Newsflash to TFL at age 65. You MUST take Medicare Part B or you lose your TF”L”. Three things happen to your TFL at age 65, all three fairly significant:
1. Effective your 65th Birthday, you will no longer be seen by a PCP on base. You can continue to use emergency services at military hospitals however all of your health, clinic care providers will be on the market (Medicare providers). You can still fill your prescriptions on base so you won’t need Medicare Part D plan.
2. When you elect Medicare Part B (required or you lose TFL), Medicare becomes your primary insurance and Tricare becomes your wraparound coverage for anything Medicare doesn’t cover (still a good deal, sorta).
3. The standard Part B premium amount in 2022 is $170.10, so yeah you now start paying. In addition to the “standard cost” of $170.10, Social Security takes your PREVIOUS two tax returns (from the IRS) and, depending on your income from those two PREVIOUS years, you pay an additional amount of premium added to your monthly Medicare cost. The “holy grail” TFL just got tarnished.
Personal experience: my “forever” TFL deduction of $50/mo for family coverage, has just turned into $544/mo for Medicare coverage for JUST ME at 65. But gee, I get to keep my TFL, which gets me prescriptions, SAAMC, VA, options still available.
BLUF: for those of you chasing that airline final hi 2-3 yrs, at age 65 your MEDICARE premiums will be determined on your “previous” two years AGI “If your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you'll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium.”
Thank your local politicians if you agree with this law- bastardz…
jus sayin~
https://www.medicare.gov/your-medicare-costs/part-b-costs