Medicare question

[jrfan]

I’ve been at my current job for 38 years and have been thinking about retiring. I have spoken with the retirement board and they told me my health insurance will go up from 550.00 month to 1700.00 a month when I leave( Im 57 now) I asked if that would go down once I reach 65 because of Medicare and she said no. When I was hired they did not take Medicare out of my check and I have been grandfathered in since. I am 20 credits shy of having the 40 I need to
Qualify. My question is can I buy Medicare points or will I have to work somewhere that takes out Medicare for a few years to get those points?

[Stan R]

Never heard of buying points

[M16]

How did you escape paying Medicare over the years. I contributed a couple hundred thousand and will still have to pay $500 or so a monthly when I qualify.

[mmoses]

I didn't realize you could opt out of medicare. I know you can with Social Security with approved pensions.

Public Servant?

[tvc184]

Originally Posted by jrfan

I’ve been at my current job for 38 years and have been thinking about retiring. I have spoken with the retirement board and they told me my health insurance will go up from 550.00 month to 1700.00 a month when I leave( Im 57 now) I asked if that would go down once I reach 65 because of Medicare and she said no. When I was hired they did not take Medicare out of my check and I have been grandfathered in since. I am 20 credits shy of having the 40 I need to
Qualify. My question is can I buy Medicare points or will I have to work somewhere that takes out Medicare for a few years to get those points?

You got me curious so I looked it up. I saw nothing allows you to buy points, you can only earn them while working. You can earn up to four points a year or one point each quarter where you earn about $1,500. With less than 30 points, Medicare is currently $471 a month (which is Part A or hospitalization), if 30 but less than 40 it is $259.

HOWEVER……..

I found a two different websites that said if you’re married for at least a year and your spouse is at least 62 years old and has enough credits, you qualify. It also gave other options such as being a widow, under some circumstances being divorce, etc.

Married? Spouse works and has earned enough credits and Social Security eligible (at least 62)…. from what I read you qualify automatically.

[Bluesman]

Call a Social Security office and schedule an appointment to discuss that $ and point issue.
I've never heard of not paying in to Medicare while employed. It's no skin off your employers back to do so.

[jrfan]

My employer has a pension plan that I’ve paid into for 38 years. They do take Medicare out on employees now but say I was grandfathered in when I started and have not had it deducted. I work for the City of Dallas.

[Walker]

Originally Posted by jrfan

My employer has a pension plan that I’ve paid into for 38 years. They do take Medicare out on employees now but say I was grandfathered in when I started and have not had it deducted. I work for the City of Dallas.

I was in your situation with SAFD but I saw the problem coming. My retiree medical required I buy Medicare part "B" so I got a part time job for my last 5 years of employment. Got just enough contributions to qualify. My Medicare is paid for and part "B" is mostly paid for. Because of my pension I am limited to SS payments of around $260/month and after paying part be I get a grand total of $11/month.

[Arrowsmith]

I don't know anything about buying points.

My wife and I pay per month:

Original Medicare part A = 0
Original Medicare part B = $170.10
Original Medicare Plan G = $112.00 which covers all charges not covered by part B after the $233.00 deductible is met.
Original Medicare part D Prescription Drug Plan = $10.60

It has been awesome coverage.

My wife has had a knee replacement and surgery on her wrist. We have had colonoscopies. I have had 3 MRIs and 2 biopsies that required day surgeries plus a lot of specialty Dr. visits.

Sent from my SM-G965U using Tapatalk

[dustoffer]

Only folks that can opt out that I am aware of are clergy--

[Shane]

Are you married? Has your wife paid Medicare taxes for at least 10 years?

[tvc184]

Originally Posted by Shane

Are you married? Has your wife paid Medicare taxes for at least 10 years?

I said that in post #5 from my awesome Google abilities…..

[Shane]

Originally Posted by tvc184

I said that in post #5 from my awesome Google abilities…..

Great minds....

[jrfan]

Yes married. Spouse has always been a house wife staying home and taking care of the kids and house stuff. I spoke to a tax expert today and she said I can file an amended tax return on my side business for three years back. I would just pay the Medicare tax on those 3 years and that would get me 12 of the 23 points I need.