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Old 05-22-2008, 10:20 AM
 
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I was wondering about the gap between retirement and medicare. Doesn't medicare only start at 65? If so, what are we supposed to do in the meantime, if, for example, we retire at 62?

My company offers healthcare until 65 (after retiring) for $950/month for one person.

I guess this is one big reason why people keep working.
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Old 05-22-2008, 12:37 PM
 
Location: Lovelock, NV - Anchorage, AK
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WOW, I thought that medicare started at 62.5. I guess I need to read up on that, my husband is very fortunate at his retirement package pays for our medical until medicare kicks in and then it's secondary.

Took my MIL to the store to pick up here prescription she is on medicare and secondary insurance and her 30 days of pills still cost $45.00. I feel for those who don't have insurance, no wonder so many seniors are suffering so much.
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Old 05-22-2008, 01:26 PM
 
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My company has retirement healthcare at 600 per couple if one was not a employeee.Employeee only is $174.00 per month. My wife and I have separate health insurance and pay a total of 348.00 per month. We can buy it has long as we are alive and will even after getting to medicare age.It includes precription drugs;1500 max out of pocket per hospital stay and 500 per year deductable;no dental in retirement.
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Old 05-22-2008, 01:32 PM
 
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Here is some Info,thank God I retired from civil service and my health Insurance covers me and my family at no charge.Health Insurance is gold!
Social Security Online
I also have full dental and prescription covered by my union.
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Old 05-22-2008, 01:36 PM
 
Location: Lovelock, NV - Anchorage, AK
1,195 posts, read 4,995,597 times
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Right we are covered for our health insurance at no charge, but the dental,vision and audio is an extra $108.00 pre month. It's a great policy and we are so fortunate to have it.
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Old 05-22-2008, 05:05 PM
 
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That is why I advise people when they retire to have a plan. a pension
income,457/401 k account,health care is so Important to have,a couple
of hospital visits could wipe you out.You can get away with dental and prescriptions,but major medical is paramount! I know people paying 700
800 hundred dollars a month for health Insurance...

Last edited by Retired Law 08; 05-27-2008 at 05:11 PM..
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Old 05-22-2008, 10:19 PM
 
692 posts, read 2,796,239 times
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I don't know where you live but I would check with a good insurance company in your area and ask when you would qualify for a "Med Advantage Plan". Normally it is when you
qualify for Medicare but they will be able to give you that exact age. You could also just call Medicare for the ages that you qualify.
We are with Regency Blue Shield in thier Med Advantage plan and like it very much.
Costs us $148 per person per month in addition to your Medicare premium. That is with their prescription plan as well. In our area the doctor choices are very highly qualified Doctors not a bunch of left overs.
You will get more for the dollar in a Med Advantage Plan unless you have a good employer retirement plan or Retired Military, etc,etc.

Silverfox
We live in Washington State.
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Old 05-22-2008, 11:04 PM
 
Location: WA
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We retired in our fifties without the benefit of employer coverage and the rate the costs have been increasing is really impacting the budget.

We are healthy with no serious conditions but the best deal in medical insurance now costs us $500 a month with a $3500 deductible and no drug coverage. No dental or vision coverage.

Our health care costs last year were over $12,000 even though we had no major injury or illness. If the increases continue at the current rate (about 15% a year) we may have to make changes we never anticipated.
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Old 05-23-2008, 06:59 AM
 
Location: Moon Over Palmettos
5,975 posts, read 17,601,582 times
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Your ability to get Medicare coverage varies with your birthday...for some younger folks, it is now 67 1/2. If you retire before then, you may have to get a supplemental plan a.k.a. Medigap coverage to bridge the time until you qualify. Most insurance companies offer this in various shapes and forms; some may or may not cover Rx.
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Old 05-23-2008, 07:01 AM
 
1,861 posts, read 3,025,711 times
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Thanks for all the answers!

I talked to someone here at the hospital where I work, and when she explained how much I have for a pension, and how much healthcare would cost, I just said, "well, I'll have to do without that"! Hopefully, I can work at least until 65, 66 is my "full" retirement (although to me, full would be 70, when you get more money/month - that's what I'd call "full").
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