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Old 05-11-2015, 03:22 PM
 
Location: Wisconsin
671 posts, read 1,230,269 times
Reputation: 706

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Thanks. Yes, my wife already has her 40 quarters, and she is still working. BUT I don't want to have to pay more than the absolute minimum for ANY portion of Medicare coverage. So I guess I need to go back to work to earn 6 more quarters. That will cut into my fishing time !!
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Old 05-11-2015, 03:43 PM
 
Location: Cape Elizabeth
425 posts, read 388,193 times
Reputation: 745
Quote:
Originally Posted by Jim Mac View Post
Thanks. Yes, my wife already has her 40 quarters, and she is still working. BUT I don't want to have to pay more than the absolute minimum for ANY portion of Medicare coverage. So I guess I need to go back to work to earn 6 more quarters. That will cut into my fishing time !!
You have me a little confused. Could you elaborate on paying more than the absolute minimum for any portion of Medicare coverage?

If you claim it off your wife, you don't pay more than someone else. That is the default option to get you Medicare when you didn't work in a job that gives a person Medicare coverage.

Is there an age difference between you and her? If so, and she still works, can you be covered under her work plan? If so, you could continue on her employer plan until she retires and then you both sign up for Medicare based on her earnings, with no penalty for late filing under a Special Enrollment Period.

If you get your 40 quarters, fine. If not, applying under your wife should be a good option- unless I am missing something?
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Old 05-11-2015, 07:08 PM
 
Location: Wisconsin
671 posts, read 1,230,269 times
Reputation: 706
I'm the one that's confused. I thought if I have less than 40 quarters I have to pay a higher premium for Medicare coverage. Is that wrong?

My wife is 4 years younger than me(54 and I'm 58). I am covered on her work's insurance plan.

We are trying to do some retirement planning for the future, and trying to figure out this SS and Medicare crap is not fun or easy !!
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Old 05-12-2015, 07:59 AM
 
Location: Cape Elizabeth
425 posts, read 388,193 times
Reputation: 745
Quote:
Originally Posted by Jim Mac View Post
I'm the one that's confused. I thought if I have less than 40 quarters I have to pay a higher premium for Medicare coverage. Is that wrong?

My wife is 4 years younger than me(54 and I'm 58). I am covered on her work's insurance plan.

We are trying to do some retirement planning for the future, and trying to figure out this SS and Medicare crap is not fun or easy !!
I know it gets complicated. But, in your case, because you are married and your wife has her quarters, if you never get yours, you could file on her SSN.

Due to the age difference, if she was still at her job when you turn 65, there is no problem. You would just delay filing for Medicare until your wife retires and then as soon as she retires, you get a letter from her company (SSA has a form they can complete) indicating that from the time you turned 65 until the time she retired, you were covered under her employer group health plan. As long as you submit that form and the application for Medicare within 8 months of her retirement date, (but the sooner the better) you will be able to sign up for Medicare A and B without a penalty for late filing.

So, let's say your wife wants to keep working until she is 66 and you are then 70. From your age 65 to 70, assuming she works for a company greater than 20 employees, the plan you have from her is your primary plan and you do not need to apply for Medicare.

Then at 66, she retires, she applies for her SS and Medicare (if that is what she is planning) and you submit that form. She needs a form for herself as well, since she didn't apply for Medicare at 65 either.

So that is one course of action.

The second course of action is if you get your 40 quarters before you are 65. You could still apply for Part A, which would be free. You could say "NO" to Part B which has a premium, because you are covered under your wife's plan at her job. When she retires, you then follow the first course of action and apply for your Part B without penalty.

FYI- for people who do not have their 40 quarters, and applying on their spouse is not an option, Part A does cost at present $407.00 per month and Part B is $104.90.

So, thanks for jogging my memory about "buying premium HI and SMI". I forgot about it. It was rare that people did it.
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Old 05-14-2015, 08:19 PM
 
Location: Wisconsin
671 posts, read 1,230,269 times
Reputation: 706
ilovemycat, THANK YOU !!
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