A Medicare Part B decision must be made once someone has retired from federal service and they are approaching that age of 65. That initial enrollment period, that seven-month window, that’s when the decision is made. It is possible for someone to enroll in these programs after the age of 65.
Full Answer
How much does BCBS reimburse for Medicare Part B?
The Blue Cross and Blue Shield Service Benefit Plan is the number one choice of federal retirees in the Federal Employees Health Benefits Program. For nearly 60 years, we’ve been covering federal employees and retirees. MEDICARE AND BLUE WHEN YOU RETIRE, YOUR SERVICE BENEFIT PLAN COVERAGE DOESN’T CHANGE. • You can select from one of our
How long do you have to sign up for Medicare Part B?
Apr 04, 2022 · The FEHB provides comprehensive health insurance to federal retirees and their spouses. If you qualify for FEHB as a retiree, optional Medicare coverage can lower your out-of-pocket costs, but you’ll have to pay a premium for this extra coverage (Medicare Part A will likely be premium-free, but Medicare Part B will have a monthly premium ...
When should you make a Medicare Part B decision?
Nov 09, 2021 · FEHB is available to active employees and certain FERS/CSRS retirees. To keep your FEHB in retirement, you’ll need to meet two conditions: Enrolled in FEHB for the last 5 years, including your last day. Medicare is available when you turn 65 years old. Your window for applying starts 3 months before your 65 th birthday month and ends 3 months ...
What is BCBS basic option for health insurance?
Jan 17, 2019 · Larry is enrolled in FEHB and will be throughout his retirement. Larry needs to enroll in Medicare Parts A and B between April 1, 2019 and Oct. 31, 2019 in order to avoid paying a late enrollment penalty for Part B. Example 2. Fran, age 66, is a federal employee and intends to retire from federal service on Dec. 31, 2019 at the age of 67.
Can I keep FEHB with Medicare?
The answer: yes! FEHB coverage is comparable to Medicare coverage. Therefore, beneficiaries in the federal program may delay joining a Part D plan; likewise, they're exempt from any Part D late enrollment penalties. The federal employee plans often include prescription drug benefits, although drug coverage may vary.Nov 14, 2019
Is Fepblue the same as BCBS?
For 60 years, the Blue Cross and Blue Shield Service Benefit Plan, also known as the Federal Employee Program—or simply FEP—has provided health insurance to the federal employee workforce. We are proud to have been part of the Federal Employees Health Benefits (FEHB) Program since its inception in 1960.
Can I keep my FEHB when I retire?
Yes, you can keep your existing health benefits coverage if you meet all of the following conditions: You're enrolled in health care insurance under a federal plan when you retire.
Is Medicare Part B worth the cost for federal retirees?
Overall, we see far less expense for retirees in BCBS Basic compared to BCBS Standard, and with Basic there is an additional benefit of a partial Part B premium reimbursement. Medicare Advantage Eligibility—By joining Part B, federal retirees gain access to Medicare Advantage (MA) plans offered by a few FEHB carriers.Nov 14, 2021
Which is better BCBS standard or basic?
Basic Option provides coverage for preventive dental care services only, while Standard Option provides coverage for preventive dental care and some other non-routine services.
Does Fepblue cover Silver Sneakers?
As a Blue Cross Blue Shield member, your health plan may already include SilverSneakers program membership as an added benefit. That means free gym access to multiple SilverSneakers fitness locations and exercise classes led by certified instructors who know how to help seniors stay fit.
Does Medicare coverage start the month you turn 65?
For most people, Medicare coverage starts the first day of the month you turn 65. Some people delay enrollment and remain on an employer plan. Others may take premium-free Part A and delay Part B. If someone is on Social Security Disability for 24 months, they qualify for Medicare.
How do you retire from the federal government?
Use form SF 3107, FERS Application for Immediate Retirement, to apply for immediate retirement. You can obtain the form from your employing agency. Submit the completed application to your employing agency. Give your agency at least 60 days notice before the date you intend to retire.
How do I estimate my FERS retirement?
FERS annuities are based on high-3 average pay. Generally, the benefit is calculated as 1 percent of high-3 average pay multiplied by years of creditable service. For those retiring at age 62 or later with at least 20 years of service, a factor of 1.1 percent is used rather than 1 percent.
What happens to my FEHB when I turn 65?
Your FEHB coverage will continue whether or not you enroll in Medicare. If you can get premium-free Part A coverage, we advise you to enroll in it. Most Federal employees and annuitants are entitled to Medicare Part A at age 65 without cost.
What is the Medicare Part B deductible for 2021?
$203 inMedicare Part B Premiums/Deductibles The standard monthly premium for Medicare Part B enrollees will be $148.50 for 2021, an increase of $3.90 from $144.60 in 2020. The annual deductible for all Medicare Part B beneficiaries is $203 in 2021, an increase of $5 from the annual deductible of $198 in 2020.Nov 6, 2020
What are Medicare premiums for 2021?
The Centers for Medicare & Medicaid Services (CMS) has announced that the standard monthly Part B premium will be $148.50 in 2021, an increase of $3.90 from $144.60 in 2020.
What is the Federal Employee Health Benefits Program (FEHB)?
The FEHB provides comprehensive health insurance to federal retirees and their spouses. If you qualify for FEHB as a retiree, optional Medicare cov...
Are Medicare rules different if I have FEHB coverage?
Most people who have retiree coverage must enroll in Medicare Part A and Part B when first eligible. If they don’t enroll, their retiree plan may p...
Will FEHB be my primary coverage? or Medicare?
If you have FEHB and do enroll in Medicare, then Medicare will be your primary coverage and your FEHB plan will pay after Medicare does. Having Med...
If I'm in the FEHB, should I enroll in Part A?
Most people don’t have to pay a premium for Part A. When combined with FEHB coverage, having Part A would limit your out-of-pocket costs for the ex...
Should I enroll in Part B if I have FEHB coverage?
Deciding whether to enroll in Part B is complicated. And unlike Medicare Part A, all enrollees pay a premium for Medicare Part B ($144.60/month in...
Will I pay less for FEHB premiums if I enroll in Medicare?
FEHB premiums are not reduced if you enroll in Medicare, but having Medicare Part A and B can allow you to switch to a less expensive version of yo...
When should I change my FEHB coverage?
You may want to make changes to your FEHB coverage when you are nearing Medicare eligibility, and will have the option to do this starting 30 days...
Should I suspend my FEHB cover to enroll in other coverage?
You can suspend your enrollment in FEHB to enroll in Medicare Advantage or other eligible coverage by contacting your agency’s retirement system, a...
What happens if I decline FEHB coverage?
If you decline FEHB coverage, you would give up the subsidy the government pays toward it, which ranges from a low of about $350 for self-only cove...
Should I enroll in Medicare Part D if I have FEHB coverage?
You generally don’t have to sign up for a Part D plan if you are covered through FEHB. The prescription coverage through your FEHB plan may have fe...
How much does Medicare reimburse for a B plan?
Each member of a Basic Option plan who has Medicare Part A and Part B can get reimbursed up to $800 per year for paying their Medicare Part B premiums.
How does Medicare work with service benefit plan?
Combine your coverage to get more. Together, the Service Benefit Plan and Medicare can protect you from the high cost of medical care . Medicare works best with our coverage when Medicare Part A and Part B are your primary coverage. That means Medicare pays for your service first, and then we pay our portion.
What is Medicare for seniors?
What's Medicare? Medicare is a federal health insurance program for people age 65 or older, people under 65 who have certain disabilities and people of any age who have End-Stage Renal Disease. It has four parts that cover different healthcare services.
When is the deadline to apply for Medicare Part B?
A copy of your bank statement. You will also need to submit your Medicare Part B premium bill that matches the amount you paid. The deadline to apply is December 31 of the following benefit year.
What is Medicare Part B?
You pay for Medicare Part B. This is additional coverage beyond the Medicare Part A that Americans over age 65 automatically receive. Note that your spouse is also eligible for their own reimbursement of up to $800 if they also meet these requirements.
Who is eligible for the $800?
Who Is Eligible for the Reimbursement? To be eligible for the $800, you need to meet the following requirements: You are a current or retired federal employee. You have the BCBS Basic Option for health insurance. Standard Option and FEP Blue Focus members are not eligible. You pay for Medicare Part B.
How long before you can change your FEHB coverage?
You may want to make changes to your FEHB coverage when you are nearing Medicare eligibility, and will have the option to do this starting 30 days before you qualify for Medicare. Changes can only be made once during this window. You can also wait until FEHB Open Season to change your coverage. Back to top.
What happens if you don't enroll in Medicare?
As a federal retiree, if you don’t enroll in Medicare, your FEHB plan will act as your primary insurer and won’t pay less because you qualify for Medicare.
What is FEHB insurance?
The FEHB provides comprehensive health insurance to federal retirees and their spouses. If you qualify for FEHB as a retiree, optional Medicare coverage can lower your out-of-pocket costs, but you’ll have to pay a premium for this extra coverage. Back to top.
Is FEHB more generous than Medicare?
Although FEHB coverage can be more generous overall than Medicare Advantage or Original Medicare, having additional coverage may not be helpful if you can’t afford its premiums. If you qualify for the Medicare Savings Program (MSP) or Medicaid, you may find your healthcare costs are lower overall if you don’t use FEHB.
Can you suspend your Medicare Advantage plan?
You can suspend your enrollment in FEHB to enroll in Medicare Advantage or other eligible coverage by contacting your agency’s retirement system, and providing them documentation that you enrolled . If you do this , you’ll be allowed to leave your Medicare Advantage plan and return to FEHB.
Is FEHB covered by Medicare?
While FEHB plans cover most of the same types of expenses that Medicare covers, FEHB plans’ coverage may be more limited than Medicare Part B when it comes to orthopedic and prosthetic devices , durable medical equipment, home healthcare, medical supplies, and chiropractic care.
Can you pay Medicare excess?
Some states don’t allow excess Medicare charges. If you live in one of these states – or you see a doctor in any state that accepts Medicare’s rate as full payment – you’d only have to pay the difference between what Medicare and your FEHB plan pay and Medicare’s rate.
Am I required to enroll in Medicare in retirement if I have FEHB?
Yes and no. Medicare is comprised of four parts: A, B, C, and D. Part A does not cost you extra when you enroll as you’ve likely had Medicare deductions on your paychecks throughout your career. Part A is your hospital coverage, and you have to enroll in it when eligible.
Why should I consider enrolling in Medicare?
When you turn 65 and are retired, many health insurance carriers assume that you’ll be on Medicare Part B. In turn, many people experience slight changes in their health insurance coverage as time goes on, even with FEHB.
Other considerations
When you plan on making changes to your health coverage, whether it’s within FEHB plans or the FEHB + Medicare combination, it’s important that you talk to the doctors from whom you regularly receive service, before making changes to your health insurance.
About the Author
Thiago Glieger, AIF ®, ChFEBC℠ is a Director and advisor at RMG Advisors, a premier private wealth management firm in the Washington, DC metro area. As fiduciaries, he and his team have served federal employees for over 40 years by helping them grow, manage, and protect their wealth.
How long do you have to work to qualify for Medicare Part A?
Federal employees are eligible for Part A if they, or their spouse, worked in a Medicare Part A-covered employment for at least 10 years (40 credits), are 65 years or older, and are a citizen or permanent resident of the U.S. If an individual is eligible for Medicare Part A, then the individual and the individual’s spouse is automatically eligible ...
When is Medicare open season?
As long as the individual has FEHB coverage, they may enroll in a Medicare prescription drug plan from during the Medicare Part D “open season” (October 15 to December 7 of each year) at the regular monthly premium rate.
How long does it take to change a FEHB plan?
Since enrolling in Medicare is considered a “life event”, an annuitant or employee can change his or her FEHB plan to any available plan or option at any time beginning 30 days before becoming eligible for Medicare and ending 30 days after the day the individual becomes eligible for Medicare.
What to do before retiring from federal health insurance?
Prior to retiring, federal employees should contact the benefits administrator or their FEHB insurer for information about their FEHB prescription coverage before making any changes. It is important to note that FEHB prescription drug coverage is an integral part of a federal employee’s total health benefits package.
When does a FEHB plan pay?
A FEHB plan must pay first when an individual is an active federal employee or rehired annuitant. When an individual is an annuitant and is enrolled in Medicare Parts A and B and in a FEHB plan, then Medicare is primary coverage and the FEHB is secondary coverage or Medicare supplement.
How much is Medicare Part B deductible?
The annual deductible for all Medicare Part B beneficiaries is $185 in 2019, an increase of $2 from the annual deductible $183 in 2018. Since 2007, a beneficiary’s Part B monthly premium is based on his or her MAGI.
How many Medicare beneficiaries will pay less than the full Medicare premium?
An estimated 2 million Medicare beneficiaries will pay less than the full Part B standard monthly premium amount in 2019 due to the statutory “hold harmless provision”, which limits certain beneficiaries’ increase in their Part B premium to be no greater than the increase in their Social Security benefits.
When do you have to enroll in Medicare Part B?
You’re expected to enroll in Medicare Part B when you turn 65 if you are retired. If you do not enroll at age 65, you will be penalized if you try to enroll later. You should know that while you can continue your FEHB benefits for life, your FEHB insurance company expects you to enroll in Medicare Part B.
How long can you keep health insurance after retirement?
OPM states that federal employees can keep their health insurance after retirement as long as you meet the following conditions: You retire on an immediate annuity or postponed retirement if you have reached your minimum retirement age and have 10 years of service.
How long do you have to be in FEHB before retiring?
In addition to MRA+10 you also must have participated in the FEHB for the 5 years prior to your retirement. If you retire with less than 5 years of service in the federal government, you may still be eligible to continue your FEHB if you were enrolled in FEHB for your whole government career.
How many years of service do you need to be a FEHB?
However, FEHB is governed by the “MRA+10 rule”. In general, you need to be at your MRA and have 10 years of service to be eligible. Note: you may be able to get a waiver in certain instances, please check the OPM guidance.
Does FEHB cover prescription drugs?
However, you may want to double check that your FEHB plan does cover the prescription drugs you need before declining Medicare Part D. If you decide you want Medicare Part D, you can add Medicare Part D during a future open enrollment period but may face a penalty in the form of an increased premium.
Does FEHB cover long term care?
Long term care. One final note Brian wanted me to share is that neither FEHB nor Medicare cover long-term care and are not a substitute for long term care insurance. While Medicaid may pay for nursing home care, that you’re not eligible for Medicaid until you have depleted all of your assets.
How many bankruptcies are caused by medical bills?
Almost 2/3rds of bankruptcies in the United States were caused by medical bills. Health insurance is not just insuring your health; it insures your wealth. Even after the passage of the Affordable Care Act, most people in the US receive their health care through their employer.
When is Medicare Part B decision made?
A Medicare Part B decision must be made once someone has retired from federal service and they are approaching that age of 65.
What is the Medicare Part B premium for 2021?
In 2021, the Part B premium is up to $149 per month per person.
What to consider when taking Medicare at 65?
There’s a lot to think about with respect to Medicare and your FEHB plan. The first consideration is your health, both today and in the future. Sometimes at 65, your health looks pretty good and so it might dissuade you from taking on another type of insurance (and another bill). You really want to consider how your health may look over the remainder of your lifetime. Since we’re living longer, we have a greater chance of needing more health care services as our health naturally deteriorates.
What is Medicare Part C?
Part C is an HMO-style program. It’s also called Medicare Advantage. These plans often have networks, which means you must see certain providers and go to certain hospitals in the plan’s network to get care. People who are enrolled in Medicare Part C must also be enrolled in Medicare Parts A and B.
What are the parts of Medicare?
The main parts of the Medicare program are Parts A, B, C and D . Medicare Part A is hospital insurance. It covers things like inpatient hospital care, skilled nursing facilities, hospice care, lab tests, surgery, home health care on a limited basis, so kind of the hospital coverage that you’ve known to expect.
How many months before your 65th birthday?
It’s essentially the seven months surrounding your 65th birthday, so it’s the three months prior to the month you turn 65, the month you turn 65, and the three months after the month you turn 65. That’s the window that this decision is typically made.
Do you need Medicare Part D if you have FEHB?
Federal workers who have FEHB will not need Medicare Part D because prescription drugs are already included in their FEHB coverage.
Can you compare Medicare to FEHB?
Once you know the cost of your Medicare solution, you at least can compare it with your current coverage and costs. Once you retire, you can see if the coverage and price of your FEHB policy changes as a retiree. I don’t think it should, but hey, there’s almost nothing about health insurance these days that doesn’t change.
Does FEHB cover Medicare Advantage?
Phil Moeller: According to an FEHB spokesman, the answer is “Yes, but. . . .”. In other words, the FEHB plans do provide secondary coverage to what a Medicare Advantage plan does not cover or does not cover at 100 percent of the cost.
The Bcbs Medical Reimbursement For Medicare Part B Premiums
- As a federal employee, you enjoy some amazing benefits — and one of the biggest is your healthcare plan. Fortunately, these benefits continue into your retirement and can make enjoying good health insurance affordable. Blue Cross Blue Shieldoffers the most popular plan for retired federal employees, and it’s easy to see why. If you have the BCBS Basic plan through the Federa…
Who Is Eligible For The Reimbursement?
- To be eligible for the $800, you need to meet the following requirements: 1. You are a current or retired federal employee. 2. You have the BCBS Basic Optionfor health insurance. Standard Option and FEP Blue Focus members are not eligible. 3. You pay for Medicare Part B. This is additional coverage beyond the Medicare Part A that Americans over age 65 automatically receive. Note th…
How Do I Apply?
- BCBS offers a streamlined application processthat makes it easy to take advantage of this benefit. There are four ways to apply: 1. Online at fepblue.org/mra 2. Via the EZ Receipts app, available at the App Store or Google Play 3. By fax at 877-353-9236 4. By mail at P.O. Box 14053, Lexington, KY 40512 Applying online or with the app will get you the fastest results, often within …
What’s Next?
- Once you receive your reimbursement, all that’s left to do is figure out how to spend it — or how to save it. You can also check out our blogfor more great information and advice to help federal employees make the most of their retirement savings.