Happy Lay-off Day to me.

In reply to Ovid_and_Flem :

Thanks for the info.  I may reach out to you via PM.  

I will get 8 weeks salary severance and an additional amount for insurance till I get medicare all in order.  I never got my medicare card when I turned 65.  I guess I need to go sign up for part B.  I can go on my wife’s state insurance for the supplement.  

In reply to spitfirebill :

I know you're digesting a lot right now but what month did you turn 65?  Maybe in open enrollmrnt for part B Medicare.. YOU PROBABLY ARE ELIGIBLE FOR SPECIAL ENROLLMENT PERIOD FOR MEDICARE DUE TO LAYOFFIF IF YOU HAD HEALTH INSURANCE THRU YOUR EMPLOYER....THIS WILL AVOID LATE ENROLLMENT PREMIUM PENALTIES.

By all means PM me amd I'll give you my phone number so you can run your options by me if you want.  Obviously anything we might discuss will be totally confidential even if you are a pro bono client.  Lol

To quote Pogo:  "You are faced with insurmountable opportunities."  I think it will work out way better than you expect. Mine did.

In reply to Ovid_and_Flem :

I turned 65 in Sept.  My understanding is what you say.  I went down when I turned 65 and they told me I did not need to do anything at that time because I had insurance through work.  I did find out my insurance ended Friday at midnight, so I need to do something ASAP.  I’ll be there Monday morning.  I have 30 days to start COBRA and it is retroactive.  I don’t want to get caught up in no coverage due to pre-existing conditions.  

In reply to spitfirebill :

With your SEP for medicare you shouldn't have any lapse in coverage.  Medicare never has excluded preexisting conditions so you're ok there.

I know you are considering going on your wife's health insurance for the medicare supplement.  Depends on cost obviously.  I was able to obtain medicare supplment policy through united health care /AARP and it covers all deductibles 100% no out of pocket or copay for $118 per month.  Only other thing you have to consider is pharmacy insurance...i picked up a part D drug plan for less than $25 per month.

As far as your benefit payment since you are so close to 66 I would think it would be advisable just to go ahead and take it effective in May. That's only a four month reduction Which is less than  2% permanent reduction in exchange for 4 benefit checks between now and September.  Simple example using round numbers:  assume age 66 benefit is $2000 per month.  If you start getting benefit 4 months early benefit would be around $1960 per month.  So you would be "losing" $40/mo beginning  at age 66.  Considering fact you received $7840 in those 4 months 7840 ÷ 40=196÷12= 16.3 years before you're losing money.  You'll be 82 1/2.

But you're a scientist and you can do the math and see what's right for you.

Good luck

I just thought of something about my supplemental policy for Medicare. I do have a $20 copay for office visits and a $50 copay for emergency room visits. Other than that it covers everything related to outpatient or hospitalization.

In reply to spitfirebill :

So how did your first week of retirement go?

Ovid_and_Flem said:

In reply to spitfirebill :

So how did your first week of retirement go?

It has actually been freaking lovely.  I have gotten a good bit of stuff done inside and outside.  Very little stress and that comes when the two girls my wife sits for start arguing.  Two former co-workers have reached out about contract work, but I’m not sure I want to.  It would be nice to work a while and collect SS to have a nice little slush fund.  

Thanks for reaching out.  

Good to hear that it's worked out so far ,

Like others have said don't paint yourself into a corner ,  be nice to your old  work , who knows what you might need from them later.

And about 5pm , sit down on the front porch and relax , using the drive time you had before to enjoy the view :)

In reply to spitfirebill :

It only gets better

That being said one of the things that took a bit of getting used to was a check being deposited to my account each month for doing nothing.  As far as picking up some contract work, it presents some unique opportunities that inure to your benefit.  Caveat: there are a few pitfalls you need to be cognizant of. Especially if you're going to be a self employed contractor.

Were you able to get Special Enrollment Period for medicare?

In reply to Ovid_and_Flem :

I went down on Monday to sign up for Medicare A and B.  I had gone down just after my 65th birthday and the goober I talked to said I didn’t need to do anything.  The lady I talked to this time was making me an appointment to come back and apply st the end of the month.  I finally convinced her I had NO medical insurance as of my last date of employment, so she went and got someone else to sign me up then.  The second lady was extremely nice and helpful. I was able to backdate Part A coverage back to last Oct and B back to the first of April.  I need my Medicare card to sign up under my wife’s Express Scrips coverage.  Then we have to sign me up under her state insurance which will serve as my supplement.  We are waiting for a form from the state.  If necessary, I can sign up for COBRA within 30 days and be retroactively covered and use the 1500 I got from my employer for that.  Got my fingers crossed that I don’t need to do that.  

In reply to spitfirebill :

They'll get medicare card to you pretty quick.  Like in next week or so.  If you're running up against a deadline you can call SSA after next week and they can provide you with membership number that should suffice until you get Medicare card.

In reply to Ovid_and_Flem :

The lady that signed me up gave me her name and phone number.  I’ll call next week it if doesn’t come.