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The Medicare section of the Social Security website has information on how Medicare works and would likely help you make your decision by answering a lot of your questions.
Not sure the med benefits are worth it given what you say.
That's why I need expert help here -- on nailing down the nitty-gritty on FEHB retiree health insurance.
But there's also the prospect of even a small pension of 200 a month....which is till money. If if it's not COLA'd, in my lifetime anyway that will pay for a couple of dinners out, a months worth of gas for the car, a couple of utility bills.
AND the security of a Fed job, if/when I get in.
To take a civilian job at 57....only to be laid off at 60 or 61.....even if it were a job that might pay slightly more, but would have less security.
OR, the Fed job that would pay less, and that might enjoy less -- BUT those retiree bennies could sweeten the pot.
They don't sweeten it anywhere near the level as if I'd been a career fed worker....but getting a job at 57 that I only have to work for 5 years and can still get retirement benefits.....you gotta at least put some weight on that as a factor.
I'm trying to figure out how much 'weight' to give the retiree benefits, for such a short Fed employment, only age 57-65.
I worked at the County level in NY, and in retirement I retained the same free medical benefits that I had throughout my career. All I pay is a $20 copay, which is then reimbursed by the union at the end of each year. At 65, Medicare becomes the primary, and my current insurance will be my secondary coverage.
Location: Vancouver, Wa. The beautiful Pacific Northwest
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selhars:
My husband is retiring from the government next month. He has 10 years total time in. He previously retired from a union job. The benefits we received for only the short amount of time he was there we felt were great. There are fringe benefits that add up quickly. Paid sick and vacation days, holiday pay, step raises, and yearly performance evaluations that can have a sweet payout. My husband loves his job and feels grateful to be retiring from it. His pension will cover our health insurance which is amazing. I was actually told by the insurance company if we get a bill don't pay it because they will cover everything. His pension will also cover dental, vision, and a small life ins benefit. It will be our secondary insurance after Medicare. To us it is totally worth it to have such great coverage. Peace of mind=priceless. Good luck
I'm a few years away from 65 so cannot answer all your questions although I've started looking at Medicare. Google OPM FEHB and there is an Office of Personnel Management website with the different government health plans that includes costs and brochures. Each brochure has a Section 9 on coordinating FEHB and Medicare. There will be differences between the plans but mostly similarities. Some of your questions may be answered by reading Section 9. BCBS also has a brochure (FEHB and Blue?) that discusses this in simpler language and provides some examples. The simple answer is that FEHB will serve as 1) medigap for Part A and 2) regular insurance for doctor bills (with same caps on allowable costs as Medicare Part B) with your being responsible for deductibles, copayments, coinsurance. Not sure that provides you the detailed answers you seek.
Retirement classes taught us that our "FEHB is gold" in retirement. After reading some on this, it is gold for a young government retiree who can often retire at age 55 or 56 until age 65. After age 65, it is probably silver since FEHB is secondary to Medicare. One advantage to FEHB is that you will not need a Plan D prescription drug plan as FEHB provides equivalent benefits. If you decide to retire at 62, FEHB would be a great benefit. In addition to a pension, the government matches your 401k/TSP contributions up to 5% of salary.
Just how much is the current FEHB health premium for an individual? The current number would be nice to know.
IF along with Medicare -- and the FEHB -- I WILL NOT NEED an additional MediGAP policy -- then -- in my mind -- that FEHB is worth more.
The FEHB plan replaces a Medigap. You do not need both
The FEHB plan comes in many permutations and costs, depending on which plan (there are many) you choose and where you live and from which dept. of federal govt you are retiring from. You can choose self, self and spouse, self + dependents, and different levels of coverage.
Family plans can be as high as $500, self only $120, possibly less.
If you still have qs, bigbear99 knows a lot about this. You might want to dm her - or write madmanofbethesda. He pretty much knows everything about govt benefits.
Last edited by Ariadne22; 09-18-2017 at 11:30 PM..
Thanks. IF I get the fed job -- I'll likely take it.
Unfortunately it'd be with an agency that's not highly respected (and requires a lot of public interaction) -- and on a Band pay scale NOT GS -- AND it's be work I really don't want to do. If you've read my other posts please do NOT name the agency here.
But I guess I'd just have to suck it up for the eight years I'd be there.
I could also just get on board, and try to transfer out just as quick as I can. Because I'd then at least be applying for other Fed jobs AS a Fed employee.
Thanks all. Your responses have been extremely informative.
The FEHB plan replaces a Medigap. You do not need both
The FEHB plan comes in many permutations and costs, depending on which plan (there are many) you choose and where you live and from which dept. of federal govt you are retiring from. You can choose self, self and spouse, self + dependents, and different levels of coverage.
Family plans can be as high as $500, self only $120, possibly less.
If you still have qs, bigbear99 knows a lot about this. You might want to dm her - or write madmanofbethesda. He pretty much knows everything about govt benefits.
They added a year or two ago Self Plus One especially for retirees and families that have no dependent children.
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