Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
projected costs for just medicare and supplement for a couple are over 200k cumulative . that is with no surprises or long term care of course in today's dollars ..
long term care costs are the wild card either in home or out . in fact modifying your home so you don't need to be shipped out can run 6 figures .
my 58 year old co-worker fell off a ladder painting , broke his hip and wrist . during hip surgery he had a stroke that left him paralyzed . you do not have to be old to have nasty stuff happen that can cost a fortune and go on a long time .
Last edited by mathjak107; 05-12-2016 at 10:46 AM..
Everywhere I've looked corroborates that number... needing anywhere from $200k-$300k for the duration of retirement. That's kind of a funny way of looking at it, do people add up food costs or utility bills in the same way?
I think the question still remains: what percentage of people get slammed with six or seven figure medical bills all at once? Planning for that seems silly without something to back it up.
Most people don't survive getting hit by a train, but we don't plan for it like we will. If we lived in a world where we had a ton of people getting hit by trains all the time, that's more reasonable.
My wife and I had a convo about catastrophic medical issues after a good friend of ours was diagnosed with cancer and died 11 months later. He racked up multimillions in debt and because he was married at the time she owns the debt even after his passing. Not knowing the outcome at diagnoses makes it hindsight but divorce would have been a good option to avoid the lifetime of debt
Everywhere I've looked corroborates that number... needing anywhere from $200k-$300k for the duration of retirement. That's kind of a funny way of looking at it, do people add up food costs or utility bills in the same way?
I think the question still remains: what percentage of people get slammed with six or seven figure medical bills all at once? Planning for that seems silly without something to back it up.
Most people don't survive getting hit by a train, but we don't plan for it like we will. If we lived in a world where we had a ton of people getting hit by trains all the time, that's more reasonable.
I've known several people who have racked up that much fighting cancer. It sure seems like a lot of us end up with cancer.
Everywhere I've looked corroborates that number... needing anywhere from $200k-$300k for the duration of retirement. That's kind of a funny way of looking at it, do people add up food costs or utility bills in the same way?
I think the question still remains: what percentage of people get slammed with six or seven figure medical bills all at once? Planning for that seems silly without something to back it up.
Most people don't survive getting hit by a train, but we don't plan for it like we will. If we lived in a world where we had a ton of people getting hit by trains all the time, that's more reasonable.
here is the difference between food and medical costs .
food is an expected and we all know what it cost .. insurance costs and long term costs are grossly under estimated by those not retired yet , self included when i was still working .
we tend to think of medicare as cheap but 10k for medicare and an f-plan supplement is actually cheap today for a couple . that is no dental , eye glasses or hearing aids which are about 1k each minimum and have to be replaced every few years and just about no long term care .
that is all in after tax dollars too unlike when most of us were working .
that in itself commits 250-300k in portfolio assets . there are very few who are not retired yet that have any idea how much of a portfolio gets eaten up by this stuff .
I've known several people who have racked up that much fighting cancer. It sure seems like a lot of us end up with cancer.
Yes, its what I tried to tell everyone in an earlier post. I'm a survivor and you find out that cancer is so much more common then you knew about. My mom is also a survivor and my brother in law died of it just a few weeks ago at age 53. You can count on it happening to someone you love. No maybes. Someone mentioned train wrecks and how we don't plan for them because its unlikely. It isn't a good comparison to cancer. Cancer is likely.
It says that one in 4 people are diagnosed with it and 1500 people a day die of it and that's just in the United States. How many train wrecks are there really?
My wife and I had a convo about catastrophic medical issues after a good friend of ours was diagnosed with cancer and died 11 months later. He racked up multimillions in debt and because he was married at the time she owns the debt even after his passing. Not knowing the outcome at diagnoses makes it hindsight but divorce would have been a good option to avoid the lifetime of debt
If he was diagnosed while they were married would that really work?
I've known several people who have racked up that much fighting cancer. It sure seems like a lot of us end up with cancer.
Yeah, I'm not saying it doesn't happen. I'm wondering what the chances are of getting blindsided by a six or seven figure set of medical bills. 1%? 99%? Somewhere between? What is the number specifically.
it really does not matter what the statistic is . it has to happen to someone and it could be you .
for us things either work out as we expect or they don't .there is no middle ground like to an insurer .
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.