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Honored Contributor
Posts: 15,101
Registered: ‎03-09-2010

Retirement and health insurance costs

My hubby will be retiring in April or May of 2020 from a job in the Federal Gov't.

He just got a estimate of benefits which includes a $450 dollar monthly charge for health insurance. With the 140 each dedication for Medicare this will bring our monthly payments to over 700 per month.

Is this the going rate, or do I need to start shopping around?

 

Stop being afraid of what could go wrong and start being positive what could go right.
Honored Contributor
Posts: 17,739
Registered: ‎03-09-2010

Re: Retirement and health insurance costs

[ Edited ]

I suggest you ask Carmie.She worked in  this field for many years

 

I won't be of any help our employer covers our insurance

Respected Contributor
Posts: 2,315
Registered: ‎03-09-2010

Re: Retirement and health insurance costs

I dont know.  Seems like alot, but it depends on coverage.  I have plan F thru AARP its $179 a month, then my Rx coverage through Caremark is $32 a month.  If I were buying today I would go with Plan G.  Check out the plans in your area.  The coverage on your federal policy might be better, especially if its for both of you.  I have no dental or eye coverage unless its truly medical and not just preventitive.

Honored Contributor
Posts: 9,139
Registered: ‎04-16-2010

Re: Retirement and health insurance costs

I don't know. My inlaws had full coverage for health insurance when my FIL retired but then the company was sold and the new owner said "so sorry, not sorry no medical coverage for you!". Same thing with FIL's pension. In any event, they pay $1000 a month to supplement Medicare. They have excellent doctors, excellent care, so to them, it's worth it. Considering how good my MIL is with money, I KNOW she shopped around and compared plans till the cows came home. What they have offered the best bang for their buck.

Valued Contributor
Posts: 923
Registered: ‎01-03-2011

Re: Retirement and health insurance costs

[ Edited ]

I have supplemental Plan F with high deductible through Cigna and pay $77/month.  My husband has Plan F with high deductible through Anthem Blue Cross and pays $69.50/month.  When it was time to choose plans we did the math and it was a no brainer to take these plans.  (These was also the plans that our agent -- a good friend -- recommended.)  You should think very carefully about your choice.  My husband has been on Medicare for 5 years.  I started in March.  His Anthem supplemental plan was no longer available -- but he is grandfathered.  Plan F with high deductible will not be available to new subscribers across the board starting in 2020.  We both have Medicare D through Anthem Blue Cross.  $38/month.

 

I am editing this post to explain why the high deductible plans were the obvious choice.  This scenario was the one when my husband first went on Medicare 5 years ago.  The numbers have changed -- but not the concept:

 
Plan F -- Premium is $2693/year.
 
Plan F with high deductible premium is $410/year -- plus a $2110 deductible.  SO......
 
Plan F with high deductible -- Yearly premium ($410) PLUS deductible ($2110) = $2520.
 
The high deductible plan is less expensive with no downside risk -- and upside potential -- if he doesn't end up having to meet the deductible -- which is exactly what has happened every year he has had the plan.
Respected Contributor
Posts: 3,355
Registered: ‎03-09-2010

Re: Retirement and health insurance costs

I'm starting Medicare this June. It depends where you live as to the costs of the supplemental insurance. I just signed up for BlueCross BlueShield plan F. It was slightly cheaper than the UHC AARP plan F and came with Silver Sneakers. It's costing just under $300/month. I live in NYC. I took a top tier drug plan because of a medication I am taking. It's costing 75/month. I know it sound like a lot but I'm going to be saving about a $1000/month over my plan now.


'I refuse to engage in a battle of wits with an unarmed man'.......Unknown
Respected Contributor
Posts: 2,263
Registered: ‎03-15-2010

Re: Retirement and health insurance costs

[ Edited ]

I would get the advice of a Medicare advisor.  They don't charge anything.  They look at all the options open to you and you decide which is best.  That amount seems very high.  Since your husband worked for the government there may be other plans.

 

My advisor told me about my current insurance with BC/BS, no monthly premiums and so far I'm very happy with it.

 

 

Respected Contributor
Posts: 2,847
Registered: ‎03-09-2010

Re: Retirement and health insurance costs

i’ve Had Federal Blue Cross since I was 17 years old.  I just got Medicare a few months ago.  I wouldn’t trade the FEP Blue for anything.  Most health insurances follow what Medicare pays and doesn’t pay.  Federal blue cross does not.  If Medicare doesn’t cover usually blue cross will.   Most aarp plans won’t cover what Medicare doesn’t.  Federal blue shield has the best drug plan there is.  I take expensive heart drugs and two of my prescriptions are no copay for 90 pills and when I do have to pay my prescriptions are less than 5 dollars.  Even for 90 pills of lasix is only 26 cents for me.  Yes, it;s expensive for me and my husband 600.00 a month out of my retirement check, but worth every penny spent.  I wouldn’t be without this insurance.   

Respected Contributor
Posts: 3,355
Registered: ‎03-09-2010

Re: Retirement and health insurance costs


@Winkk wrote:

I would get the advice of a Medicare advisor.  They don't charge anything.  They look at all the options open to you and you decide which is best.  That amount seems very high.  Since your husband worked for the government there may be other plans.

 

My advisor told me about my current insurance with BC/BS, no monthly premiums and so far I'm very happy with it.

 

Just FYI.  I have an Advantage Plan along with my Medicare.


You either have a Medicare Advantage plan or  Medicare. You can't have both. If you sign up for an advantage program you cannot go to straight Medicare. If you are on straight Medicare you can switch to an Advantage plan or purchace supplemental plans.Supplemental plans can be switched at any time. Advantage plans can only be changed from one to another during Medicare enrollment period from Oct-Dec. Part D (drug plans) can only be switched during this time also.

 


'I refuse to engage in a battle of wits with an unarmed man'.......Unknown
Respected Contributor
Posts: 2,580
Registered: ‎02-04-2014

Re: Retirement and health insurance costs

Depending on the state you live in, check out Medicare Advantage plans since some have $0 premiums (as in state of PA)....has minimal dental & vision also included in some plans.  If anyone requires ongoing medication, this is not the best way to go.   But once you're enrolled, you can change to another plan yearly!