For those in the know....

How does it work if you have company paid insurance but reach Medicaid/Medicare age? Which I believe is 65 correct?

In other words, some of you may have worked for large corporations or govt agencies that offered health benefits into retirement. Do they work in unison with each other or does one become redundant and/or unnecessary?

I used the company health insurance. In retrospect, I should have taken Medicare and kept the money my exorbitant insurance premiums cost me.

I'm heading into this myself. I actually got a letter from my company letting me know that they know that I am approaching Medicare age. By law I think, everyone has to register for Medicare within a 1 year window of age 65. Something like that. My portion of healthcare through my company is cheap, my wifes not so much. Kingwood has sparked some thought in me. I don't think you are actually eligible to receive any claim though until you are 65. I'm listening...

Someone told me that Medicare becomes primary and your companies secondary.

This is correct and what we were just told.

You will be given part A free at retirement. You must sign up for part b and part d. There is no requirement you do so. However, be warned the ssa will require when you eventually sign up you will have to prove to them you had �viable� coverage for the period you where not paying for part b. It�s a specific form your employer has to fill out. Check on Medicare advantage plans. Believe me I know.

If you are my age.... 55 ... you are on your own when you retire. Luckily I have a pension and a 401K worth $2M and you can tap into at 59 tax free if you aren't working.

How do you tap into a 401K tax free at any age. I'm interested in this approach.

Only if it is Roth IRA. At 591/2 you can withdraw without penalty(10%) but it is taxed a ordinary income. I also would like to know if there is a tax free way short of living below the poverty level.

Sign up for Medicare at the earliest opportunity. Shop around for a Medicare supplement policy. They pay for most of what Medicare does not cover. You got to have the supplement. You will never regret it if you get sick. My hospital stays average $6000 per day, a ride in an ambulance starts at $1000. This does not count on doctors an lab fees. Supplemental policies cover all that.

You can withdraw any monies you have put into a 401k as long as you paid tax on it when you out it in.

Any money you contributed.

There are now three parts to Medicare Part A, Part B and Part D. Once you turn 65 you should be enrolled in to Medicare Part A automatically and you have to sign up for Medicare Part B & D. If you do not sign up for Part B when you are first eligible you may have to pay a late enrollment penalty for as long as you have Part B. Your monthly premium for Part B may go up 10% for each full 12-month period that you could've had Part B, but didn't sign up for it.

Medicare will be your primary insurance and any insurance your employer gives you or you buy in the open market will be secondary.

Medicare Part A is for in hospital only so this is for when you are an inpatient in a hospital.

Medicare Part B is for out patient care such as Dr visits

Medicare Part D is for prescription coverage.

I'm listening, but how will the Medicare people know when I am retired. I will just tell my company adios and will probably be a little over 65. I heard boogey man stories that you are supposed to sign up for Medicare and there is a penalty if you do not. Seems like there has to be some trigger to tell the Medicare people, "Hey Bob is on Medicare now send him a card". Perhaps it is the b and d supplemental that is a must to have? I dunno, I cornfused.

Do tell. What do you mean you are on your own when you retire? I think that stands to reason.

Oh they know. You will get a part A card in the mail. If you don�t want to you don�t have to ever sign up for the rest. The penalty is on the part �B� if you don�t sign up at 65. Part �A� is no charge. You pay for �B�and �D�. Medicare is managed through social security that�s how they know. The premiums are paid by a deduction from you SS check when you start drawing it.