Retiring at 62, Insurance ?

[transfixer]

Not signing up for Medicare when you become eligible is more expensive than signing up for it.

How so ? please explain , I know next to nothing about medicare

 

[RedHills]

How so ? please explain , I know next to nothing about medicare

You will be charged a penalty for NOT signing up when eligible, that time gap determines the monthly payment.....you pay it every month, not a pay and forget it penalty

 

[elfiii]

How so ? please explain , I know next to nothing about medicare

You will be charged a penalty for NOT signing up when eligible, that time gap determines the monthly payment.....you pay it every month, not a pay and forget it penalty

What he said. ^ And no insurance company will insure you unless you are enrolled in Medicare. I planned to work til I died and stay on my business' group health plan until Covid wiped us out. Then I started looking at Medicare and I'm glad I did. You have 90 days to enroll from your first eligibility date. If you fail to do so like RedHills said you pay a penalty for the rest of your life. The Mrs. and I were about 10 days away from penaltyville.

 

[transfixer]

What he said. ^ And no insurance company will insure you unless you are enrolled in Medicare. I planned to work til I died and stay on my business' group health plan until Covid wiped us out. Then I started looking at Medicare and I'm glad I did. You have 90 days to enroll from your first eligibility date. If you fail to do so like RedHills said you pay a penalty for the rest of your life. The Mrs. and I were about 10 days away from penaltyville.

So basically the Government is forcing you to use it, whether you want to or not ? guess I better figure out at what age I'm eligible then

 

[elfiii]

So basically the Government is forcing you to use it, whether you want to or not ? guess I better figure out at what age I'm eligible then

Yes sir. See here.

When to sign up for Medicare | SSA

Most people sign up for Part A (hospital insurance) and Part B (medical insurance) when they're first eligible, typically at age 65.

www.ssa.gov

 

[flconch53]

I know people that have insurance through a union pension and they still have to pay into Medicare. The only savings is you don't have to pay for the supplements

 

[B. White]

I really hate paying into the insurance or .gov racket. I took a retirement deal that will pay my monthly premiums until past 65 if needed, but control how it is spent and I still hate approving the payment every month. I looked into the catastrophic type insurance like I had 40 years ago, but it looked like obamacare pretty much wiped out that option. I think I read that was only available up to 30 or 35 years old.

 

[buckmanmike]

Medicare and my supplement insurance has saved me $300k the last 3 years. Basically I pay the Medicare deductible of $2xx and supplemant pays the rest. Premiums aren't cheap but safe state of mind is priceless. I hope to not use insurance as much in the future but sure glad I have it.

 

[LTZ25]

I love my medicare and the supplemental , the only thing the country has going for it .

 

[huntersluck]

I will not be 62 for a few more years but if I were retiring today the retiree insurance through my employer would be over 1000 a month for me and the wife I believe in the 1300 range. I guess I will cross that bridge when I get there.

 

[4HAND]

I thought the eligible age was 65?

 

[Triple C]

I love my medicare and the supplemental , the only thing the country has going for it .

Amen brother.

 

[notnksnemor]

You can start drawing SS at 62.
Medicare is not available until 65.
It all depends on your health and aversion to risk.

 

[flconch53]

The thing the people that say they won't pay for Medicare are missing is when you draw SS the Medicare payment is taken out whether you want it or not. The only way to not pay for Medicare is to not draw SS. Let me see I won't draw $1500.00 so I don't have to pay $175.

 

[transfixer]

The thing the people that say they won't pay for Medicare are missing is when you draw SS the Medicare payment is taken out whether you want it or not. The only way to not pay for Medicare is to not draw SS. Let me see I won't draw $1500.00 so I don't have to pay $175.

The whole thing is a scam, if private sector ran it the Government would deem it an illegal ponzi scheme, If they had given me the option to opt out of SS when I started working I would have taken it, the amount of money I've paid in since 1979 is probably three times what I will ever draw !

 

[Crakajak]

I thought the eligible age was 65?

You can retire @62 with reduced S.S..Medicare you have to be 65.

 

[4HAND]

The thing the people that say they won't pay for Medicare are missing is when you draw SS the Medicare payment is taken out whether you want it or not. The only way to not pay for Medicare is to not draw SS. Let me see I won't draw $1500.00 so I don't have to pay $175.

That I paid into for 40+ years.

 

[Crakajak]

The thing the people that say they won't pay for Medicare are missing is when you draw SS the Medicare payment is taken out whether you want it or not. The only way to not pay for Medicare is to not draw SS. Let me see I won't draw $1500.00 so I don't have to pay $175.

You still have to apply a few months before 65.You can then suspend it.

 

[flconch53]

The whole thing is a scam, if private sector ran it the Government would deem it an illegal ponzi scheme, If they had given me the option to opt out of SS when I started working I would have taken it, the amount of money I've paid in since 1979 is probably three times what I will ever draw !

It takes 18.8 years on average to break even on SS if you start drawing at 65 according to the bureau of statistics.