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Old 11-04-2011, 05:21 AM
 
Location: Palm Coast
212 posts, read 724,281 times
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While 62 is approaching, I too was wondering how much. If you take SS at 62 will it be deducted at that time or only at 65 when eligible? Just trying to plan a budget and appreciate all info everyone posts. We are lucky in that we have retiree healthcare until you have to enroll for Medicare and then it becomes 2ndary so don't have to purchase a Medigap policy. Thanks.
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Old 11-04-2011, 05:44 AM
 
Location: Bangor Maine
3,442 posts, read 5,618,877 times
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Goldengrain

You want to think hard about turning down the medicare part of your SS, thinking that your husband's retirement insurance will always be there. We did sign up for the medicare even though my husband's retirement offered us a "free" supplemental plan. Now 14 years later they are doing away with it as the company feels they just can't afford to offer it. Now we are faced with finding a new supplimental plan that we will be paying for. Such as Martins Point or the one offered by AARP. We are not complaining as for 14 years it did cover alot and saved us alot. It's possible that your husband's company, at some future time, will do away with what they are offering you now. Nothing is carved in stone.
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Old 11-04-2011, 06:00 AM
 
13,773 posts, read 33,943,998 times
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Quote:
Originally Posted by blueridgerider View Post
While 62 is approaching, I too was wondering how much. If you take SS at 62 will it be deducted at that time or only at 65 when eligible? Just trying to plan a budget and appreciate all info everyone posts. We are lucky in that we have retiree healthcare until you have to enroll for Medicare and then it becomes 2ndary so don't have to purchase a Medigap policy. Thanks.

They won't take it out until you apply for/turn medicare at 65. You may still have to pay for Part B when you turn 65 but they send you info on what to do if you do not want or need Part B
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Old 11-05-2011, 12:43 PM
 
Location: Palm Coast
212 posts, read 724,281 times
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Originally Posted by Keeper View Post
They won't take it out until you apply for/turn medicare at 65. You may still have to pay for Part B when you turn 65 but they send you info on what to do if you do not want or need Part B

Thanks for the response Keeper.
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Old 11-08-2011, 05:30 PM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,960,476 times
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The question here isn't clear. Exactly what is the OP asking? You can take SS as early as age 62 - or any age after that.

You don't get Medicare until you are age 65. Medicare Part A (free for most people) is automatic IIRC. Medicare Part B is automatic (at least if you're collecting SS) unless you "opt out". If you have certain types of private insurance covering you at age 65+ - you will not be penalized financially for opting out and taking Medicare Part B when you're older. OTOH - if you don't buy a Medigap policy during your age 65 open enrollment period - you will pay more whenever you decide to buy it (and be subject to underwriting requirements too).

Also - many employer plans won't cover anything if you're Medicare eligible and don't have Medicare Parts A & B. You have to see what the employer plan covers.

Note that IIRC - no employer is under any obligation to continue retiree health benefits (as opposed to pension benefits). Also - my impression is that as the years roll by - Medigap policies are becoming less generous (although old policies people have are usually grandfathered in). So if you wind up needing Medicare part B and a Medigap policy 5-10 years down the road - your options may not be very appetizing.

I wouldn't try to nickel and dime things here unless I absolutely had to. I'd go for Medicare part B and a good Medigap policy. And keep the employer coverage as tertiary (unless it costs a lot and the benefits aren't worth the cost). That's what we did with my late FIL - he was born in 1920 (and his company retirement health plan is pretty much defunct for younger workers). Most of the benefits my late FIL got under his employer coverage were things that would now be covered in whole or in part by Medicare Part D (which didn't exist when he was alive). Robyn
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Old 11-17-2011, 02:15 PM
 
Location: Earth Wanderer, longing for the stars.
12,408 posts, read 16,502,726 times
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Quote:
Originally Posted by Robyn55 View Post
The question here isn't clear. Exactly what is the OP asking? You can take SS as early as age 62 - or any age after that.

You don't get Medicare until you are age 65. Medicare Part A (free for most people) is automatic IIRC. Medicare Part B is automatic (at least if you're collecting SS) unless you "opt out". If you have certain types of private insurance covering you at age 65+ - you will not be penalized financially for opting out and taking Medicare Part B when you're older. OTOH - if you don't buy a Medigap policy during your age 65 open enrollment period - you will pay more whenever you decide to buy it (and be subject to underwriting requirements too).

Also - many employer plans won't cover anything if you're Medicare eligible and don't have Medicare Parts A & B. You have to see what the employer plan covers.

Note that IIRC - no employer is under any obligation to continue retiree health benefits (as opposed to pension benefits). Also - my impression is that as the years roll by - Medigap policies are becoming less generous (although old policies people have are usually grandfathered in). So if you wind up needing Medicare part B and a Medigap policy 5-10 years down the road - your options may not be very appetizing.

I wouldn't try to nickel and dime things here unless I absolutely had to. I'd go for Medicare part B and a good Medigap policy. And keep the employer coverage as tertiary (unless it costs a lot and the benefits aren't worth the cost). That's what we did with my late FIL - he was born in 1920 (and his company retirement health plan is pretty much defunct for younger workers). Most of the benefits my late FIL got under his employer coverage were things that would now be covered in whole or in part by Medicare Part D (which didn't exist when he was alive). Robyn
As I said previously, my husband and I are covered in entirety after retirement through his plan. It has been my understanding that, if I apply for SS there is a component that is automatically deducted for Medicare. I called the SS office, which confirmed this, said they would send me the paperwork to remove the Medicare deduction, but the paperwork never arrived. I was told not to initiate SS payments until the proper forms were filled out because there was some reticence to processing Medicare dropouts and it would probably be next to impossible to get a refund retroactively.

Thank you, anyway.
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