Just to throw my 2 cents in here. I am 71.... when I was coming onto 65, I talked to my ins advisor at work... I was going to lose my full time status at work, turn 65, and looking at SS signup also. We talked about my health condition... no issues, no medications regularly, no high blood pressure or diabetes or anything... BUT.... I was looking at some joint replacements...and my work ins had a 6500 deductible and other limitations so hadn't done it...
She told me to NOT consider any of the "advantage plans" there were too many "loop holes" and it would cost me dearly down the road... she said, this is what I put my husband on when he retired last year, he has had a knee replacement and it cost us $250 out of pocket...at that time.
I said fine, that is what I want... I went on Medicare A & B, got a supplement policy I think it is plan F or G... best they had... and took a prescription policy... cheapest we could find.. Wellcare... because I do not take any prescription regularly.
Medicare comes out of SS which is fine... my supplement was $78 the first year, has regularly gone up every year and is now $155... auto deduct out of my ckg acct once a month. Wellcare prescription plan was minimal, $12/mo... then $10/mo and last 2 years is no charge...
IF you do not get a prescription plan, there is a formula that will cause you to pay a penalty down the road when you do sign up.... as
@TexasJerseyMilker has mentioned... UNLESS you have a prescription plan through work which then you can sign up with no penalty at any age. MUCH cheaper to sign up, pay a minimum and not get penalized down the road... like car ins and not needing it , until you do need it...
All of that said... My ankle replacement in Feb 2020, both knees in late 2021...... I paid a total out of pocket no more than $325 each year... ONCE for each year. I was in rehab... nursing home type care... for 17 days after each replacement... no one home to take care of me that first 2 weeks.... and I was in rehab/physical therapy for the ankle during covid disaster... for about 6-7 months after... for the knees I was in PT for a year plus due to some problems... and paid NOTHING except that "deductible" of $325 .... the first time it was $275, and has gone up a little and was $325 this past year. EVERYTHING was PAID FOR.......
I go to the dr if I need to, can make an appt with any specialist I want... had consultation on my shoulder and had x-rays, then an MRI and other things to determine the condition... I paid just the $325 last year... comes as a bill in the mail... I never get a dr bill... just a statement that tells what the dr appt or tests were and what medicare paid etc... and let's face it... one trip to a dr office and an x-ray will be more than the $325... so once you pay it... you do not pay anything for the rest of the year.
As far as the drugs go, I had to take some antibiotics and such... and there was a minimal cost for them... don't know how that would work for people that take anything regularly...
I don't know if I wanted to change from some other plan to what I started with, if I could afford it... so the best thing is to get on the very best plan right from the get go....
I can change to a "lesser plan" with other co-pays... I pay NO CO-PAYS..... once that $325 current deductible is met for the year... I pay nothing else.
I worked... and continue to work part-time... for 55+ years...Paid in... and continue to pay, SS and all, that out of the paycheck.... I did not have health ins for many years... I don't feel the slightest bit guilty for taking advantage of the benefits at this stage of the game
Hope this helps someone... Get someone you trust to give you guidance... the "seminars" I have gone to have only confused me... If you are contemplating something like a joint replacement get the BEST plan to start with... you can downgrade later if you never need it...
A friend of mine went from conventional Medicare to an advantage plan...2 or 3 years ago.... she has never used A & B since she started it... is now 79 and continues to work part-time... and said it was the best savings she ever made... gets all sorts of things like dental and eyeglasses and over the counter things like aspirin and all that for next to nothing... But what works for her would not have worked for me.... and maybe when I hit 80 I will switch.... as long as I have joint issues, I will stick with what I have... The $155/mo I pay is less than $2000 a year for the complete coverage I have... That is less than I paid for my part of ins through work.... when I was full time... and that ins had 80/20 after the deductible of $6500.....
Yes, Medicare is about $135/mo directly out of my ss check.... so I am actually paying a total of about 3600/yr between the Medicare deduction and the supplement... still less than the deductible I had .... Still a "deal" in my book...
