and if it is anything like around my area, those two companies alone will have scads of plans, some with zero premium.

Before she passed, MIL had the AARP - United Health Care plan for zero premium. She did have to pay a monthly penalty for meds for not having a drug plan when they became available. I think some very healthy folks just look for the cheapest drug plan available, just to avoid the penalty for not having one if/when they finally need a lot of meds.

IMHO, the largest contributor to keeping your costs as low as possible is to know what coverage you are buying, and what are the requirements to navigate through the insurance gatekeepers. It also helps immensely to have a doctor who will push back when needed to secure whatever he/she thinks you need to stay healthy.

Honestly, your husband should have been buried by insurance companies advertisements. They know when you turn 65, and actively seek new customers.

Good luck!

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven than I shall not go. " -Mark Twain

furikake
Posts: 236
Joined: Tue Sep 08, 2015 10:13 am

Re: How do you handle Healthcare costs in retirement

Post by furikake » Fri Sep 07, 2018 11:24 am

Not Medicare age yet, not retired yet. When we become Medicare eligible, we will get Medicare Supplement and a Prescription Drug Plan. They're a lot cheaper than what we pay now. Not sure if we will fully retire before 65 because of this health care mess, so we'll keep our group insurance as long as we can before Medicare age.

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