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Re: Early retirement at age 62?

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GailL1 wrote:

jamess275112 wrote:

. . . . For now I have Cigna private insurance and can buy private insurance through PERA when the time comes. That for now covers 80/20 and also prescription/dental/eye. My bigest bills after retirement appear to be approximagtley $1000 for all the medical that I pay for now(family plan approx $500 out of pocket).

Thanks,

Jim

 


So, Jim, is your wife still on your family plan?  or do you have other dependents other than your wife?




Just me and my wife is still on the cigna family plan. My adult son is on a ACA plan and I claim him as a dependant at tax time. He does not work.  Come time to retire I have to switch to a plan offered by PERA(private) or wait to enroll in plan F to supplement the medicare. PERA will be one of my pensions(17 years). My time table to retire is tentatively March 31, 2018. That would give me an even 18 years with PERA. When my wife had a biopsy to her kidney and we found out about all this stuff(dialysis,transplant, medicare, etc.) I wanted to retire right then. That was September and I turned 62 just before in August. There is so many things to decide and learn, even before she gets a transplant. She has been told by our kidney doctor she is a prime candidate for a kidney transplant. We have about 3 medical procedures yet for her to do before they can consider her. Then we have to see if we can even afford to go a thousand miles from home to do it. Sorry I am rambling.

Jim

 

 

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Re: Early retirement at age 62?

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jamess275112 wrote:

. . . . For now I have Cigna private insurance and can buy private insurance through PERA when the time comes. That for now covers 80/20 and also prescription/dental/eye. My bigest bills after retirement appear to be approximagtley $1000 for all the medical that I pay for now(family plan approx $500 out of pocket).

Thanks,

Jim

 


So, Jim, is your wife still on your family plan?  or do you have other dependents other than your wife?

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Re: Early retirement at age 62?

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jamess275112 wrote:

Also we tried the same time we applied for medicare to get medicaid. Medicaid turned us down saying we made $70 too much per month. We also tried to get SSI in 2014 when my wife was diagnosed with Lupus and was also turned down and told ssi was for poor people. My wife is guessing she had worked for about 10 years total. She has not worked for about 20 years or more now.

Jim


Yes, a work history that short and even more importantly, that long ago probably does make her ineligible for SSDI.

 

Well, it was just a thought.

 

 

 

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Re: Early retirement at age 62?

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Also we tried the same time we applied for medicare to get medicaid. Medicaid turned us down saying we made $70 too much per month. We also tried to get SSI in 2014 when my wife was diagnosed with Lupus and was also turned down and told ssi was for poor people. My wife is guessing she had worked for about 10 years total. She has not worked for about 20 years or more now.

Jim

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Re: Early retirement at age 62?

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Thank you for that information. Your links to the dialysis info will be very helpful. I do know I will be getting approximately $400 less per month on my social security and probably a comparable amount with my PERA by retiring early, but I think I need to be with my wife all the time now. For now I have Cigna private insurance and can buy private insurance through PERA when the time comes. That for now covers 80/20 and also prescription/dental/eye. My bigest bills after retirement appear to be approximagtley $1000 for all the medical that I pay for now(family plan approx $500 out of pocket).

Thanks,

Jim

 

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Re: Early retirement at age 62?

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@jamess275112

 

The $134 per month is her Medicare Part B ( doctors and other outpatient cost) premium, it rises (and perhaps falls). based on the overall cost of Medicare Part B.  Premiums from beneficiaries represent about 25% of Part B total cost.  The remaining 75% comes from the taxpayers (General Fund).  BTW, this is a person premium, you will also have to pay the Part B premium at whatever the rate when you go on Medicare at 65.

 

Medicare Part A or Hospital Insurance is what the payroll taxes paid for during a person's working years and if you have worked long enough, Part A is premium free once you go onto the program.

 

Now for a few specifics -

Your wife should also pick a Prescription drug plan unless it is covered by some other insurance that is credible ( your employer family plan).  That's Medicare Part D - she may need coverage if any of her meds are not covered by the outpatient coverage in Part B - I believe the dialysis drugs are covered under Part B.

 

Is your wife still on your employer family plan?  If so, is Medicare working with this other plan ?  I assume that your employer family plan is not covering her Part B Providers and services.

 

BTW, if your wife had employment and is vested into the Social Security system, has she filed a claim for Social Security Disability?  If she got SSDI, the Part B premiums would be deducted from her SSDI check monthly.

 

As to your early retirement, I do understand but as the full retirement age has increased for Social Security, now approaching 67 - the early retirement age of 62 has not changed.  However because of the change in the full retirement age, retiring early will have a (now higher) reduced amount of about 30% from your benefit.  Adding even another year or so would help to increase your benefit.

Just wanted you to be aware of this as you are making your decision about early retirement.

 

Medicare sometimes allows for dialysis transport

Medicare.gov - Dialysis Information

 

If your wife is on original Medicare (rather than a Medicare Advantage plan), she may want to check to see if the state in which you live has a Medicap (supplemental Medicare policy) for those less than 65 years old.  If they do, she may want to consider this extra cost since it could pay the cost or some of it depending on what plan is available  which Medicare does not cover.

 

Do learn about how Medicare covers dialysis and a transplant if that is in her future, which I imagine it is.

Medicare.gov - Transplant Information

 

Wishing you and your wife well in all the life changes that are coming and all the decisions that will have to be made.

 

 

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Re: Early retirement at age 62?

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Early retirement at age 62?

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I am currently 62 as of last August 2017. My wife(59) recently had a biopsy to a kidney and it shows she has only 13% kidney function and is in end stage(Membranous Nephropathy). She now gets dialysis 3 times a week. We also just started medicare for her as of November 1st. What a surprise it was when they told us we have to pay $134 a month and they want 3 months in advance(right now!). We are still paying for the last hospital visit of 12 days in another state(20% costs, co-pays, deductable, etc.). I am currently making approximately $38,000 gross a year and have a medical family plan with my employer. If I retire next year I added up a pension(now receiving) from Calif- $550, PERA NM Municipal employee- $1,300 and approximately $1,300 with reduced social security a month. That is $3,150 or $37,800 a year. That all sound great, being it is about what I make working. But back to my wife's illness, I cannot rely on my job's generosity to let me take time off to get my wife a kidney transplant. This will have to be done in another state(Texas) about an 8 hour drive. Anyone knows about someone on dialysis would say traveling that far can be very tiring to her. I also feel I need to retire early because I am taking her to the treatment clinic every other day. That is also trying the patience of my employer. I guess what I am getting at is it safe to retire early, especially with all the changes batted about by the federal government. I am very worried about what the new tax plan, that is about to be passed can do to my families future well being. Like most in New Mexico I live pay check to pay check and at this time have no money saved up. This is all too scary with my wife's illness and now politicians tinkering with everything, just when I want to retire.

Jim

 

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