Hey guys,
I just read the health insurance hack thread and wanted to comment on another situation and didn't want it buried in that thread so here's a new one.
I turned 65 last summer while still a fed employee with my FEHB insurance and my wife (60 y/o) as a dependent; I had signed up for Med A earlier when my window opened last April. I then retired in September. As you feds who are near retirement and approaching 65 know, there exists the decision whether in retirement to carry your FEHB only, Medicare A&B only, or both. If you drop FEHB, you can never get it back; if you decline Med B and later on decide you want it, you pay a 10% penalty/premium for each year you didn't have it. With the fed governement paying 72-75% of our health insurance premiums, it's a fantastic deal and tough to turn down. My FEHB plan with UHC costs about $5k/year for my wife and I combined and there is a $500 deductible for her.
Anyway, I had to continue FEHB coverage for myself into retirement because if I didn't, my wife couldn't be covered. So I figured I'd carry FEHB at least until she turns 65. A couple of months ago I signed up for Med B and also, a UHC med avantage plan. Here's where it gets good; because I also have my FEHB coverage with UHC, I have ZERO out of pocket costs, no deductibles, no copays, no coinsurance. Only thing to pay is minimal Rx costs (I have a statin drug and a GERD drug scrip, total cost for 90 days is $5). And, it gets better -- I also get a $150 subsidy/discount on my Med B premium, so it drops to only $35/month. Also, one of the fringe benefits with the advantage plan is free gym membership; I had been paying $16/month to Planet Fitness but now it's free, So basically, my med advantage plan only costs me $19/month.
Anyway, I know that's a long post and if you're not a fed employee near retirement/65 y/o, it's useless to you. But for those of you in the same boat I was, I'd encourage you to check it out!
I just read the health insurance hack thread and wanted to comment on another situation and didn't want it buried in that thread so here's a new one.
I turned 65 last summer while still a fed employee with my FEHB insurance and my wife (60 y/o) as a dependent; I had signed up for Med A earlier when my window opened last April. I then retired in September. As you feds who are near retirement and approaching 65 know, there exists the decision whether in retirement to carry your FEHB only, Medicare A&B only, or both. If you drop FEHB, you can never get it back; if you decline Med B and later on decide you want it, you pay a 10% penalty/premium for each year you didn't have it. With the fed governement paying 72-75% of our health insurance premiums, it's a fantastic deal and tough to turn down. My FEHB plan with UHC costs about $5k/year for my wife and I combined and there is a $500 deductible for her.
Anyway, I had to continue FEHB coverage for myself into retirement because if I didn't, my wife couldn't be covered. So I figured I'd carry FEHB at least until she turns 65. A couple of months ago I signed up for Med B and also, a UHC med avantage plan. Here's where it gets good; because I also have my FEHB coverage with UHC, I have ZERO out of pocket costs, no deductibles, no copays, no coinsurance. Only thing to pay is minimal Rx costs (I have a statin drug and a GERD drug scrip, total cost for 90 days is $5). And, it gets better -- I also get a $150 subsidy/discount on my Med B premium, so it drops to only $35/month. Also, one of the fringe benefits with the advantage plan is free gym membership; I had been paying $16/month to Planet Fitness but now it's free, So basically, my med advantage plan only costs me $19/month.
Anyway, I know that's a long post and if you're not a fed employee near retirement/65 y/o, it's useless to you. But for those of you in the same boat I was, I'd encourage you to check it out!
