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Federal Retirees


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VAer1  
#1 Posted : Tuesday, June 2, 2020 8:08:32 AM(UTC)
VAer1

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I am way before retirement, the purpose of question is financial planning for retirement. I would like to know: for general healthy people, how much money is needed (per year, assuming current year 2020 dollar) for somewhat comfortable life. For example, if I am a retiree in 2020, $30k per year month basically can cover all family cost (property tax, home insurance, car insurance, food, vacation, all other bills), BUT except health related cost.

For non health related costs(living, food, clothes, vacation, etc), it is more predictable. But for medical cost (premium and others), it is always a big concern. I also know it is case by case, so this post is also kinda about survey.

1. Do you still enroll in FEHB program after retirement (even if you are in Medicare)?
2. When you retire, can FEHB family plan still cover family member (spouse only)? Or FEHB can only be used for federal retiree? When federal retiree pass away, can spouse continue to enroll in FEHB?
3. How much do you spend on health plan premium and all other health related costs (such as copayment, doctor visit, etc)? I would assume I will be healthy, no big surgery, no nursing care.

Thanks.

Edited by user Tuesday, June 2, 2020 8:11:26 AM(UTC)  | Reason: Not specified

OUtside  
#2 Posted : Sunday, June 14, 2020 1:29:20 PM(UTC)

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1. It's generally agreed FEHB is excellent insurance and should be continued by retiree. At age 65, add Medicare Part A (basically in hospital care) and consider Part B (medical) whereupon FEHB generally becomes secondary. There are many discussion threads on this subject in the Medicare and Healthcare forum on this web site, which would help you understand the subject further.

2. As a retiree who was enrolled in FEHB prior to retirement for 5 years (I think it is), you would be eligible to continue in FEHB as appropriate Self only, Self + 1, or Family, depending on your specific situation as to these categories. If you pass away, your spouse would continue his/her enrollment in FEHB, note that if you are retired and cancel FEHB, the rules are you would not be eligible to return to FEHB.

3. Checkbook.org publishes an annual Open Season Guide for nominal cost (some agencies also provide it for their employees) which has extensive info on these subjects as well as out of pocket cost estimates for health care expenses for the various FEHB plans, including sorts by minor, average and high health care expenses (premium + copays)-- well worth the small fee subscription for employees and retirees as well.
HoosierDaddy  
#3 Posted : Sunday, June 14, 2020 3:18:20 PM(UTC)

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To clarify the answer to number 2 above if you pass away your spouse can continue on the FEHB plan only if they are eligible to receive a survivors annuity.
You can't fix stupid, but you can vote it out.
EngineerJim  
#4 Posted : Thursday, June 25, 2020 9:00:53 AM(UTC)
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Originally Posted by: VAer1 Go to Quoted Post
I am way before retirement, the purpose of question is financial planning for retirement. I would like to know: for general healthy people, how much money is needed (per year, assuming current year 2020 dollar) for somewhat comfortable life.

Tough to come up with a number. But in the short term (few years), it will be the same as you are spending before retirement. You pay the same FEHB premium (only monthly instead of biweekly).
Quote:
1. Do you still enroll in FEHB program after retirement (even if you are in Medicare)?

I recommended it. Read more about it to decide.

The one thing I will add is this. Plan a big chunk of money (TSP, IRA, etc) for high medical expenses later in life. No insurance, medicare, etc covers everything. Long term care (even 6-12 months if needed) is expensive.

VAer1  
#5 Posted : Thursday, June 25, 2020 9:06:09 AM(UTC)
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Originally Posted by: VAer1 Go to Quoted Post
Plan a big chunk of money (TSP, IRA, etc) for high medical expenses later in life.




Actually this concerns me most, it seems whatever amount is not enough.

Edited by user Thursday, June 25, 2020 9:43:42 AM(UTC)  | Reason: Not specified

OUtside  
#6 Posted : Friday, June 26, 2020 5:10:56 AM(UTC)

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In my suggestion above to read Checkbook regarding out of pocket expenses for healthcare premiums and copays, I should have mentioned their estimates include maximum (worst-case) estimates so long as the care is within the coverages of the plan, for example, wouldn't include long-term care but would include inhospital care-- IMHO, best source for trying to understand the questions you are concerned about.
Tanker1497  
#7 Posted : Tuesday, June 30, 2020 4:12:12 AM(UTC)

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This is really a simple budgeting exersise. You leave lots of questions that can bite you in the butt. Are you a Postal worker cause your FEHB goes up to that of a FED. Are you taken the survivor benifit? Are you more thasn 5 years older than spouse? To answer one of your questions is 30k going to cut it I say not usless your living in the woods! I have 23k in just the normal day to day bills taxes drugs and and doctors, thats before eating. My three retirements pensions are around 47k before my tsp account if I took 24k a year it would last 30 years with 0% interest bring total to retirement to 70k. Then my wife has hers 2 goverment retirements! You need to crunch numbers! All this should be a question at the begining of your employement! Hope this is the case?
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