Still Giving in Our Golden Years

[+ sniper]

Epigonos I think though that teacher compensation varies greatly by state. In NJ/NY suburban districts, teachers do reasonably well for themselves and can even earn 6-figure salaries, where I agree it's appropriate to pay something into what is a generous system(and Long Island is absolutely insane - there are teachers earning close to $200k and the jobs basically require political connections). But when you're making $30k with 10 years experience, which happens in some states, it's not the same thing. I knew a married couple that were middle school teachers in Colorado who both needed to work second jobs just to make ends meet and they had no kids and no expensive hobbies. They up and moved to Switzerland and are now teaching there and doing well.

[jjkrkwood]

First I need to state clearly that I am NOT complaining I am just explaining.

 

I worked for thirty-six (36) years as a secondary educator in California. During each of those thirty-six (36) years I paid 8% of my gross salary, which my school district matched with an additional 8%, into the California State Teachers retirement system. For the above I have ALWAYS been less than sympathetic with teachers and their unions in places like Wisconsin and Illinois who resent and fight making ANY contribution to their retirement plans.

 

I retired at 61½ with an excellent pension. My father who never worked for a company which provided a pension preached to me constantly about working where I would get a pension in addition to or in the place of social security. Fortunately or luckily I followed his advice.

Now as to my retirement medical expenses they are as follows on a monthly basis:

 

Medicare B $170.50

Medicare D $126.35

Medicare D Supplemental $12.70

Anthem Blue Cross Supplemental $273.39

Concierge Physician Program $150.00

 

Monthly Total $732.94

 

If I wanted to save a considerable amount of money I could join a HMO plan but I would be at the mercy of the plan administrators regarding what physicians I could see as well as what medical services I could receive and when I could receive them. Therefore I have preferred to remain on a PPO plan, pay the cost and be free to picks my own physicians and in “consultation” with those physicians build a wellness plan to meet my needs not one to meet the income needs of the HMO’s CEO.

 

We all make choices and I have been fortunate to be financially able to make the one I have.

 

 

Epigonos, thanks for the detailed explanation. That seems like more money than the average retiree would be able to spend on medical expenses, and I fail to see the benefit of Medicare here, when the result is close to $750 a month. It would seem self insuring in a plan outside of Medicare would be a cheaper option. Of course you get what you pay for, I realize that but laying out $750 a month for "insurance" would surely tarnish MY golden years.

[+ quoththeraven]

The amount you get as disability is based on your earnings - it's not $800/month for everyone, some get more, some get less. Everybody gets SS benefit estimates in the mail every other year or so that contains your earnings record and what you would receive if you became disabled today. My sister and brother-in-law are both disabled and both were fairly high earners while they paid in, and they get about $1800 and $2200 a month.

 

Sorry for butting in again, but there are two different types of Social Security disability benefits: Title II, based on earnings and what you've paid in (same system and pool as Social Security retirement), and SSI. SSI is means-tested both for those who are disabled but don't qualify for Title II disability benefits and the elderly.)

 

https://www.ssa.gov/ssi/

 

SSI is not funded by the Social Security trust fund.

 

I am almost certain what you are describing are Title II disability benefits, which will vary based on earnings, and that MassageGuy is describing SSI disability benefits.

[+ WilliamM]

One I don't believe medicare should begin until you reach your social security age which in my case is 66-1/2.

 

What about people who work in construction all their lives, summer and winter. I worked in factors during summer in college. People think it's an easy job

-- not always; machines require constant attention, minds can not wander for a second. With time, I can name many other jobs where people want desperately to retire at age 62.

[+ MasssageGuy]

What about people who work in construction all their lives, summer and winter. I worked in factors during summer in college. People think it's an easy job

-- not always; machines require constant attention, minds can not wander for a second. With time, I can name many other jobs where people want desperately to retire at age 62.

 

I hear you on this one. The key for many is hitting 65 to be Medicare Eligible. It is so much cheaper than other health insurance options in the "marketplace".

[+ WilliamM]

I worked for thirty-six (36) years as a secondary educator in California. During each of those thirty-six (36) years I paid 8% of my gross salary, which my school district matched with an additional 8%, into the California State Teachers retirement system

 

I taught one course in college and hated every minute, especially the preparation. It is wonderful that people have different skill and interests

 

Good for you, Epigonos.

[Epigonos]

Sniper I agree with you. Teacher salaries, particularly in the South, are often scandalous. That is not; however, the case in the two states I mentioned (Wisconsin and Illinois). In many Southern states public school teacher are not permitted to organize into unions and thus are at the mercy of local school boards. But on the other side of the coin in some states like Illinois and Wisconsin (in the past), where teachers earn good salaries, teacher unions are/were frequently strong enough to fight the concept of teacher contribution to pensions and win. Teacher salaries are generally quite good in California and I sincerely believe it only fair that teachers, like me, be required to contribute to our pensions.

[+ sniper]

What's scary in NJ is the firefighters police etc all contribute 8%(teachers 6.5% but the cops and firefighters earn more and can retire earlier) but the state hasn't been putting in its share for many many years. I warn my friends that they'd better be saving on the side because when it blows up it's not going to be pretty.

[body2body]

Epigonos, thanks for the detailed explanation. That seems like more money than the average retiree would be able to spend on medical expenses, and I fail to see the benefit of Medicare here, when the result is close to $750 a month. It would seem self insuring in a plan outside of Medicare would be a cheaper option. Of course you get what you pay for, I realize that but laying out $750 a month for "insurance" would surely tarnish MY golden years.

You do not have to spend that kind of money to get excellent care. My Medicare advantage plan costs $136 per month total and covers everything including dental and vision. In California the Advantage plans are all rated by the state based on client surveys. Mine has consistently received the highest 5 star rating. For example, I went to get my eyes examined 10 days ago. The optometrist said I was developing a cataract. I sent an email to my Dr. He referred me to Opthomology. I saw the surgeon on Tuesday, go in next week for measurements of my eye and will have cataract surgery within a month. I had no co-pay for the optometrist, and my co-pay to be examined by the Opthalmic Surgeon was $5. Again though you must work within network.

[OneFinger]

I hear you on this one. The key for many is hitting 65 to be Medicare Eligible. It is so much cheaper than other health insurance options in the "marketplace".

I'm currently 63 and have some serious health issues. I'm ready to retire but the only thing keeping me working is health care. My company provides me 90 / 10 coverage which costs me NOTHING!!!! And the out of pocket maximum is $2500 per year.

 

I've looked into retiring now (before Medicare) and it would cost me about $12,500 per year. Premiums would be $500 / months with a $6,500 deductible. I can't afford that. Looked into VA benefits and they determine eligibility on your IRS reported income for last year. So, I was denied.

 

I honestly don't know if I'll survive to 65 when Medicare kicks in.

[+ WilliamM]

I honestly don't know if I'll survive to 65 when Medicare kicks in.

 

How many months are you away for age 65? Could you manage those very high costs between 64 and 65? My very, very best to you!

[OneFinger]

How many months are you away for age 65? Could you manage those very high costs between 64 and 65? My very, very best to you!

Thanks so much for your response and inquiry. There are some significant benefits for me staying employed until I'm 64 (mostly a stock benefit "freeby" that I'll earn in mid-2017). After that, I'm ready to pull the trigger and retire at 64. I think I can handle the health care issue for 1 year. And, I'm also contacting the VA and trying for a waiver since my income after early retirement won't be close to my re-portable income for last year.

[body2body]

Thanks so much for your response and inquiry. There are some significant benefits for me staying employed until I'm 64 (mostly a stock benefit "freeby" that I'll earn in mid-2017). After that, I'm ready to pull the trigger and retire at 64. I think I can handle the health care issue for 1 year. And, I'm also contacting the VA and trying for a waiver since my income after early retirement won't be close to my re-portable income for last year.

You can apply for Medicare at 64 years and 9 months. You become eligible on the first day of the month your 65th Birthday falls in. My birthday is at the end of January, but my Medicare benefits began on January 1st. It is important to apply as soon as you achieve the 64 year 9 month eligibility date.

[+ WilliamM]

Thanks so much for your response and inquiry. There are some significant benefits for me staying employed until I'm 64 (mostly a stock benefit "freeby" that I'll earn in mid-2017). After that, I'm ready to pull the trigger and retire at 64. I think I can handle the health care issue for 1 year. And, I'm also contacting the VA and trying for a waiver since my income after early retirement won't be close to my re-portable income for last year.

 

Send me a PM if you have problems with the VA. I have a close Vietnam Vet friend who worked wonders with my claim. And he lives in California, south of SF. I am very concerned about your health issues.

[jjkrkwood]

You can apply for Medicare at 64 years and 9 months. You become eligible on the first day of the month your 65th Birthday falls in. My birthday is at the end of January, but my Medicare benefits began on January 1st. It is important to apply as soon as you achieve the 64 year 9 month eligibility date.

 

That is true. I was also surprised that they cover you for the Full month of your 65th birthday. Now, since I am still covered until Jan 1 2017 by my jobs medical plan, i need to inquire which insurance is considered my PRIMARY. I have not yet gottten a Medicare supplemental plan so I probably wont have full coverage until some supplemental plan is in place. I am hoping to have that wrapped up this week.

[LADoug1]

JJ- I turned 65 in January. I went with a Medicare Advantage plan through the same provider I used pre-Medicare. Yes have to pay a Medicare premium of $116 per month billed quarterly. My previous insurance through the same carrier was $742 per month. My co-pays used to be $45, now they are $5. The advantage plan covers everything including prescriptions, physical therapy, etc. Almost every major carrier (United Healthcare, Humana, Cigna, etc.) have Advantage plans. I opted for an "advantage plus" plan and for $20 per month, they include vision, dental, and membership in a health club. The downside is I have to work within network for all services. Since I have used this network for over 20 years it was not a problem for me. Check with your Doctor, assuming you have one you like, and find out if he or she is part of any carrier's network, and that may be the key to keeping your costs reasonable. I have a friend who could not find an advantage plan that he liked so he has chosen a supplemental plan through AARP to cover the additional costs, and allow him to keep the Doctors he likes, and not be restricted by a "network". From now until December 10th is open enrollment for all plans, after that you are stuck with what you have for the next year.

Your Medicare Advantage plan covers prescriptions? Which one do you have?

[LADoug1]

First I need to state clearly that I am NOT complaining I am just explaining.

 

I worked for thirty-six (36) years as a secondary educator in California. During each of those thirty-six (36) years I paid 8% of my gross salary, which my school district matched with an additional 8%, into the California State Teachers retirement system. For the above I have ALWAYS been less than sympathetic with teachers and their unions in places like Wisconsin and Illinois who resent and fight making ANY contribution to their retirement plans.

 

I retired at 61½ with an excellent pension. My father who never worked for a company which provided a pension preached to me constantly about working where I would get a pension in addition to or in the place of social security. Fortunately or luckily I followed his advice.

Now as to my retirement medical expenses they are as follows on a monthly basis:

 

Medicare B $170.50

Medicare D $126.35

Medicare D Supplemental $12.70

Anthem Blue Cross Supplemental $273.39

Concierge Physician Program $150.00

 

Monthly Total $732.94

 

If I wanted to save a considerable amount of money I could join a HMO plan but I would be at the mercy of the plan administrators regarding what physicians I could see as well as what medical services I could receive and when I could receive them. Therefore I have preferred to remain on a PPO plan, pay the cost and be free to picks my own physicians and in “consultation” with those physicians build a wellness plan to meet my needs not one to meet the income needs of the HMO’s CEO.

 

We all make choices and I have been fortunate to be financially able to make the one I have.

I have a Medicare HMO. It works relatively well but prescriptions are only partly covered. Cost: $170/month.

[jjkrkwood]

Guys, I started this thread as a personal "bitch fest", but happily it seems to have turned into a thread which provided valuable information to many who might have needed it, like myself.

 

thanks for your openess and sharing your experiences. Its threads like this that shows we are actually "more alike" than different, and many of us share the same experiences as we grow older. Its like being at a drop-in senior center but without the checkers and jello cups.

[+ MasssageGuy]

+1,000

[+ quoththeraven]

That is true. I was also surprised that they cover you for the Full month of your 65th birthday. Now, since I am still covered until Jan 1 2017 by my jobs medical plan, i need to inquire which insurance is considered my PRIMARY. I have not yet gottten a Medicare supplemental plan so I probably wont have full coverage until some supplemental plan is in place. I am hoping to have that wrapped up this week.

 

Your employer's plan will be primary until you are no longer covered by it.

 

I spent part of my time as a lawyer fighting with Medicare administrators over coverage for retirees, so I've had the dubious pleasure of reading the statute that makes Medicare secondary to just about everything.

[+ MasssageGuy]

Your employer's plan will be primary until you are no longer covered by it.

 

I spent part of my time as a lawyer fighting with Medicare administrators over coverage for retirees, so I've had the dubious pleasure of reading the statute that makes Medicare secondary to just about everything.

 

True, True... And it's fun when you try to get Medicare to understand your Primary is not longer in force when you do actually loose coverage from your employer.

[jjkrkwood]

@QTR and massageguy - thank you both - your responses saved me another phone call.

[+ quoththeraven]

True, True... And it's fun when you try to get Medicare to understand your Primary is not longer in force when you do actually loose coverage from your employer.

 

Yes, they start with the premise that you're trying to put one over on them.

 

You're welcome, @jjkrkwood.

[+ MasssageGuy]

Ditto... Glad to help!

 

That's why I LOVE what Daddy does for us!!!

[+ nycman]

I've found that many, though not all, providers accept whatever medicare pays as full payment.

 

Yeah....about that....if it's a blanket "way of doing business"....it's illegal.

 

Any physician (or any "provider") who does that runs the risk of getting hit with a HUGE claw back from the government.

 

Not saying it doesn't happen...just that there is a HUGE risk...on the part of the physician.

 

Physicians can write off balances for hardship on a case by case basis....but they better have damn good documentation

and show that the write off was for for a specific patient with a specific hardship....not just "what we do".