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The individual can scarcely be blamed for external events. However, the individual must be prepared to alter previous plans to insure decent health care. If someone figured that the government would always take care of him and allocated funds with that in mind he just might need to return to the workplace or not retire if he's still working.
If we have a situation develop in which only present and retired federal employees have health care both free and good the government will soon realize that that's not the best way to get votes. There are twenty-two million federal employees plus retirees. Saving only 2k per year each would result in significant savings as well as make taxpayers very happy. Even a former fedral government bigshot can learn to chant, "Welcome to Walmart."
Well the problem is that no one acknowledges the problem until it is on your doorstep. There is this thing called transition over time which corporations have used regarding pensions, 401Ks and healthcare.
And medicare WAS touted as healthcare for 65 and above. You work for 30 years believing that. Now people say don't believe it and plan to financially exist on your own with your own money ?
That might work to tell a 20 year old but not a 59 year old.
And medicare WAS touted as healthcare for 65 and above. You work for 30 years believing that. Now people say don't believe it and plan to financially exist on your own with your own money?
Medicare cuts are taking place right now. This is fact, not fear-mongering. You need to either have other means to pay for those lost services or go without.
Quote:
Originally Posted by HappyTexan
That might work to tell a 20 year old but not a 59 year old.
What's the 59 year old going to do? Wait for his fairy godmother to come to the rescue?
The whole thing is a big stinking mess. But we can't make it go away. When the money's gone it's gone.
Medicare cuts are taking place right now. This is fact, not fear-mongering. You need to either have other means to pay for those lost services or go without.
What's the 59 year old going to do? Wait for his fairy godmother to come to the rescue?
The whole thing is a big stinking mess. But we can't make it go away. When the money's gone it's gone.
I totally realize that.
Those who are 65 today, who have planned, now may have to make other decisions which they may or may not be able to afford.
Those who are younger have years to adjust their planning.
Who would have thought to plan for an extra several thousand dollars just to buy access to your doctor like a country club membership ?
If we have a situation develop in which only present and retired federal employees have health care both free and good the government will soon realize that that's not the best way to get votes. There are twenty-two million federal employees plus retirees. Saving only 2k per year each would result in significant savings as well as make taxpayers very happy. Even a former fedral government bigshot can learn to chant, "Welcome to Walmart."
WTF are you smoking? Do you live in some sort of alternative reality in your bunker in Wyoming? Free health care?? Twenty-two million employees and retirees???
So if you add all the federal civilian employees and retirees together, you get less than 5 million. So I guess you were close; after all, you were only off by about a factor of 5. That's pretty good for you.
And your gross exaggeration of the numbers above is only superceded by your hilariously inaccurate statement that federal employees and annuitants get free health care. I pay $430/month for my Blue Cross coverage. That's $5,160 per year since you seem to have trouble with numbers. And that doesn't include the additional amounts for copays and deductibles which can run several thousand dollars more each year.
Do you have any other wildly inaccurate anecdotes to amuse us with today?
Fidelity Investments® Estimates Health Care Costs for Couples Retiring in 2011 Will Drop to $230k in One-Time Reduction
03/31/11
8% Decline From $250K in 2010 Due to Recent Changes in Medicare; Medical Expenses Are Expected to Increase in the Future BOSTON – Fidelity Investments® (“Fidelity”), a leading provider of employer benefits, today announced the first-ever decline of its annual estimate of future health care costs for retired couples. Fidelity® estimates a 65-year-old couple retiring this year will need $230,0001 to pay for medical expenses throughout retirement, not including nursing-home care. This represents an 8 percent decline from last year, when the estimate was $250,000.
The annual health care costs estimate, now in its 10th year, is calculated by Fidelity’s Benefits Consulting business, which helps employers assess and design their workplace benefits programs. Until this year, the estimate has increased an average of 6 percent annually since the initial calculation of $160,000 in 2002.
The $20,000 decline in the estimate from last year was driven by Medicare changes contained in the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act, both signed into law in 2010. These changes, which reduced out-of -pocket expenses for prescription drugs for many seniors, resulted in the reduced estimate.
“While the savings generated through the health care reform laws is a welcome relief to many seniors, it should be considered a one-time adjustment, at least for the time being,” said Brad Kimler, executive vice president of Fidelity’s Benefits Consulting business. “Today’s workers still face the prospect of significant medical expenses in retirement and must begin to include those costs in their retirement plan strategies.
“Looking forward over the next few years, Americans should expect health care expenses to continue to increase annually due to a number of factors including higher costs for medical services, the introduction of new technology and an increased utilization of health care services like diagnostic testing,” Kimler added.
•Expect a long life. A 65-year-old man today has a 17-year life expectancy. A 65 year-old-woman has an average life expectancy of more than 19 years. That means half of today's 65-year-olds will live past 82 (men) or 84 (women). Your retirement savings need to be large enough to potentially support you for a very long time.
•Anticipate high out-of-pocket medical costs. At age 65 you are eligible for Medicare, but the government program does not cover all your expenses. The Employee Benefits Research Institute (EBRI) estimates that a 65-year-old couple in 2019 that does not have any employer-provided health benefits will need about $450,000 to have a 50% chance of funding health care expenses not covered by Medicare. Even with employer benefits, there is a 50% chance that out-of-pocket expenses will reach $268,000.
This may be artificially high but the warnings are there. This could be a cash reserve or out of pocket budget allowances or excess monthly/annual cash flow. Yes it sounds and is imposing. Per this thread $3,000 a year for years is 90K each or 180K per couple which is within the estimate plus other costs easily gets in the multiple hundreds of thousands. Yes we are facing an elderly crisis in the country.
i just got a phone call today from my doctor's office (been with him for over 20 years) letting me know that he is going into "private internal medicine". And if I want to stay with him, it would be $3k(I assume that is per year), for that I would get 24/7 access....I burst out laughing. I guess this is the new wave in medicine (it happened to my 82 year old neighbor too). Looks like they just want to take care of wealthy sick people...not us middle class folks.
Looks like I'll be going on Medicare this year for sure...hope I can find a doctor who will take me...what a nightmare.
Heck, that could be a bargain. My wife is on medicare and many doctors want no part of it. I pay for her doctor out of pocket at 300 bucks per visit once per month. Her medicare helps pay for the meds, until that donut hole hits.
Heck, that could be a bargain. My wife is on medicare and many doctors want no part of it. I pay for her doctor out of pocket at 300 bucks per visit once per month. Her medicare helps pay for the meds, until that donut hole hits.
HMO's and University health care systems are a savior for many. That is why the $3,000 annual fee may enable doctors to take Medicare as that will cushion the difference.
This may be artificially high but the warnings are there. This could be a cash reserve or out of pocket budget allowances or excess monthly/annual cash flow. Yes it sounds and is imposing. Per this thread $3,000 a year for years is 90K each or 180K per couple which is within the estimate plus other costs easily gets in the multiple hundreds of thousands. Yes we are facing an elderly crisis in the country.
And year after year after year the government came back and said "there's enough money". Do you recall that ?
And year after year after year the government came back and said "there's enough money". Do you recall that ?
Not really because I have been reading Medicare was in trouble for years and needed to be fixed. Like the debt this isn't new. Anytime you hear or see the word sustainable take heed.
And year after year after year the government came back and said "there's enough money". Do you recall that ?
HP, I'm 54 and remember. What scares the hell out of me is Paul Ryan's plan to maintain them old folks who are 55 and older by not altering the plan they purchased for decades without ever using and screwing us youthfully young 54 and younger crowd with so many great choices. Like $2000 a month premiums. There goes the house!
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