- This topic has 42 replies, 10 voices, and was last updated 17 years, 1 month ago by pertinazzio.
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November 1, 2007 at 1:49 PM #94280November 1, 2007 at 2:06 PM #94295zkParticipant
I’m a federal government employee, and the way it’s been explained to me is that you’re not required to choose either all the death benefit or none of it. You can choose a percentage. And as long as you choose more than 2% death benefit, the government will continue to pay its share of your (the spouse’s) health insurance premiums if your spouse (the employee) dies first.
Not sure if health insurance premiums are what you were asking about (or even if the information I gave above is 100% correct), but the spousal health insurance premium payments are an enormous benefit of federal employment and should not be passed up, especially if you can get it by only taking (and paying for) a small percentage of the death benefit.
November 1, 2007 at 2:06 PM #94333zkParticipantI’m a federal government employee, and the way it’s been explained to me is that you’re not required to choose either all the death benefit or none of it. You can choose a percentage. And as long as you choose more than 2% death benefit, the government will continue to pay its share of your (the spouse’s) health insurance premiums if your spouse (the employee) dies first.
Not sure if health insurance premiums are what you were asking about (or even if the information I gave above is 100% correct), but the spousal health insurance premium payments are an enormous benefit of federal employment and should not be passed up, especially if you can get it by only taking (and paying for) a small percentage of the death benefit.
November 1, 2007 at 2:06 PM #94340zkParticipantI’m a federal government employee, and the way it’s been explained to me is that you’re not required to choose either all the death benefit or none of it. You can choose a percentage. And as long as you choose more than 2% death benefit, the government will continue to pay its share of your (the spouse’s) health insurance premiums if your spouse (the employee) dies first.
Not sure if health insurance premiums are what you were asking about (or even if the information I gave above is 100% correct), but the spousal health insurance premium payments are an enormous benefit of federal employment and should not be passed up, especially if you can get it by only taking (and paying for) a small percentage of the death benefit.
November 1, 2007 at 2:36 PM #94313seattle-reloParticipantDoes you wife’s insurance continue after the age of 65? The cost of medicare part A and B being around 300 dollars isn’t cheap given the average quality of coverage. I don’t know what type of physical condition you are in now, but one major medical issue can be terribly expensive. Currently open heart surgery (the surgery and hospitalization alone) is roughly $140,000. I think zk makes an important point when thinking closely about not giving up your wife’s health insurnace benefit. I’ll tell you, when an unexpected medical issue comes up, it sure is nice to have good insurance and not to have to worry about paying the medical bills. I’m only 35 years old, young, healthy, exercised and ate right, and had open heart surgery 5 months ago. A sudden medical illness can show up at anytime without warning. After my experience, I will never take good health for granted and would ant the best coverage I can have. Just my two cents…
November 1, 2007 at 2:36 PM #94351seattle-reloParticipantDoes you wife’s insurance continue after the age of 65? The cost of medicare part A and B being around 300 dollars isn’t cheap given the average quality of coverage. I don’t know what type of physical condition you are in now, but one major medical issue can be terribly expensive. Currently open heart surgery (the surgery and hospitalization alone) is roughly $140,000. I think zk makes an important point when thinking closely about not giving up your wife’s health insurnace benefit. I’ll tell you, when an unexpected medical issue comes up, it sure is nice to have good insurance and not to have to worry about paying the medical bills. I’m only 35 years old, young, healthy, exercised and ate right, and had open heart surgery 5 months ago. A sudden medical illness can show up at anytime without warning. After my experience, I will never take good health for granted and would ant the best coverage I can have. Just my two cents…
November 1, 2007 at 2:36 PM #94359seattle-reloParticipantDoes you wife’s insurance continue after the age of 65? The cost of medicare part A and B being around 300 dollars isn’t cheap given the average quality of coverage. I don’t know what type of physical condition you are in now, but one major medical issue can be terribly expensive. Currently open heart surgery (the surgery and hospitalization alone) is roughly $140,000. I think zk makes an important point when thinking closely about not giving up your wife’s health insurnace benefit. I’ll tell you, when an unexpected medical issue comes up, it sure is nice to have good insurance and not to have to worry about paying the medical bills. I’m only 35 years old, young, healthy, exercised and ate right, and had open heart surgery 5 months ago. A sudden medical illness can show up at anytime without warning. After my experience, I will never take good health for granted and would ant the best coverage I can have. Just my two cents…
November 1, 2007 at 5:48 PM #94400pertinazzioParticipantOnce again, thanks for all the thoughtful comments. I will reread them all carefully. Visiting a qualified financial planner may be advisable.
Thanks again !
meis rebus ocupatus!
November 1, 2007 at 5:48 PM #94436pertinazzioParticipantOnce again, thanks for all the thoughtful comments. I will reread them all carefully. Visiting a qualified financial planner may be advisable.
Thanks again !
meis rebus ocupatus!
November 1, 2007 at 5:48 PM #94445pertinazzioParticipantOnce again, thanks for all the thoughtful comments. I will reread them all carefully. Visiting a qualified financial planner may be advisable.
Thanks again !
meis rebus ocupatus!
November 1, 2007 at 6:15 PM #94406pertinazzioParticipantbsharma wrote
but to think you will die penniless as a ward of state without her babysitting you paints you as a big loser.Maybe so … dunno a big looser who has made a lot of mistakes but even so has managed to stay at the same job for 25 years, raise three kids and put two of them through college, and acquire a nest egg somewhat shy of a million (jointly). Dying penniless and as a ward of the state was a hypothetical worst case scenario. At this point it looks like an unlikely eventuality….. but you never know because fortune is fickle and it is treacherous out there. It was precisely because of the uncertainties linked to this decision that I sought out your sage advice.
November 1, 2007 at 6:15 PM #94442pertinazzioParticipantbsharma wrote
but to think you will die penniless as a ward of state without her babysitting you paints you as a big loser.Maybe so … dunno a big looser who has made a lot of mistakes but even so has managed to stay at the same job for 25 years, raise three kids and put two of them through college, and acquire a nest egg somewhat shy of a million (jointly). Dying penniless and as a ward of the state was a hypothetical worst case scenario. At this point it looks like an unlikely eventuality….. but you never know because fortune is fickle and it is treacherous out there. It was precisely because of the uncertainties linked to this decision that I sought out your sage advice.
November 1, 2007 at 6:15 PM #94453pertinazzioParticipantbsharma wrote
but to think you will die penniless as a ward of state without her babysitting you paints you as a big loser.Maybe so … dunno a big looser who has made a lot of mistakes but even so has managed to stay at the same job for 25 years, raise three kids and put two of them through college, and acquire a nest egg somewhat shy of a million (jointly). Dying penniless and as a ward of the state was a hypothetical worst case scenario. At this point it looks like an unlikely eventuality….. but you never know because fortune is fickle and it is treacherous out there. It was precisely because of the uncertainties linked to this decision that I sought out your sage advice.
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