Eligible to sign up 11/2021 - Confused about several pieces to Medicare - Do I keep the co. insurance?

janie57

New Member
. I have a variety of questions. I have been studying up quite a bit on the gov. site since I am a Type 1 Diabetic and am very concerned about the costs when I do retire.
  • My work insurance costs me 600/mth deduct from my paychecks, 800 deductible for in network
  • I am not able to retire until probably 69 or 70. If I understand correctly, I would still sign up next Nov. for Part A, or Part A and B?
  • I am not quite understanding Part C and Part D. Is Part C for a Rx plan and what is referred to the Medicare Advantage?
  • As a Type 1 Diabetic, will I be needing all parts, A - D? If yes, does this mean I'll have 4 separate premiums to pay?
  • Am I allowed to discontinue my work medical coverage and switch to Medicare? I would need to include an Rx plan as well. Or is that not possible because I am still working and have to keep the work ins? Or is there an income factor that would prohibit me from dropping the work ins. and switching to Medicare?
  • I did read that when one is on a work policy, Medicare pays second. Does this mean that Medicare pays against the amount of a bill that is normally the "patient pays" portion?
  • Because of my employment, does Medicare become much more costly than if one was now retired?
I am really trying to look hard at what my expense could be once I can retire, but I'm not altogether sure I'll be able to retire at 70, if I have anything to say about it. Having a pretty good idea of monthly living expenses now will help me look hard at how much I'll have and how long it will last.

Thanks for any help you can offer.
 

MBSC

Well-Known Member
The document below should answer some of your questions.

When to enroll in Medicare: https://www.cms.gov/Outreach-and-Ed...ers-and-Unions/FS3-Enroll-in-Part-A-and-B.pdf

In general, if you continue working past age 65 and have a large group plan you only want to enroll in Part A. You need to confirm this is the correct course of action with the employer's HR department as there are exceptions for certain non-profit agencies and small group plans.

Assuming it is a large group plan and the HR department confirms you only need Part A, then Part A will pay as the secondary insurance for inpatient hospital facility fees. The group plan will be the only payer for outpatient services and doctor bills. You will not need to consider Part C (Medicare Advantage) at this time if you do not have to enroll in Part B.

The group plan should have "creditable" drug coverage. You also need to confirm this with the HR department. If the group plan's drug coverage is "creditable", then you do not need to consider Part D at this time. The group plan will continue to provide drug coverage.

As long as the HR department says you do not need Part B while working and that their drug coverage is creditable, then there will not be any late-enrollment penalties for Part B and Part D when you do retire.

Most areas have a local Council on Aging office with a SHIP counselor to answer questions about Medicare. You can find a SHIP counselor here:
https://www.shiptacenter.org/

Let me know if you have any other questions or need additional details.
 

janie57

New Member
thank you! I did get through to SS via phone so I understand much better now about it all. It seems that I will be in good shape to have A, B & C and pay far less per month than my co. insurance. My co. did confirm I can drop their coverage when I reach 65. This is such good news.

Thanks for your help.
 

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