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Old 04-27-2015, 05:57 AM
 
8,195 posts, read 11,908,623 times
Reputation: 17969

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Quote:
Originally Posted by BLS2753 View Post
I don't know where you live or how you live, but none of the seniors I know on Medicare are paying $12k a year for healthcare.
Quote:
Originally Posted by mathjak107 View Post
price it yourself .
Quote:
Originally Posted by BLS2753 View Post
We obviously live in two completely different economies.
Never mind definitions, just do as Mathjak suggests and price it out yourself.

I can't believe you are seriously suggesting that you aren't aware that seniors can have overall medical costs of at least $6,000/pp when you include Medicare premiums, co-pays and/or supplemental insurance, dental costs, drug costs, and other medical necessities that Medicare doesn't even cover.
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Old 04-27-2015, 05:57 AM
 
71,520 posts, read 71,694,121 times
Reputation: 49105
Quote:
Originally Posted by BLS2753 View Post
Well...your definition of poor is obviously different than mine. I've never known anyone who can afford an extended stay in a nursing home 100% out-of-pocket. If it wasn't for Medicaid, most nursing homes would be out of business.

We obviously live in two completely different economies.

I am referring to the comment about using Medicaid as health insurance .
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Old 04-27-2015, 06:31 AM
 
Location: Jamestown, NY
7,841 posts, read 7,327,156 times
Reputation: 13779
Quote:
Originally Posted by mysticaltyger View Post
I agree with this. The problem is the finances of SS are shaky.

We could solve this problem in a heartbeat if we had universal 401ks with index based target retirement funds based on the plan the federal government provides its employees. It's cheap and cost effective and the target date fund takes care of the asset allocation. We should have automatic enrollment with at least 4% taken out of the employee's check and have it escalate up by 1% every time the employee gets a raise of more than 1%. We could allow the employee to opt out. Fortunately, they've found most people won't opt out, which is the beauty of it.

All of this is very doable. As I said in another post, I hate the idea of trying to force people to save, but I have come to the conclusion there is no other way to get the majority of Americans to not be impoverished or quasi-impoverished in old age.

It's time to push for real solutions instead of fretting over it or judging people for their lack of savings. All the hand wringing and scolding doesn't work (and yes, I know, I have been quite the scold on this subject over the years).
I think that's a good idea as a supplement to SS. In the past, there were proposals to eventually turn SS into a defined contribution plan but that's never going to fly. A mandatory 401k plan would have to be in addition to SS.
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Old 04-27-2015, 06:39 AM
 
Location: Los Angeles area
14,018 posts, read 17,732,288 times
Reputation: 32304
Quote:
Originally Posted by mathjak107 View Post
price it yourself . it is all right on line.

per person basic medicare and drug plan is about 1600 or so depending on location .that is 3200 per couple.

an f-medigap plan is about 3200 in some locations like ours per person . that is about 10k and covers no dental , vision , hearing adds or any number of health related things.

that is going to be about 11-12k a year for a couple in some locations..

many go with advantage plans which are cheaper and many are pay as you go . exposure can be open ended ,especially if you need care and no one is in network when you need it.

you can't just go anywhere with an advantage plan nor is everything covered. things are only cheap until they aren't with an advantage plan

traveling can be a big risk .

my co-worker raved about how little his advantage plan cost until his wife needed chemo at 4500 a co-pay per treatment.
..........
You write as if all Medicare Advantage Plans are the same. Not so. I am covered nation-wide by my Advantage Plan, which is Kaiser in Los Angeles and Orange Counties. The difference is that I would need to get authorization in non-emergency situations if I am out of the coverage area.

Also, in reading through the statement of coverage each year, I don't see anything which is not covered, except for dental and hearing aids. Vision is covered as to the exams, but the glasses are not covered. However, for $20 per month I can add a dental/glasses/hearing aids plan, which I have done. Of course for that price the coverage is not the greatest - for example the dental does not include implants and the hearing aids coverage recently paid $2000 of the $8000 cost of my hearing aids. (Yes, I did choose the most expensive hearing aids offered).

About three or four years ago I had hernia surgery for a total out-of-pocket cost of $75. Certain co-pays have gone up since then, and right now the same hernia surgery would set me back about $150, which is still an excellent bargain.

I have now enjoyed six years of coverage under this same Medicare Advantage Plan, so I speak from experience as well as from reading the coverage details.

Last edited by Escort Rider; 04-27-2015 at 07:44 AM..
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Old 04-27-2015, 06:39 AM
 
29,775 posts, read 34,860,277 times
Reputation: 11705
Quote:
Originally Posted by BLS2753 View Post
I don't know where you live or how you live, but none of the seniors I know on Medicare are paying $12k a year for healthcare. Many don't have an income much greater than that. And none of them are being denied care, or filing for bankruptcy because of it. As for nursing homes, they surrender what income and assets they have, and Medicaid makes up the difference. That's how the common folks roll. That's how all folks roll, if they don't have the money. It's not the end of the world.
Agreed many of us roll differently and have for a long time. Some would say your retirement years are a result of how you rolled in along the way! Not that I agree but just saying.
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Old 04-27-2015, 06:40 AM
 
Location: Mount Airy, Maryland
10,460 posts, read 5,924,770 times
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Quote:
Originally Posted by mathjak107 View Post
my co-worker raved about how little his advantage plan cost until his wife needed chemo at 4500 a co-pay per treatment.
Well this certainly got my attention.
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Old 04-27-2015, 06:43 AM
 
29,775 posts, read 34,860,277 times
Reputation: 11705
Quote:
Originally Posted by Escort Rider View Post
You write as if all Medicare Advantage Plans are the same. Not so. I am covered nation-wide by my Advantage Plan, which is Kaiser in Los Angeles and Orange Counties. The difference is that I would need to get authorization in non-emergency situations if I am out of the coverage area.

Also, in reading through the statement of coverage each year, I don't see anything which is not covered, except for dental and hearing aids. Vision is covered as to the exams, but the glasses are not covered. However, for $20 per month I can add a dental/glasses/hearing aids plan, which I have done. Of rouse for that price the coverage is not the greatest - for example the dental does not include implants and the hearing aids coverage recently paid $2000 of the $8000 cost of my hearing aids. (Yes, I did choose the most expensive hearing aids offered).

About three or four years ago I had hernia surgery for a total out-of-pocket cost of $75. Certain co-pays have gone up since then, and right now the same hernia surgery would set me back about $150, which is still an excellent bargain.

I have now enjoyed six years of coverage under this same Medicare Advantage Plan, so I speak from experience as well as from reading the coverage details.
Who pays for your plan? You or former employer?
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Old 04-27-2015, 06:47 AM
 
Location: On the road
5,936 posts, read 2,888,852 times
Reputation: 11346
Quote:
Originally Posted by mathjak107 View Post
my co-worker raved about how little his advantage plan cost until his wife needed chemo at 4500 a co-pay per treatment.
Doesn't Medicare Advantage have an annual out of pocket max?

From https://www.ehealthinsurance.com/res...-pocket-limits

But, unlike Original Medicare, Medicare Advantage plans are required to place a limit on the amount of money you have to pay for covered medical services. The average out-of-pocket limit typically ranges from $3,000 to $4,000. The maximum out-of-pocket limit is $6,700 in 2015, as set by the government. Once you reach your plan’s maximum out-of-pocket, your insurance plan will pay 100% of additional covered charges incurred in the remaining calendar year.


Having the big copay would suck but seems like they'd only pay it once.
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Old 04-27-2015, 06:53 AM
 
71,520 posts, read 71,694,121 times
Reputation: 49105
That is per year though. that is 12,400 exposure per couple per year. that can go on forever depending on what you have
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Old 04-27-2015, 07:13 AM
 
29,775 posts, read 34,860,277 times
Reputation: 11705
Quote:
Originally Posted by BLS2753 View Post
I don't know where you live or how you live, but none of the seniors I know on Medicare are paying $12k a year for healthcare. Many don't have an income much greater than that. And none of them are being denied care, or filing for bankruptcy because of it. As for nursing homes, they surrender what income and assets they have, and Medicaid makes up the difference. That's how the common folks roll. That's how all folks roll, if they don't have the money. It's not the end of the world.
I am not sure what or why you are reacting. Is there something wrong with people wanting to pay their own way and not be dependent on taxpayers paying for them? Also the more you can contribute and delay going on Medicaid for nursing care in many areas increases your ability to get into top tier nursing homes with all the benefits you might want out of.
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