Community Chat

[cotton4me]

You can find information about Medicare through SHIP (found out about it on Retired Living TV channel) -

 What is SHIP?
SHIP is a free health benefits counseling service for Medicare beneficiaries and their families or caregivers. SHIPs mission is to educate, advocate, counsel and empower people to make informed healthcare benefit decisions. SHIP is an independent program funded by Federal agencies and is not affiliated with the insurance industry.

Here's a link to find one in your state. 

http://www.seniorsresourceguide.com/directories/National/SHIP/

[151949]

I agree to look into both medicare supplements with part D Rx plans and medicare advantage plans very carefully.  Purchase thoughtfully - you can make an expensive mistake. Be certain you completely understand all about each one before you sign on the dotted line, as you can purchase a different plan each fall BUT it isn't easy to jump back and forth between supplements and advantage plans. 

[hoosieroriginal]

Congratulations!  I retired at 62 and have Obamacare and have just decided (after getting taxes done and talking to tax lady) to go back to work 2 half days - can make some extra money for myself without hurting my taxes next year.  I've been retired for two years and have gotten a lot done at home; now I'm ready to get out of the house a bit.  I have to deal with Medicare next year and I plan on going to a meeting to get all the details.  I did learn yesterday that at 65 your Medicare payment of $104 comes directly out of your social security payment and then you pick what "parts" you want to add to. 

Enjoy retirement - it is the best! 

[AnikaBrodie]

@Goodie2shoes

Goodie, congratulations on your upcoming retirement. 

You have received some good advice here.  I would add another recommendation.  Schedule a meeting with your company's Retirement Counselor to choose an option for your retirement that meets your personal needs.  The RC should be able to give you a printout of your monthly and annual pension (gross and net) income for a variety of options. 

[Nuttmeg]

Many seniors apply for SSA benefits online.

 https://www.ssa.gov/retire/apply.html

[lulu2]

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@Nuttmeg wrote:

Many seniors apply for SSA benefits online.

 https://www.ssa.gov/retire/apply.html

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I agree.  It is not necessary to visit a social security office to apply for benefits.  Doing it online is easy and self explanatory.

Welcome to the world of retirement.

[151949]

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@AnikaBrodie wrote:

@Goodie2shoes

Goodie, congratulations on your upcoming retirement. 

You have received some good advice here.  I would add another recommendation.  Schedule a meeting with your company's Retirement Counselor to choose an option for your retirement that meets your personal needs.  The RC should be able to give you a printout of your monthly and annual pension (gross and net) income for a variety of options. 

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I doubt many companies have "retirement councelors". Your fortunate if they even explain your pension options without having to drive yourself crazy bugging them for the info. 

[Moonchilde]

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@Goodie2shoes wrote:

I know there has been conversation before but a little guidance would be much appreciated.  I have decided to retire in a few months, I've been recovering from a second foot surgery in just a little over a month and have decided I have had enough.  So where do I start ?  I have received my medicare card for part A only when I turned 65 last year since I was still working.  I know I will need B for doctors visits and part D for scripts. Any recommendations on Insurance ? AARP ?    Should I contact a Tax advisor  for direction on taxes from my pension ?  Any info would be appreciated, I am feeling quite lost at the moment

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OP, I have done all this within the past 3-4 months.  Start your Medicare Part B and SS process now. If you are still working, your employer needs to fill out a form stating how long you have had insurance. Medicare won't process your application without it. You can go online and read up about how to print off all of the forms you need - this will save you a trip to a SS office.

You should apply for SS now as well. You can tell them when you want it to start. You estimate earnings for them. If there are no hiccups in your process it takes about 2 months for all this.

As far as Medicare supplements, it will depend somewhat on where you live. If you are in a highly populated area, go for a Medicare Advantage plan. If there are none in your area (more rural), I recommend doing some reading on this site, which proved invaluable to me:

boomerbenefits dot com

The companies like AARP and United Healthcare have high premiums and raise their rates constantly. Not good for those on a fixed income. Their ads are misleading as far as what your premiums would be.

If you get a Medicare Advantage plan your Part D is included within it. Otherwise, many companies sell Part D. I went with Silverscript, which is affiliated with CVS/Caremark. I just got my first batch of prescriptions under my Part D and my out-of-pocket was less than with my job group policy!

There is so much info out there, much of it cinfusing and misleading. I would highly recommend dealing with an insurance agency that specializes in this - let them do all the research for you.

[Jasmine19]

One thing that surprised me was that the amount you think you'll be getting from social security is far from the amount you actually receive each month. A charge for part B and another for part D is deducted from your check. If you don't sign up for B and D at the appropriate time you may be penalized (every month forever!). You should also realize that, depending on your income, you will probably have to pay taxes on your SSI income. 

[AnikaBrodie]

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@151949 wrote:

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@AnikaBrodie wrote:

@Goodie2shoes

Goodie, congratulations on your upcoming retirement. 

You have received some good advice here.  I would add another recommendation.  Schedule a meeting with your company's Retirement Counselor to choose an option for your retirement that meets your personal needs.  The RC should be able to give you a printout of your monthly and annual pension (gross and net) income for a variety of options. 

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I doubt many companies have "retirement councelors". Your fortunate if they even explain your pension options without having to drive yourself crazy bugging them for the info. 

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@151949   @Goodie2shoes

Fortunately, I had a retirement counselor (RC) provided by my company when I retired.  Goodie doesn't say in her OP if her company has one, but if they do she should consult with the counselor for his/her expertise.  The RC provided excellent advice to me personally.  Believe me, it's hard to choose an option today that will be the best option 20 years from now.  So, you have to rely on information and options available to you in making an informed decision and your best choice at the time.