3 months before your 65th birthday to 3 months after. DO NOT WAIT, this is your open enrollment period where you get accepted regardless of health status.
I’m covered by a corporate plan that covers thousands of people, so i think i actually could wait. But it seems simplest to do it ASAP and get it settled. The corporate plan is fine, but i think Medicare is generally fine, too, and significantly cheaper than my share of the corporate plan’s premium.
All the local hospitals and those of my doctors that i looked up all accept Medicare. There will no doubt be an adjustment, but it should be okay. Hmm, i wonder if i could arrange to to start on January 1st, a month and a half after my birthday. That would make the transition from my husband’s annual plan cleaner.
Why would you want to switch to Medicare when you’re already covered? Is your corporate plan more expensive for you? Both I and my CEO have opted to hold off since our corp plan is very good and our monthly premiums are fully paid for.
You might want to check into the details of that corporate plan. If I had still been working when I turned 65 and I stayed on my employer’s plan, it would have reimbursed Medicare premiums for myself and my husband, functioned as a Medicare supplement plan and continued covering some things that Medicare doesn’t ( like care received out of the US). I’ll still get all of that when I turn 65 and enroll in Medicare even though I’ve retired already and my share of the premium is around $469/ month for both of us.
What is the coverage effective date on that? Our private plan terminates when I turn 65, and then my wife turns 65 about 4 months later…I guess there may be a gap there?
Thanks.
It’s the month after you enroll. So if you enroll on April 2nd, coverage begins in May.
Ah, so she’ll have a gap indeed. Thanks for that info.
Our premium is about $660/month, and most of that is for me, as my husband is the employee. I think the odds are very good that musical will be cheaper. And also, i avoid the risk of forgetting to to do it and screwing myself.
Makes sense.
And another nice swypo!
Weird, that was definitely spelled right momentarily. I hate when my phone decides i really wanted another word.
Gotta say, I’m shocked by the generosity of corporate plans some of you have. I’ve always had perfectly okay corporate health insurance. But nothing like that.
I learned this the hard way playing Catfishing (grrr).
Is your private plan eligible to be extended with COBRA? My wife was covered by my work insurance, and after I retired we kept her covered until she hit 65, which was still in the 18 month window. It was expensive, but better than her not being covered.
I believe that is how my company (actually it’s a public agency) medical plan works as well. My premiums are currently about $300 per month. (They would be around $650/month if I were still married.)
Others can correct me, but under COBRA you would pay the full premium, both your traditional amount plus the amount your employer pays.
Maybe a little more - you normally will pay the full cost (your share plus anything your employer had been contributing) plus you can be charged a 2% administrative fee. Also in some states, you might be entitiled to more than 18 months after state law.
Exactly this. I’ve been on COBRA twice in the past decade, and this has been my experience.
COBRA surprises a lot of people when they actually look into it, as far as how much the full premium actually is. An awful lot of people mistakenly believe that the amount that they are paying for their group health insurance through their employer is the entire cost, rather than just a portion (and typically a small portion).
Having the insurance after retirement is generous. Reimbursing Medicare premiums is less so - as it turns out, the Medicare premiums are only reimbursed when Medicare is primary so IOW, only when my employer’s plan isn’t paying much. ( and like robby , I worked for a public agancy)
Even if they realize that it’s not the whole cost, my guess is loads of people have no idea just how much it would be. My COBRA cost would have been around $3100/month.
I like your question, so I just sent them a note asking that. We have 3 years but might as well think about it now so it’s not a panicked scramble.