@Dadof3 ,
If you can to wade and read through and understand those links you posted, you are a better person than I. 
Dear heavens, they donāt make anything simple or straightforward. And encouraging retirement savings is supposed to be embodied in tax policy. 
I hope that your HR person sorts it out for you. As for me, I think I will just hang on to Hās and my basis and deal with all later in retirement. Or Iāll tell him that itās his, he deals with it!
@thumper1, they will reduce your benefits if youāre not FRA, but you donāt have to pay them ā you are never āin the hole big time.ā
Soā¦basically, I just wonāt receive my $166 benefit? Is that correct?
Thatās fineā¦it sounds like it will balance out when they calculateā¦is that at age 66?
Soā¦then how will my Medicare payments be paid? Instead of being deducted from my SS (which will be $0 I guess at age 65), will I just get a bill instead?
i think I understand. This will be for one year only for meā¦as I will be 66 early in 2017.
@thumper1, thatās how it works with your SS, but I have no idea how Medicare payments are made. Getting a bill seems the most likely, since there are Medicare-eligible people who wonāt be filing for SS for another 5 years.
Soā¦will I just lose my $166 benefitā¦or will I owe $6000 (my pay for 2015 will,exceed by $12,000)?
@thumper1, you will, at worst, lose your benefit. You will not owe $6000.
Yes, you will be billed for Medicare, if you are not collecting Social Security. I think that they collect it quarterly.
Yes, they bill quarterly. You can do paperwork to have it deducted from your bank account, if you chose.
I donāt know if this book was mentioned on this thread (maybe even by me), but I have been reading ā65 Things to do when you Retireā - it is a compilation of essays that give a lot to think about, and the authors provided the essays on a pro-bono basis - the royalties from the book sale are being donated to nonprofit organizations dedicated to preventing and curing cancer.
Lots of good web sites and resources, etc mentioned - Wall Street Journal comment says it āis like having your own brainstorming session with 65 highly knowledgeable men and women of a certain age and many walks of life. The collection is full of candor, humor and wisdomā¦ā
SOS - That book looks interesting. I found it on Barnes and Noble for $3 (not sure why so much cheaper than elsewhere) plus $4 shipping.
I just ordered a copy for DH for Fatherās Day. Itās not as nice at the roses he got for me for Motherās Day, but I think heāll like it.
Maybe overstock - since it was published a few years ago; I buy a lot of books gently used via Amazon (sometimes from places like Goodwill) so I pay $3.99 plus the low cost of the book.
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I donāt know if this book was mentioned on this thread (maybe even by me), but I have been reading ā65 Things to do when you Retireā - it is a compilation of essays that give a lot to think about, and the authors provided the essays on a pro-bono basis - the royalties from the book sale are being donated to nonprofit organizations dedicated to preventing and curing cancer.
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Just ordered it. Thanks
āYes, you will be billed for Medicare, if you are not collecting Social Securityā
@MiamiDAP, Itās Part A, not Plan A.
And youāre wrong to say you only need Part A if youāre still insured through your employer. Part A is hospitalization insurance only. It doesnāt pay for doctors, surgeries, labs, durable medical equipment, etc. Most employer-provided health insurance only pays a percentage of those bills. If you have Part B Medicare, it usually pays for the rest, leaving you with no out-of-pocket expense. Of course, everyoneās employer policy is different so you have to read the fine print, but itās not uncommon for people to have Medicare Parts A and B as well as employer-provided health insurance.
I think once youāre 65, even with private health insurance, itās only reimbursed up to Medicare rate. Anyway, Iāve decided to get part B for my husband. Hoping no surprise about Heath care cost, but Iām sure itās not 100% covered but close.
We opted to wait to get Part B Medicare until H was officially retired, which saved us 5 years of premiums. His insurance was better than Medicare B, which we now have for him as well as Medicare A and his insurance from his employer.
You have to have worked and contributed to Medicare A for a certain number of quarters for you to be able to get it without a premium charge. I canāt remember what the # was, but it was less than the number of quarters needed for Social Security (which H doesnāt qualify for); I do know the systems are different.
patsmom,
āIf you have Part B Medicare, it usually pays for the rest, leaving you with no out-of-pocket expenseā - this seems to be contradicting itself. Donāt you need to pay for Part B? Isnāt it the fee that you pay for Part B paid from out of pocket ? How else it could be paid?
I know many examples of co-workers including myself who have only Part A while working and we are not paying for it, otherwise, I would not have even Part A while I work. Why to pay for another insurance? We are paying for 2 already.
patsmom,
āIf you have Part B Medicare, it usually pays for the rest, leaving you with no out-of-pocket expenseā - this seems to be contradicting itself. Donāt you need to pay for Part B? Isnāt it the fee that you pay for Part B paid from out of pocket ? How else it could be paid?
I know many examples of co-workers including myself who have only Part A while working and we are not paying for it, otherwise, I would not have even Part A while I work. Why to pay for another insurance? We are paying for 2 already.
@MiamiDAP, Part B costs around $105/month (this varies depending on income) plus a $147 deductible. That comes to about $1400 a year. Itās not difficult to rack up over $1400 in charges that arenāt covered by your employerās insurance, especially if you have surgery, chemo and/or radiation, CT scans, etc., as my husband and I have.
In our case it makes sense. Maybe in your case, it doesnāt. As you always say,
My husband will pay for part B when he turns 65, because he will retire before he is 65. I think itās deducted from the Social Security check.