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I am covered by my spouses healthcare and after 4 years of medicare part B I have paid in over $4000 with hardly any benefit. Has anyone else opted out of Part B?
I am covered by my spouses healthcare and after 4 years of medicare part B I have paid in over $4000 with hardly any benefit. Has anyone else opted out of Part B?
Every employer plan is different. You need to check with spouse's HR people on whether Medicare-eligible spouses must be enrolled in Part B. Many employer plans function as a Medigap for those over 65 with a carve-out for Medicare. The Medicare carve-out means employers costs are much lower as both employer and Medicare share payment for your Medical expenses.
"Ask the benefits manager whether you have group health plan coverage (as defined by the IRS). People with group health coverage based on current employment may be able to delay Part A and Part B and won’t have to pay a lifetime late enrollment penalty if they enroll later"
Just make sure that you save the annual "Credible Coverage" letter that you receive from your employer. You will have to provide when you sign up for Medicare.
"Ask the benefits manager whether you have group health plan coverage (as defined by the IRS). People with group health coverage based on current employment may be able to delay Part A and Part B and won’t have to pay a lifetime late enrollment penalty if they enroll later"
But, you want to be sure SSA treats dropping the same as delaying starting. Sometimes the rules are strange.
"Ask the benefits manager whether you have group health plan coverage (as defined by the IRS). People with group health coverage based on current employment may be able to delay Part A and Part B and won’t have to pay a lifetime late enrollment penalty if they enroll later"
Back when I turned down Part B, the info was not as clear as it is in your link. Glad to see it's more clear now.
To the OP - I'm paying a big penalty because of the old unclear rules. Make sure your wife's policy qualifies.
Every employer plan is different. You need to check with spouse's HR people on whether Medicare-eligible spouses must be enrolled in Part B. Many employer plans function as a Medigap for those over 65 with a carve-out for Medicare. The Medicare carve-out means employers costs are much lower as both employer and Medicare share payment for your Medical expenses.
This^^^^^^
I work for a major insurance company. I see the results of this bad choice everyday and it can ruin someone financially that is not an educated consumer.
Medicare and private insurance have very complex rules about who is primary and secondary. You do not get to pick and choose what coverage is going to be responsible for your care.
So many people make this mistake thinking they are going to save money by dropping or not signing up for Medicare Part B only to learn after the fact the employer sponsored plan will not cover the 80% portion Medicare Part B covers.
For instance, if you have a $1,000 claim that should have been covered by Medicare Part B but you did not elect or dropped coverage, most self funded employer Plans are going to allow/consider only $200.00 --the portion of the bill they are responsible for under coordination of benefits rules. YOU are going to be left owing the $800.00 Medicare Part B would have covered had you signed up for coverage.
Employers/insurance are into cost shifting. Medicare eligibility is how private insurance coverage can save money by shifting the primary cost of your care to the government when you become eligible for Medicare.
Thanks to everyone for the input. After phone calls to SSA and my RRB and medicare………..I have decided to keep medicare part B. paying $144 a month is a bite when I seldom use it,but if I have a major medical event I will need it. My insurance through my wife is primary, but we have a relatively high deductible and out of pocket. Part B would pay a lot of that. Also Having only part A would not cover a lot of the charges from a hospital stay, only the actual cost of "room and board".
It is a somewhat complicated decision to make and as others have pointed out situations for everyone are not the same...……...
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