Medicare Question

[buckeyefarmer]

I keep my accounts spread for the diversity. Only one 401k and an IRA i could combine.

 

[dmccarty]

Looks like a lot of good advice here. The only thing I would (respectively) take issue with Seabee on is the best age to start social security. There is no one answer for everyone except that you should delay as long as you can with financial comfort (up to age 70, when SS benefits no longer increase)....

Just something to think about.

Yep.

We have always planned to live off of our own retirement savings in retirement. Social Security would just be a bonus. Now that we are getting closer to retirement age, it looks like Social Security will pay for 1/2 to 3/4 or our expenses so we hopefully will not use/need much of our retirement savings. Depending on how some of our plans turn out, SS could pay for almost all of our retirement expenses. We will take SS at age 62 so that we can save OUR money. We cannot pass on our SS benefits to family but we can use the SS payments to reduce how much we take from our savings, thus maximizing our funds, which can be passed on to our family.

Later,
Dan

 

[kenmac]

62 is also when I'm taking mine. Pulling out of investments will cost me taxes when I pull out, and I will lose any gains that may occur in the market.
I need to get all my money out of SS before I die, so I'm starting early about 6 months from now

 

[Travelover]

I did go to medicare.gov but site wants to signup for SS that I don't want yet. Seems to be a government web sight that is very confusing. Locked me out for the next 24 hours.
One insurance salesman told me I don't need a supplemental policy because I do have Tricare for life.

mark

You don't need to take Social Security to create an account at their site. That site will tell you what your benefits will be at different ages. For Medicare, I recommend calling BoomerBenefits. These guys are really sharp and will help you find the best deal if you need supplemental coverage. If you are covered by TriCare, they can explain that to you, too. Boomer Benefits Medicare Supplements | Medicare Help

 

[Tractor Seabee]

The only coverage combined tri-care for life and medicare do not provide seamlessly is vision, hearing, and dental services. Medicare Part D is covered by tri-care. With zero cost other than medicare A premiums, I decided I could handle the other 3 on my own. Seldom have enough other medical costs to be able to put on 1040 Schedule A. Last year was the first with hearing aids and unexpected dental costs. Even then the deduction was hardly worth keeping the records. A $1M+ retail value for a serious gall bladder surgery and recovery cost me $0 several years ago. Not many commercial medi-gap policies will get you there, if there are any. There is no extra paperwork, medicare sends the balance direct to tri-care. I have never had to dispute a claim.

Ron

 

[goeduck]

Uniquely I found mine on a fluke. He was in the process of making routine calls to his clients and reached me on a mis-dial.
Ron

He is a good salesman if you still think it was a misdial. . Not that it matters.

 

[bigtiller]

62 is also when I'm taking mine. Pulling out of investments will cost me taxes when I pull out, and I will lose any gains that may occur in the market.
I need to get all my money out of SS before I die, so I'm starting early about 6 months from now

It's a tax, not a retirement account. Your money is long gone, someone older than you already spent it. You can get even though, and you will only have to live for about 40 months to do it. Add another 40 months to your life expectancy to get the money your employers paid in on your behalf.

That's my numbers, your's may be slightly different.

 

[MAX-24-Dean]

You have to sign up. It isn’t automatic.

If you elected to recieve Social Security payments prior to age 65, then when you turn 65 it is more or less automatic.
SSA sends you a notice that you can elect or decline Medicare coverage, if you do not send the document back declining Medicare they automatically start taking the coverage out of your SSA monthly payments.

 

[workinonit]

I just went to the Medicare office and sat down with a what ever they are called. I'm still working so I only signed up for Part A which you must do at 65. Your window for doing so is limited, especially after you turn 65. I think it's like a month or two. Part B you can sign up for at any point when you get rid of your employer sponsored health insurance.

 

[ericm979]

Here's a web page that lays it out:

When does Medicare coverage start?

The date your coverage starts depends on which month you sign up during your Initial Enrollment Period. Coverage always starts on the first of the month.

www.medicare.gov