Medical Insurance

[JohnSoCal]

Originally Posted by chrissyG

Thanks for all the advice
I don't see the difference between getting medicare by paying the monthly premium & getting any other medical insurance, is it just that it's state(country)-owned?
I have enough unearned income so won't be in a position of having insufficient funds & wouldn't want to qualify on that basis anyway, but is there an advantage to being with the medicare scheme rather than another provider?

Sorry still confused

There is a big difference but Medicare is not an option unless you are 65 and a legal resident of the US. There are not many options for people over 65 other than straight Medicare or Medicare approved private insurance such as the Medicare Advantage plans like I have. The Medicare web site lists the private plans available in your locality. Most people who have straight Medicare also buy a Medigap policy that covers the deductibles, etc. that Medicare doesn't. The premiums are pretty cheap. My mother switched to a Medicare Advantage plan a year after having regular Medicare. She had the option to continue paying the government for Part A and B or to pay the insurance company directly which was cheaper. I handled all her financial affairs so am very familiar with it.

All private Medicare Advantage plans have to be approved by Medicare and meet their standards. They have to accept everybody that qualifies for Medicare and lives in a locality where the plan is offered. The insurance companies offering Medicare Advantage plans are paid a monthly fee ( $1000+ /month ) from the US government for each subscriber. The private companies compete with each other on service and cost. Some are very good and some are not so good. This can easily be checked out by looking at their ratings. Many of them do not charge any premiums and offer much more extensive coverage than regular Medicare. These private plans are not available in all parts of the country. They are very strong in California. There are currently 10 million subscribers to the the Medicare Advantage plans.

[Fatbrit]

Originally Posted by chrissyG

Sorry still confused

Forget the Medicare talk on this thread. If you have a 14-year-old, I'm guessing Medicare's not going to be a factor in your life for some time to come.

[JohnSoCal]

I agree that Medicare is most likely not applicable to the OP. As I said. I only mentioned it because of another post. However the discussion about Medicare has been very useful to others. I received a Private Message thanking me for the Medicare info as it affects them directly. I am a member and moderator of forums on other web sites. Most threads regarding a general topic like Healthcare go off in different directions as more people post about their questions and experiences. This is NOT a bad thing as the whole purpose is to provide information to all who want it and not just the OP.

[chrissyG]

I'll be 57 when I go so not far off retirement

[chrissyG]

but why wouldn't it be applicable? because I won't be working full-time there? - I'll be buying property to rent out & getting my private pension in 3 years time

[Fatbrit]

Originally Posted by JohnSoCal

I agree that Medicare is most likely not applicable to the OP. As I said. I only mentioned it because of another post. However the discussion about Medicare has been very useful to others. I received a Private Message thanking me for the Medicare info as it affects them directly. I am a member and moderator of forums on other web sites. Most threads regarding a general topic like Healthcare go off in different directions as more people post about their questions and experiences. This is NOT a bad thing as the whole purpose is to provide information to all who want it and not just the OP.

I have no problem with threads wandering. Sometimes I try and split them if it's possible. If not and a poster is getting confused, we'll try and tell them what to ignore.

[JohnSoCal]

Originally Posted by chrissyG

but why wouldn't it be applicable? because I won't be working full-time there? - I'll be buying property to rent out & getting my private pension in 3 years time

It may be applicable. Buying property for rental and receiving a private pension does not affect qualifying for Medicare. If your husband qualifies for Medicare than you will also qualify the same as any American when you reach 65. My wife has never worked but she receives the same benefits as I do by virtue of being my spouse.

[chrissyG]

That is very useful info, thanks a lot to everyone, things are certainly becoming clearer. Now I just need to get a good accountant to talk me through the tax structure when I'm there.

[Bevdeforges]

Originally Posted by chrissyG

That is very useful info, thanks a lot to everyone, things are certainly becoming clearer. Now I just need to get a good accountant to talk me through the tax structure when I'm there.

Here's a money-saving hint: rather than an accountant, try and find an "enrolled agent." EAs are specialists in taxation, tested and certified by the IRS. They normally are considerably less expensive to consult than accountants (CPAs), and very often are more oriented toward personal taxes and small businesses.

There are also tons and tons of books on the market about US taxes. One of the best starting points is Publication 17 from the IRS - which is basically "Everything you Ever Wanted to Know About Federal Income Taxes" and is available for free on the IRS website or from a local IRS office.

State taxes very often start from your completed Federal income tax form.
Cheers,
Bev

[chrissyG]

Originally Posted by JohnSoCal

There is a big difference but Medicare is not an option unless you are 65 and a legal resident of the US. There are not many options for people over 65 other than straight Medicare or Medicare approved private insurance such as the Medicare Advantage plans like I have. The Medicare web site lists the private plans available in your locality. Most people who have straight Medicare also buy a Medigap policy that covers the deductibles, etc. that Medicare doesn't. The premiums are pretty cheap. My mother switched to a Medicare Advantage plan a year after having regular Medicare. She had the option to continue paying the government for Part A and B or to pay the insurance company directly which was cheaper. I handled all her financial affairs so am very familiar with it.

All private Medicare Advantage plans have to be approved by Medicare and meet their standards. They have to accept everybody that qualifies for Medicare and lives in a locality where the plan is offered. The insurance companies offering Medicare Advantage plans are paid a monthly fee ( $1000+ /month ) from the US government for each subscriber. The private companies compete with each other on service and cost. Some are very good and some are not so good. This can easily be checked out by looking at their ratings. Many of them do not charge any premiums and offer much more extensive coverage than regular Medicare. These private plans are not available in all parts of the country. They are very strong in California. There are currently 10 million subscribers to the the Medicare Advantage plans.

(Silly of me but I only just saw this post.)

I find this info amazing am I right in thinking you are saying that effectively the government does cover medical costs for everyone over 65, if they can't themselves, so that there is a state medical system of sorts. Also seems like you're saying the premiums are subsidized so aren't as high as I'd assumed since I was extrapolating & thinking as I got older they would rocket up. I was assuming a starting premium of about $3/4000 a year with a deductible of about $3/4000 which might go up to about $10000 a year & I'll be very happy if this isn't the case since I'm certainly not rich.
Thanks