Thank you for the informative video. When you mentioned "maximum coverage," where does the VA healthcare fall on this spectrum? Is VA plus FEHB considered max coverage? Many federal workers have no copy benefits with the VA. It might be overkill if you have VA, Medicare, and FEHB. Would love to hear your thoughts.
Retired from the Forest Service for 7 years. FEHB Blue Cross and Medicare parts A and B. Works very well for my wife and me but they take a big bite every month. However, the money we save on medication co-pay is almost enough to pay for the policy! I feel like the cost of BC/BS should have been reduced since Medicare became the primary. I contacted BC and they said: "Just keep the policy as is". ?
Wageworks currently refunds $800 of my FEHB Premiums if I take part B, 16,000 over 20 years. If part b eliminates 100 in copays monthly that is 24000 over 20 years. 24k+ 16k = 40 k in savings. Depending on your health, individuals results vary
I'm 63 and a FERS retiree. My wife is 61 and covered under my FEHB. I'm looking for options, and I certainly don't want to ever drop my FEHB. My thinking is that when my wife turns 65, and takes part B we will drop our FEHB to a bottom tier plan. No use paying for a Cadillac plan that isn't used.
Love your videos. Do you have any videos for someone who left Federal service after 15 years at age 45 with money in TSP that was left at the time of separation?
There is NO reason to take Part B unless you expect major health complication and/or have no savings to absorb the FEHB plan annual deductible (worst case $8k yearly). Otherwise, just save the medicare premium ($4k per year for couple) into a special savings account that earns interest, and only use if you hit a medical deductible that FEHB doesn't cover (which shouldn't happen unless you hit major health issue)
When you say you don't have to sign up for Medicare are you referring solely to Part B? If you're getting Social Security isn't signing up for A and perhaps B as well mandatory?
I think you are missing an important point about Tricare for Life. In order to be eligible for Tricare for Life an individual MUST sign up for Medicare Part B and pay the premium. Medicare becomes primary. The normal scenario is to sign up for Medicare Parts A and B, take Tricare for Life and suspend FEHB. Alternatively someone eligible for Tricare for Life may choose not to use it and stay with FEHB without Medicare or enroll in Medicare Parts A and B and keep the FEHB and not use Tricare for life. I've always heard that Medicare Parts A and B plus Tricare for Life is the best alternative for those who are able to receive it.
If a doctor doesn't take medicare patients but you have both medicare and FEHBA insurance from federal employment, wouldnt the doctor take you as a patient but using only your FEHBA???
Great question! The answer is it depends. According to OPM, "if your doctor doesn’t accept assignment, you can be billed up to the difference between 115% of the Medicare approved amount and the combined payments made by Medicare and your FEHB plan. Medicare will pay its share of the bill and your FEHB plan will pay its share. A fee-for-service plan’s payment is typically based on allowable charges, not billed charges. In some cases, Medicare’s payment and the plan’s payment combined will not cover the full cost. Your out-of-pocket costs for Part B services will depend on whether your doctor accepts Medicare assignment. When your doctor accepts assignment, you can be billed only for the difference between the Medicare-approved amount and the combined payments made by Medicare and your FEHB plan."
If you retire with both FEHB and TRICARE, FEHB will be considered your primary insurance. As a retiree you do have the option to suspend FEHB so that you cease making those premium payments and TRICARE will become your primary insurance. By suspending and not cancelling your FEHB you will be able to reactivate the FEHB insurance during Open Season if you decide that you wish to be covered under both again.
We're sorry to hear that, we know that must have been an unexpected burden for your family. The FEHB that federal employees and retirees have access can be a wonderful benefit to have, but like all insurance it will unfortunately not cover everything. It is important that all federal employees and retirees carefully consider the differences of all the health insurance plans offered under FEHB to try to avoid such surprises.
@@ChristyCapitalManagement I was shocked too when I have 2 insurances and one paid for an ambulance for my hip replacement and at the time my mom was 88
@@jamesobleton6450 stop paying you call the RN case manager/Discharge planner or you moms social worker they know how to fill out the ambulance request form properly hip patients have special positioning requirements that are covered. There is is always a MSW or Case Manager assigned to a hospitalized patient. That is the person you work with.
If you have both Tricare and FEHB in retirement, FEHB will be considered your primary insurance. As a retiree you do have the option to suspend FEHB so that you cease making those premium payments and TRICARE will become your primary insurance. By suspending and not cancelling your FEHB you will be able to reactivate the FEHB insurance during Open Season if you decide that you wish to be covered under both again.
This answer isn't right. If a beneficiary has TRICARE for Life they must enroll in Medicare Parts A and B. In this example the beneficiary would have Medicare Parts A and B, TRICARE for Life and the FEHB. Medicare would be the first payer (primary) and the FEHB would be the second payer.
My spouse currently receives his care from VA. He is also a fed employee and has FEHB, and the VA bills FEHB for his copay for VA care. Otherwise, VA covers his care due to his disability rating. Question is, after he retires (after age 65), if he does not keep FEHB into retirement, must he enroll in Medicare Part B for coverage, or does VA pick up the tab 100%?
One health care service can cost you more than 20 years of Med B. premiums. Choosing not to enroll in Med B. is VERY risky for your health and your pockets.
You go on to explain "who" and "who doesn't" usually take the Medicare Part B along with FEHB. "The conservative investor and those who want to save money". Really? How about CAN YOU AFFORD TO TAKE BOTH! I am on a small pension. I cannot AFFORD TO PAY two premiums. It would be a lot for me. How about THAT reason. I think THAT is why MOST PEOPLE do not take Part B.
We are sorry if we offended anyone as this was not the intent at all. From our perspective, "those who want to save money" could be those that can afford it but wish to not pay the premium or those who are unable to pay the premium and prefer to save the money that would be spent on Part B to put towards another bill or necessary item.
Thank you for the informative video. When you mentioned "maximum coverage," where does the VA healthcare fall on this spectrum? Is VA plus FEHB considered max coverage? Many federal workers have no copy benefits with the VA. It might be overkill if you have VA, Medicare, and FEHB. Would love to hear your thoughts.
Retired from the Forest Service for 7 years. FEHB Blue Cross and Medicare parts A and B.
Works very well for my wife and me but they take a big bite every month.
However, the money we save on medication co-pay is almost enough to pay for the policy!
I feel like the cost of BC/BS should have been reduced since Medicare became the primary. I contacted BC and they said: "Just keep the policy as is". ?
I think BC/BS basic reimburse $800 a year if you have part B Medicare
Wageworks currently refunds $800 of my FEHB Premiums if I take part B, 16,000 over 20 years. If part b eliminates 100 in copays monthly that is 24000 over 20 years. 24k+ 16k = 40 k in savings. Depending on your health, individuals results vary
This can be an option for some federal employees
I'm 63 and a FERS retiree. My wife is 61 and covered under my FEHB. I'm looking for options, and I certainly don't want to ever drop my FEHB. My thinking is that when my wife turns 65, and takes part B we will drop our FEHB to a bottom tier plan. No use paying for a Cadillac plan that isn't used.
This can definitely be an option! We hope the video was helpful to you.
Love your videos. Do you have any videos for someone who left Federal service after 15 years at age 45 with money in TSP that was left at the time of separation?
If you live in central oregon gotta have an advantage plan since the who darn county of clinics won’t take straight Medicare patients😭
There is NO reason to take Part B unless you expect major health complication and/or have no savings to absorb the FEHB plan annual deductible (worst case $8k yearly). Otherwise, just save the medicare premium ($4k per year for couple) into a special savings account that earns interest, and only use if you hit a medical deductible that FEHB doesn't cover (which shouldn't happen unless you hit major health issue)
When you say you don't have to sign up for Medicare are you referring solely to Part B? If you're getting Social Security isn't signing up for A and perhaps B as well mandatory?
Not if you have FEHB. If you don't want Part A, there is a form that must be completed to opt out.
Do you have any information on the new PSHB.
I don't understand this complicated healthcare system. I only know I can't afford to use it.
I think you are missing an important point about Tricare for Life. In order to be eligible for Tricare for Life an individual MUST sign up for Medicare Part B and pay the premium. Medicare becomes primary. The normal scenario is to sign up for Medicare Parts A and B, take Tricare for Life and suspend FEHB. Alternatively someone eligible for Tricare for Life may choose not to use it and stay with FEHB without Medicare or enroll in Medicare Parts A and B and keep the FEHB and not use Tricare for life. I've always heard that Medicare Parts A and B plus Tricare for Life is the best alternative for those who are able to receive it.
If a doctor doesn't take medicare patients but you have both medicare and FEHBA insurance from federal employment, wouldnt the doctor take you as a patient but using only your FEHBA???
Great question! The answer is it depends. According to OPM, "if your doctor doesn’t accept assignment, you can be
billed up to the difference between 115% of the Medicare approved amount and the combined payments made by Medicare and your FEHB plan. Medicare will pay its share of the bill and your FEHB plan will pay its share.
A fee-for-service plan’s payment is typically based on allowable charges, not billed charges. In some cases, Medicare’s payment and the plan’s payment combined will not cover the full cost. Your out-of-pocket costs for Part B services will depend on whether your doctor accepts Medicare assignment. When your doctor accepts assignment, you can be billed only for the difference between the Medicare-approved amount and the combined payments made by Medicare and your FEHB plan."
That if you are FEHB and have tricare through the military?
If you retire with both FEHB and TRICARE, FEHB will be considered your primary insurance. As a retiree you do have the option to suspend FEHB so that you cease making those premium payments and TRICARE will become your primary insurance. By suspending and not cancelling your FEHB you will be able to reactivate the FEHB insurance during Open Season if you decide that you wish to be covered under both again.
Sheila, it looks like your message was cut off. What were you about to say?
My required Medicare premium is $450. I have 5 retirements and investments. No way I'm taking Tricare for Life as much as I want too.
Sometimes the choices are that easy.
My mother had to pay for a ambulance she was a csrs retiree
We're sorry to hear that, we know that must have been an unexpected burden for your family. The FEHB that federal employees and retirees have access can be a wonderful benefit to have, but like all insurance it will unfortunately not cover everything. It is important that all federal employees and retirees carefully consider the differences of all the health insurance plans offered under FEHB to try to avoid such surprises.
@@ChristyCapitalManagement I was shocked too when I have 2 insurances and one paid for an ambulance for my hip replacement and at the time my mom was 88
@@jamesobleton6450 stop paying you call the RN case manager/Discharge planner or you moms social worker they know how to fill out the ambulance request form properly hip patients have special positioning requirements that are covered. There is is always a MSW or Case Manager assigned to a hospitalized patient. That is the person you work with.
@@wdeemarwdeemar8739 She had a case manager but no dice
How does this apply to Federal employees who are also Military retirees with Tricare?
If you have both Tricare and FEHB in retirement, FEHB will be considered your primary insurance. As a retiree you do have the option to suspend FEHB so that you cease making those premium payments and TRICARE will become your primary insurance. By suspending and not cancelling your FEHB you will be able to reactivate the FEHB insurance during Open Season if you decide that you wish to be covered under both again.
This answer isn't right. If a beneficiary has TRICARE for Life they must enroll in Medicare Parts A and B. In this example the beneficiary would have Medicare Parts A and B, TRICARE for Life and the FEHB. Medicare would be the first payer (primary) and the FEHB would be the second payer.
My spouse currently receives his care from VA. He is also a fed employee and has FEHB, and the VA bills FEHB for his copay for VA care. Otherwise, VA covers his care due to his disability rating. Question is, after he retires (after age 65), if he does not keep FEHB into retirement, must he enroll in Medicare Part B for coverage, or does VA pick up the tab 100%?
i AM RETIRED, CAN I SWITCH FROM FEHB - BCBS TO MEDICARE PART B?
One health care service can cost you more than 20 years of Med B. premiums. Choosing not to enroll in Med B. is VERY risky for your health and your pockets.
You go on to explain "who" and "who doesn't" usually take the Medicare Part B along with FEHB. "The conservative investor and those who want to save money". Really? How about CAN YOU AFFORD TO TAKE BOTH! I am on a small pension. I cannot AFFORD TO PAY two premiums. It would be a lot for me. How about THAT reason. I think THAT is why MOST PEOPLE do not take Part B.
We are sorry if we offended anyone as this was not the intent at all. From our perspective, "those who want to save money" could be those that can afford it but wish to not pay the premium or those who are unable to pay the premium and prefer to save the money that would be spent on Part B to put towards another bill or necessary item.