4 ms·
That does not make sense. Even if he lost his union provided healthcare insurance, the magic age for retirement in the US is 65 because after that age you are c
by wallflower 8y ago
That does not make sense. Even if he lost his union provided healthcare insurance, the magic age for retirement in the US is 65 because after that age you are covered by Medicare.
Medicare, if you were not aware, is available to everyone who is a US citizen over the age of 65.
- cbluth 8y ago> covered by Medicare
- deleted 8y ago[deleted]
- anoncoward111 8y agoI'm an insurance broker. Why this man didn't sign up for Medicare and Medigap ($300 a month for complete coverage of everything) is beyond me. Most employers often encourage seniors to go take Medicare asap. Someone failed this man, this is basic information.
- PakG1 8y agoWhy doesn't he get automatically signed up for Medicare and Medigap at 65? It's a simple matter of the IRS notifying the people who administrate Medicare and Medigap as soon as they process his tax return and see that he turned 65 within the last 12 months. Excuse me for not knowing what department that is, not American. Why would he need to sign up?
- anoncoward111 8y agoNo worries :) Medicare is divided into Part A and Part B. Part A is free, it covers hospital visits. Part B is like $114 a month and covers doctor visits. You need to meet some minimum requirements for work history, and sign up at medicare.gov. Medigap is sold by private companies and can cost up to $250 a month roughly for full coverage, all the way down to like $60 for coverage after the first $2000 in expenses. In our country everything is mostly done self service, social security is too. Oh well! I wish it was automatic, but the insurance lobbyists dont want that I think.
- refurb 8y agoI’m assuming he doesn’t want to pay Medicare premiums when he already has health insurance?
- anoncoward111 8y agoHe is most likely paying premiums and co pays close to $300 anyway
- Consultant32452 8y agoOne anecdotal example: My dad is over 65 and is staying on his employer's health insurance because he's on an experimental drug which is not covered by Medicare.
- pnathan 8y ago> I'm an insurance broker. Why this man didn't sign up for Medicare and Medigap ($300 a month for complete coverage of everything) is beyond me. People screw up. People forget. Errors occur, constantly. It should be an auto-sign up with an opt-out form.
- anoncoward111 8y agoI agree it should be, but the insurance broker lobbyists probably wont allow that :)
- prostoalex 8y agoNo. Medicare penalizes early sign-ups https://www.kiplinger.com/article/insurance/T039-C000-S002-when-to-sign-up-for-medicare-when-to-delay.html https://www.kiplinger.com/article/insurance/T039-C000-S002-w...
- peter303 8y agoMedicare only pays 80% of health care costs. The remaining 20% can be devasting to your finances. Thats why people buy, or some pension plans provide, supplemental health insurance at about $300 a month. (On top of $160 for medicare + drug plan) Some out of pocket costs include a $1300 deductible for entering the hospital. The drug part only pays 90% of drug cost. The senior drugs advertised on television generally start at $20 a daily dose. Some cancer drugs top $100,000.
- peter303 8y agoMedicare covers US residents who have paid ten years of FICA taxes. You dont have to be a citizen, but have to receive care in the US to be covered. I believe those who didnt pay enough FICA tax can still buy in at full price which is about eight times higher than the average recipient pays.