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Old 10-17-2013, 01:21 PM
 
Location: Whereever we have our RV parked
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My wife and I were going over our finances, savings, and pensions the other night. We have a pretty good handle on what all our expenses will be, except for medical. We have no idea since we have not signed up yet, so don't know what medicare parts B and D will cost and how much they will cover. Can anyone help me figure out what is the typical total out of pocket costs for insurance and other copay's, deductibles, so I can get some idea of what a typical retired couple can expect to spend annually on medical. From this cost, I would exclude extra expense from a major medical event, like a hip replacement or heart surgery. BTW, we will not have any supplemental insurance in retirement from a former employer.
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Old 10-17-2013, 01:58 PM
 
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I'm not quite to Medicare and neither is my wife. We have health insurance from my old employer but we are thinking things are in such a flux right now, our future costs for medicare and health insurance are sort of impossible to predict until things settle down.
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Old 10-17-2013, 01:58 PM
 
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The Social Security website probably has most of the information you will need. Medicare part B premiums are income-based. There is a chart on the website that shows you what you will pay based on income. Just google "medicare costs". There is a lot of information already put together by various organizations in addition to SS.
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Old 10-17-2013, 02:08 PM
 
Location: Idaho
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I'm not quite there yet, but have been paying Medicare "taxes" for something like forty years. Does what I've contributed make what I pay for Medicare when I'm no it less? Or, is it just like any other tax where the money goes out of my wallet, and the government spends it as it decides?
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Old 10-17-2013, 02:32 PM
 
Location: OH>IL>CO>CT
5,236 posts, read 8,406,103 times
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Quote:
Originally Posted by volosong View Post
I'm not quite there yet, but have been paying Medicare "taxes" for something like forty years. Does what I've contributed make what I pay for Medicare when I'm no it less? Or, is it just like any other tax where the money goes out of my wallet, and the government spends it as it decides?
No, the Medicare payroll tax you have paid has no bearing on what you would pay for Medicare coverage. You do need 10 years of covered employment to be eligible. For more detail on costs, you can start at this website

Medicare 2013 costs at a glance | Medicare.gov

Also there are more Medicare threads at this forum http://www.city-data.com/forum/health-insurance/

Last edited by reed303; 10-17-2013 at 02:58 PM.. Reason: typo/more
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Old 10-17-2013, 03:02 PM
 
Location: Mount Airy, Maryland
10,461 posts, read 5,930,681 times
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Quote:
Originally Posted by reed303 View Post
No, the Medicare payroll tax you have paid has no bearing on what you would pay for Medicare coverage. You do need 10 years of covered employment to be eligible. For more detail on costs, you can start at this website

Medicare 2013 costs at a glance | Medicare.gov

Also there are more Medicare threads at this forum http://www.city-data.com/forum/health-insurance/
How do I find out if my wife qualifies? She worked for over 10 years but many are through a contractor and we need to find out if they paid into medicaid as they did SS.
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Old 10-17-2013, 03:50 PM
 
Location: Northern panhandle WV
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If you qualify for medicare then when your wife is 65 she will as well. I am a non working wife and still at 65 I will qualify for medicare under my husband. My problem is the two years between when he turns 65 and when I do. I have a lot of medical problems as does he and I can't be without insurance for those years.

But as to your question your wife will be covered if you are, whether or not she worked enough years herself.

Oh and the medicare tax paid all those years provides you, and wife, with Medicare part A for no cost.

Last edited by arwenmark; 10-17-2013 at 04:05 PM..
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Old 10-17-2013, 04:04 PM
 
Location: Idaho
4,627 posts, read 4,468,721 times
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Quote:
Originally Posted by reed303 View Post
No, the Medicare payroll tax you have paid has no bearing on what you would pay for Medicare coverage. You do need 10 years of covered employment to be eligible. For more detail on costs, you can start at this website

Medicare 2013 costs at a glance | Medicare.gov

Also there are more Medicare threads at this forum http://www.city-data.com/forum/health-insurance/
Thanks. For the links too. So, it is as I suspected . . . it's just another "tax". I've been paying that silly thing for 40 years, so I'll be more than eligible when the time come in a couple more years.
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Old 10-17-2013, 04:10 PM
 
Location: Near a river
16,042 posts, read 18,978,143 times
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Quote:
Originally Posted by arwenmark View Post
If you qualify for medicare then when your wife is 65 she will as well. I am a non working wife and still at 65 I will qualify for medicare under my husband. My problem is the two years between when he turns 65 and when I do. I have a lot of medical problems as does he and I can't be without insurance for those years.

But as to your question your wife will be covered if you are, whether or not she worked enough years herself.

Oh and the medicare tax paid all those years provides you, and wife, with Medicare part A for no cost.
Apparently this would only be Medicare Part A, not B.

http://www.medicareinteractive.org/p...t&slide_id=338
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Old 10-17-2013, 04:18 PM
 
Location: Near a river
16,042 posts, read 18,978,143 times
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Quote:
Originally Posted by augiedogie View Post
My wife and I were going over our finances, savings, and pensions the other night. We have a pretty good handle on what all our expenses will be, except for medical. We have no idea since we have not signed up yet, so don't know what medicare parts B and D will cost and how much they will cover. Can anyone help me figure out what is the typical total out of pocket costs for insurance and other copay's, deductibles, so I can get some idea of what a typical retired couple can expect to spend annually on medical. From this cost, I would exclude extra expense from a major medical event, like a hip replacement or heart surgery. BTW, we will not have any supplemental insurance in retirement from a former employer.
With no health insurance from a former employer, you will be looking at Medicare Advantage Plans or Supplemental Plans (because Medicare doesn't cover everything), at a cost. The Supplement plans are usually offered in a range of options with corresponding coverages, from $0/month on up. Check out the options in your state, including BCBS. in my part of my state with Tufts New England I can get a Supplement for $0 premium that is pretty good.

There is a Medicare forum on here somewhere.
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