Excellent video. Precise information explained in a straightforward approach. 😊 thanks. I'm 1 of those caught in the "new" postal service reform bill & their offer for a SEP to enroll in Medicare's part B with NO PENALTY is enticing. Then pick a plan to help supplement coverage seems to be the best route to go. Will have to wait & see what carrier's will participate & premiums terms. Then you can have part A&B, & PSHB to cover us as we age. Hope this whole thing works & their are no problems or issues, since it is a new & untested plan.
This is the best information I have seen so far on this subject. It is very helpful. I have watched several of your videos and all have been helpful. I have subscribed. Thanks Jerel!
Excellent video. I am planning to retire at 65 in 4 years. My wife will be in her fifties and a son under 26. What should I do for health coverage for the family? Thanks so much.
Thanks! You can continue your current self and family FEHB coverage in retirement and your family would keep the same health benefits. You also have the option of changing your family plan before and after retirement during open season.
Yes, once you retire, Medicare typically becomes the primary payer. But, if you are living abroad, FEHB will essentially be your primary insurance. There are several FEHB plans that offer coverage overseas. You can compare those plans by using the link below and selecting the overseas box for the zip code, along with the enrollee type as "Annuitant". www.opm.gov/healthcare-insurance/healthcare/plan-information/compare-plans/
At approximately the 8:30 mark your numbers are significantly wrong. BCBS basic is $207.44 monthly for self only. It goes up from there if you include +1 or family. Standard is even more. For BCBS +1 which many retirees would fall into, it’s $517.03 monthly. I tried unsuccessfully to post the direct link but you can find the premiums on the FEP Blue website.
This video uses the 2023 premium rates, which were the newly issued rates when this video was published in October 2022. The premium rates for the various FEHB plans generally change each year. However, the concept of comparing costs versus cost savings is still valid.
Already retired,(USPS) but didn't take Medicare's part B, as FEHB was good enough. Now, however, the new PSHB plan going into effect 1/1/2025 is offering a 1 time SEP to get Medicare's part B, PENALTY FREE. I think taking that offer & adding a new plan in the PSHB will accomplish an almost 100% coverage. With waived deductible, co pays & etc this seems like the most comprehensive coverage. The fact that the part B penality will not included in the premium is a win win as I see it. Your thoughts on this approach ??
@TheMoneyBriefing thanks for your vote of confidence!! This whole new plan such an "unknown " that many don't know what to do. I've read the bill, watched many videos, but not a lit of information on this topic yet. Bur so far I think this is the best approach. In my case I would have to pay a 140% penalty, so I'm going with their offer to cover that penalty.
Hello I retired two years ago and took ss in 22. Now that I'm approaching 65 this year and already enroll in medicare part A and B and have FEHB(MHBP) that covers most of my out of pocket expenses. I was wondering if I can keep this insurance while having medicare partsA and B and not give up the FEHB plan? If i which my FEHB plan during open season how would that effect my medicare? Tank you. Also very informative video.
I have aetna advantage plan and FEHB. The contract Doctors in each plan are different sometimes. So I have to make sure the Doctors are in both plans otherwise I pay everything out of pocket. Because of this I'm thinking of suspending my FEHB plan to a supplement plan G .It would be more expensive because I would have to get a drug D plan and hearing dental vision. But I would have the freedom to just have to get a Doctor in the medicare system. Would that be a wiser choice?
Many Medicare Advantage plans come with drug coverage and extra services, so you might not need a Supplement Plan or Part D coverage with one. You could also check out an Advantage plan under FEHB. One downside of both Medicare and FEHB Advantage plans is that the doctor network is usually limited. If you're worried about doctor coverage, you could think about pairing a national FEHB program like BCBS Basic with Original Medicare (Parts A&B).
I’m 45 and just got approved for SSDI and I have FEHB, would you recommend part B in my situation and is there a penalty for me if I do not take part B and if I do and change my mind, can I do that?
Typically, you are automatically enrolled in both Medicare Parts A and B after drawing SSDI for 24 months. If your FEHB coverage is based on you or a spouse still working in the government, then you could possibly disenroll or delay Medicare Part B. If that’s not the case, then you would need to retain Medicare Part B as your primary insurance payer.
I am 66 years old and still work for the federal government. I currently have Medicare A but I don’t have part B. As I understand it you are not penalized as long as you are still working and have federal health care insurance I plan to retire late this year will I be penalized for part B Medicare
You will not be penalized. You will have a Special Enrollment Period (SEP) of 8 months after you retire to enroll in Medicare Part B. If you do not enroll within that 8 month window, you may be subject to penalties.
I turned 65 last December and passed on part B since I was a current employee. I changed my mind and retired in July. Can I add part B without a penalty while continuing my FEHB coverage in retirement?
Yes, you qualify for an 8 month Special Enrollment Period that started once you retired in July. During this period, you can enroll in Part B without a penalty.
That is great. I thought I was reading things correctly but such a big impact needed a second look. Now to figure out whether to keep BCBS standard or drop to basic with a significantly younger wife on my FEHB plan...@@TheMoneyBriefing
My wife and I both retired when we turned sixty. I have fehb as a spouse since i didn’t work for the federal government. I’m turning 65 this year. Can I remain in fehb when I sign up for Medicare?
Yes, you can remain in FEHB as long as your spouse keeps the self plus one or family plan. Medicare will be your primary insurance and FEHB will be secondary.
Retired postal with basic BC here turning 65. I just got off the phone with Blue Cross and you need to update your information because it is wrong. They simply continue to collect the same premium but will only be secondary coverage. I other words, they are worthless once medicare comes
BCBS will continue to collect the same premium, but you're eligible for a premium reimbursement up to $800 if you have Medicare Parts A & B. Please reference the BCBS website and this brochure: www.fepblue.org/-/media/FEPBlue-Sitecore-10-Media/PDFs/Brochures/508_FEI2333471_2023MRA_QRG_RL.pdf
@@TheMoneyBriefing Thank you, I did and I was ignorant. I find it interesting that the BCBS rep didn't even mention it. I'll call again and see if I get a competent rep.
@@frostyjim2633 Below is a direct link to the website that provides a general overview of some of the benefits of having both. If you have any questions, I'm happy to assist. www.fepblue.org/our-plans/medicare/fep-and-medicare
I watched several videos covering the FEHB/Medicare topic. Yours was by far and away the best. Great job and thank you!
Thank you for the kind words!
Excellent and very compact general briefing, especially your three points at the end about Medicare Part B. Well done!
Thank You!
Yikes...This youtube video is a goldmine of information. I am so grateful. I've learned more on this video than 10 other videos.
Thanks for the kind words!
Excellent video. Precise information explained in a straightforward approach. 😊 thanks. I'm 1 of those caught in the "new" postal service reform bill & their offer for a SEP to enroll in Medicare's part B with NO PENALTY is enticing. Then pick a plan to help supplement coverage seems to be the best route to go. Will have to wait & see what carrier's will participate & premiums terms. Then you can have part A&B, & PSHB to cover us as we age. Hope this whole thing works & their are no problems or issues, since it is a new & untested plan.
Thanks for watching. It will be interesting to see how everything plays out with the new PSHB and Medicare requirements.
I appreciate the direct, simply presented information.
Thank you!
Wow, this was the best video presentation I have seen on this topic. Thank you!
Thanks!
This is the best information I have seen so far on this subject. It is very helpful. I have watched several of your videos and all have been helpful. I have subscribed. Thanks Jerel!
Thank you!
Excellent video. Very concise.
Jerel, great info. Thanks!
Thanks!
Well done. I enjoyed your presentation as it was very informative.
Thank You!
Well done.
Thank you!
Excellent video. I am planning to retire at 65 in 4 years. My wife will be in her fifties and a son under 26. What should I do for health coverage for the family? Thanks so much.
Thanks! You can continue your current self and family FEHB coverage in retirement and your family would keep the same health benefits. You also have the option of changing your family plan before and after retirement during open season.
Thank you. This was helpful.
Thank you!
Excellent presentation thank you.
Thanks!
I have Tricare Prime.
If you're planning to keep TRICARE at 65, you'll need to enroll in Medicare Parts A&B and you will convert to TRICARE for Life.
yes.
Thanks for commenting. Short and to the point!
Informative
Thank you!
Nice job!
Thank you!
Once we obtain Medicare doesn't it become the primary insurance? If so, who does Federal heath insurance work for those retirees living abroad?
Yes, once you retire, Medicare typically becomes the primary payer. But, if you are living abroad, FEHB will essentially be your primary insurance. There are several FEHB plans that offer coverage overseas. You can compare those plans by using the link below and selecting the overseas box for the zip code, along with the enrollee type as "Annuitant".
www.opm.gov/healthcare-insurance/healthcare/plan-information/compare-plans/
At approximately the 8:30 mark your numbers are significantly wrong. BCBS basic is $207.44 monthly for self only. It goes up from there if you include +1 or family. Standard is even more. For BCBS +1 which many retirees would fall into, it’s $517.03 monthly. I tried unsuccessfully to post the direct link but you can find the premiums on the FEP Blue website.
This video uses the 2023 premium rates, which were the newly issued rates when this video was published in October 2022. The premium rates for the various FEHB plans generally change each year. However, the concept of comparing costs versus cost savings is still valid.
Already retired,(USPS) but didn't take Medicare's part B, as FEHB was good enough. Now, however, the new PSHB plan going into effect 1/1/2025 is offering a 1 time SEP to get Medicare's part B, PENALTY FREE. I think taking that offer & adding a new plan in the PSHB will accomplish an almost 100% coverage. With waived deductible, co pays & etc this seems like the most comprehensive coverage. The fact that the part B penality will not included in the premium is a win win as I see it. Your thoughts on this approach ??
I agree with that approach.
@TheMoneyBriefing thanks for your vote of confidence!! This whole new plan such an "unknown " that many don't know what to do. I've read the bill, watched many videos, but not a lit of information on this topic yet. Bur so far I think this is the best approach. In my case I would have to pay a 140% penalty, so I'm going with their offer to cover that penalty.
I'm doing the same thing with only a 20% penalty taken off, hoping for the best. @@JanetVaughn-cm3et
Hello I retired two years ago and took ss in 22. Now that I'm approaching 65 this year and already enroll in medicare part A and B and have FEHB(MHBP) that covers most of my out of pocket expenses. I was wondering if I can keep this insurance while having medicare partsA and B and not give up the FEHB plan? If i which my FEHB plan during open season how would that effect my medicare? Tank you. Also very informative video.
You can keep your FEHB plan. You can also make changes to your plan during open season without affecting your Medicare coverage.
I have aetna advantage plan and FEHB. The contract Doctors in each plan are different sometimes. So I have to make sure the Doctors are in both plans otherwise I pay everything out of pocket. Because of this I'm thinking of suspending my FEHB plan to a supplement plan G .It would be more expensive because I would have to get a drug D plan and hearing dental vision. But I would have the freedom to just have to get a Doctor in the medicare system. Would that be a wiser choice?
Many Medicare Advantage plans come with drug coverage and extra services, so you might not need a Supplement Plan or Part D coverage with one. You could also check out an Advantage plan under FEHB. One downside of both Medicare and FEHB Advantage plans is that the doctor network is usually limited. If you're worried about doctor coverage, you could think about pairing a national FEHB program like BCBS Basic with Original Medicare (Parts A&B).
I’m 45 and just got approved for SSDI and I have FEHB, would you recommend part B in my situation and is there a penalty for me if I do not take part B and if I do and change my mind, can I do that?
Typically, you are automatically enrolled in both Medicare Parts A and B after drawing SSDI for 24 months. If your FEHB coverage is based on you or a spouse still working in the government, then you could possibly disenroll or delay Medicare Part B. If that’s not the case, then you would need to retain Medicare Part B as your primary insurance payer.
I am 66 years old and still work for the federal government. I currently have Medicare A but I don’t have part B. As I understand it you are not penalized as long as you are still working and have federal health care insurance I plan to retire late this year will I be penalized for part B Medicare
You will not be penalized. You will have a Special Enrollment Period (SEP) of 8 months after you retire to enroll in Medicare Part B. If you do not enroll within that 8 month window, you may be subject to penalties.
@@TheMoneyBriefing ok thanks so much
I turned 65 last December and passed on part B since I was a current employee. I changed my mind and retired in July. Can I add part B without a penalty while continuing my FEHB coverage in retirement?
Yes, you qualify for an 8 month Special Enrollment Period that started once you retired in July. During this period, you can enroll in Part B without a penalty.
That is great. I thought I was reading things correctly but such a big impact needed a second look. Now to figure out whether to keep BCBS standard or drop to basic with a significantly younger wife on my FEHB plan...@@TheMoneyBriefing
My wife and I both retired when we turned sixty. I have fehb as a spouse since i didn’t work for the federal government. I’m turning 65 this year. Can I remain in fehb when I sign up for Medicare?
Yes, you can remain in FEHB as long as your spouse keeps the self plus one or family plan. Medicare will be your primary insurance and FEHB will be secondary.
What about dental in retirement?
You can keep your current dental and vision coverage in retirement. Also, there's no five-year rule to keep it like FEHB.
Retired postal with basic BC here turning 65. I just got off the phone with Blue Cross and you need to update your information because it is wrong. They simply continue to collect the same premium but will only be secondary coverage. I other words, they are worthless once medicare comes
BCBS will continue to collect the same premium, but you're eligible for a premium reimbursement up to $800 if you have Medicare Parts A & B. Please reference the BCBS website and this brochure: www.fepblue.org/-/media/FEPBlue-Sitecore-10-Media/PDFs/Brochures/508_FEI2333471_2023MRA_QRG_RL.pdf
@@TheMoneyBriefing Thank you, I did and I was ignorant. I find it interesting that the BCBS rep didn't even mention it. I'll call again and see if I get a competent rep.
@@frostyjim2633 Below is a direct link to the website that provides a general overview of some of the benefits of having both. If you have any questions, I'm happy to assist. www.fepblue.org/our-plans/medicare/fep-and-medicare
I understand you can suspend your FEHB is this true?
Yes, you can suspend FEHB.