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captainhook
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Discussion Starter · #1 ·
Not sure if this is against the rules of the forum or not. I have never really seen any threads on retirement, social security, Medicare, investment tips, etc. I am getting close to that day, when I tell them that I have had enough of their bullcrap. I would go right now if I could find reasonable healthcare for me and my wife. I just figured that there should be a place where guys could share tips or strategies to help each other as we leave the workplace. However, maybe this isn't the place to do that kind of stuff. Any thoughts on this?
 

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It all depends on your retirement package. Mine included full insurance until I qualified for Medicare then reverted to supplicmental.
This let me retire after my thirty year service at 53.
Edit: thirty year at that job, not military service. Sorry if I confused issue.
 

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I can help you with Medicare, Medicare Advantage, Part D and Supplements.

When I was fulltime, I had access to a Social Security Maximization program. It runs through all the scenarios to determine when you and your wife should turn on SS. The office I worked from in Willoughby Hills can still do the analysis.

Under 65 you are stuck with the Government Marketplace for health insurance unless you qualify for employer covered.
https://www.healthcare.gov/
 
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Basic Medicare Primer:
4 parts to Medicare - A,B, C, and D.
A is Hospital Bills ( $1408 Deductible for 2020)
B is Doctor Bills ($198 Deductible for 2020 then 20% Copay)
D is Drugs

Part C is Medicare Advantage where you are covered by an insurance company for Parts A, B, and D. ( Or just A and B if you're a Vet and want to use the VA drug system). Medicare Advantage plans have deductibles, co-pays and out of pocket Maximums ( I've seen as high as $7,500 a year out of your pocket). They may also have built in dental vision or hearing but it all varies, no 2 plans are the same.

A Medicare Supplement (Medigap Policy) can cover the deductibles and copays from Part A and Part B. If you buy a supplement you don't need a Medicare Advantage Plan only a Part D plan ( Rx). You need to go through underwriting for a Supp unless you are aging in to Medicare or a few other exception. Medicare Advantage takes everyone (except on dialysis).

If you don't sign up for a drug plan when eligible, there is a lifetime 1% per month penalty on the Rx plan. You don't want to be late!
 

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Insurance on the Marketplace ain't cheap so most people are screwed until 65.
 

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I retired at age 60 i started medicare this year i was fortunate enough to have employer paid insurance until age 65 then i had to go on medicare my wife is 60 she will remain on my employee insurance until she turns 65 i pay 144 per month for medicare a b plus a supplemental insurance for 39$ a month. There are a lot of companies that offer supplemental insurance 'hummana,bluecross etc' some plans are pretty good some have high deductibles you really have to research them to see which one is best for you . I don't know you or your wife's age but i have never seen cheap private insurance and if you or your wife has any pre existing conditions they have to take you but it'll cost.If you decide to retire good luck iv'e loved every minute of mine i hoped this has helped you a little bit.
 

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captainhook
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Discussion Starter · #8 ·
I am pretty much screwed until I am 65. 62 1/2 right now. We used to have a supplement to our insurance if we retired early. We lost that on my last contract. Wife quit her job, to watch grandkids. I was going to get on her insurance, so that plan went down the tubes. I filled out some information about that Marketplace and got bombarded by phone calls by salesmen. Thought that I was going to have to change my number.
 

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The 1 upside to that if you work until 65 your s.s. will increase 2 1/2 years isn't that long. If you think your getting bombarded now wait until you turn 65 your mailbox will be full every day during the enrollment period
 

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I am pretty much screwed until I am 65. 62 1/2 right now. We used to have a supplement to our insurance if we retired early. We lost that on my last contract. Wife quit her job, to watch grandkids. I was going to get on her insurance, so that plan went down the tubes. I filled out some information about that Marketplace and got bombarded by phone calls by salesmen. Thought that I was going to have to change my number.
You should have able to look at the prices and get a quote without providing your phone.
https://www.healthcare.gov/see-plans/#/
 
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hmm boy.... I want to leave right now, but, I dont think it is fair to rely on my wife to keep working so we can have insurance. I am 63. Where I work you have to be there minum 20 years to keep the med insurance. By time I have 20 years I'll be 65 and have to take medicare.
 
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