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Originally Posted by Vision67
I'm in an unusual position. I love my job and I'm paid very well to play with electronics. I really don't want to retire because I can't stand the thought of sitting home. My work has always been my hobby so I'm essentially retired already but I get payed to play.
So when I turn 66 I plan to take and then suspend SS so my wife can begin to draw SS at a rate of one half my (max) age 66 benefit. I won't take SS until age 70. She gets no bigger benefit by waiting.
So my question: When she starts to draw SS, does that force her to sign up for Medicare? I have a high deductible health insurance plan with an HSA. I know that if you are on Medicare you cannot contribute to an HSA. I would not be on Medicare but this might force her into Medicare.
So I'm perplexed. Will this fact make it an either/or choice? Either she draws SS/Medicare or she does not go on SS and I can continue to contribute to a HSA?
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You and I are on the same wavelength but I will be 67 on my next birthday and shortly after that I will file and suspend so my wife can receive 50% of my FRA benefit. I plan to work to 70 and possibly longer because, for most of the time anyway, I really like my job. Yeah, there is that 5% that it sucks but doesn't everyone have to deal with that at times?
Anyway, I've been on Medicare since turning 65 and I love it, absolutely the best health insurance I have ever had. You talk about high deductible plans and health savings accounts but with Medicare you can enjoy a no deductable plan with NOTHING (as in $0.00) ever out of pocket.
In a year and a half now I have not had a single penny leave my pocket to pay for any doctor visit or hospital procedure.
Last year I had Plan F supplement but this year I am going to go with Plan G to save money. Here is how it works.
You will have to pay $104.90 monthly to Medicare and what happens is you will receive a Medicare card that ends in the letter T which means you are still working. Your number will look like this:
123-45-6789T
Of course your social security number.
As long as you are not collecting social security benefits Medicare will bill you around the 10th of every third month for three months Medicare Part B premiums which comes out to $314.70.
You will also need a Medicare supplement and the good thing here is shopping for one is as easy as it gets. Doesn't matter what company a "Plan F" is exactly identical in every respect to every other company that offers a "Plan F". Same with "Plan G" which the Plan G offered by Humana will be EXACTLY identical to the Plan G offered by Aetna or any other supplement providers.
I started with Plan F but now I am on Plan G. The only difference between the two is with the Plan G I now have a $147 annual deductible whereas with a Plan F I didn't have any.
I chose the Plan G because I KNOW it will be cheaper.
Here are my rates for the different supplement plans
For Plan G I am paying $136.48/month where for a Plan F I would have paid $157.04. I save $20.56 monthly for $246.72 annually by having the Plan G. Even if I do pay the $147 deductible, which I am sure I will as I do have some issues, I'm still $99.72 ahead for the year.
The plans are all IDENTICAL but here's Humana's
Medicare Supplement Plans F and G.
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Protection against high out-of-pocket costs
Plans F and G are the only Medicare Supplement insurance plans that cover costs known as Medicare Part B excess charges. An excess charge is the difference between what a doctor or provider charges and the amount Medicare will pay. These plans will help protect you from additional out-of-pocket expenses should you need treatment that exceeds what Medicare will approve. Plan F also has a high-deductible option*. Plan G covers a percentage of Medicare Part B excess charges.
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Also out of country insurance... $50,000 and not a whole lot but hopefully enough to get you home should something happen on cruise to Panama. Panama, I want to go through the canal.
So now I pay the $147 and that's it for the year.
Also, I might be wrong but I think if you don't sign up right away there's a penalty down the road when you do and I wouldn't be the least surprised if your insurance carrier kicks you off the rolls as well.
So I pay $104.90+$136.48+$28.00 (Part D drugs) for a total of $269.38 and other than the $147 annual deductible I'm done for the year. I can't see where I could use a health savings account.... oh, and I do carry dental insurance as well so I am mostly covered there too.