U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 04-27-2015, 07:13 AM
 
Location: Mount Airy, Maryland
10,461 posts, read 5,928,514 times
Reputation: 16156

Advertisements

So it looks like $12,400 is the worst case scenario and it would require both spouses having very serious issues. Not unheard of, obviously, but this looks to be worst case and not the average scenario.
Reply With Quote Quick reply to this message

 
Old 04-27-2015, 07:16 AM
 
29,782 posts, read 34,871,258 times
Reputation: 11705
Quote:
Originally Posted by mathjak107 View Post
That is per year though. that is 12,400 exposure per couple per year. that can go on forever depending on what you have
I think some might be missing the concept of a non employer based coverage costs for a couple. $12,400 represents $6,200 per spouse or $516 per month per spouse. Add dental and vision etc etc depending on the plan.

Last edited by TuborgP; 04-27-2015 at 07:26 AM..
Reply With Quote Quick reply to this message
 
Old 04-27-2015, 07:23 AM
 
29,782 posts, read 34,871,258 times
Reputation: 11705
Quote:
Originally Posted by DaveinMtAiry View Post
So it looks like $12,400 is the worst case scenario and it would require both spouses having very serious issues. Not unheard of, obviously, but this looks to be worst case and not the average scenario.
Average Cost of Medigap Plan Insurance | eHow

Quote:
Generally, you should expect to pay between $85 per month and $250 per month for Medigap coverage, depending on where you live and the type of plan you select. Some markets, such as New York, have higher premiums than others, even though coverage is identical with another plan in Nebraska. You must enroll in both Medicare Part A and Part B to get a Medigap plan. Part A is free, but there is a premium for Part B -- typically $96.40 per month, so be sure to add both the Part B premium and your Medigap premium to your monthly budget.
Average is relevant to where you are and not where others are. So as the link suggests if you live in a high COL area and have higher earnings to base retirement on and relocate to a lower cost area you would find lower health care cost while still having your high COL area retirement income.

Last edited by TuborgP; 04-27-2015 at 07:42 AM..
Reply With Quote Quick reply to this message
 
Old 04-27-2015, 07:28 AM
 
Location: Jamestown, NY
7,841 posts, read 7,329,858 times
Reputation: 13779
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.
^^^
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.

if medicaid is your goal then just stay poor , maybe you enjoy that life but i doubt many others would if they could help it....
You are correct about the required costs for Medicare. Medicare Part A does not cost seniors anything. Medicare Part B premiums are $108 per month or $1296 a year. Medicare Part D has numerous plans. The best one for me in this area costs $25 a month or $ 300 a year. That's $1596 a person.

My guess, from reading your many posts, is that you value security, and you plan accordingly, which colors your choices. Your situation is also somewhat different from many, perhaps most, retirees because you have considerably more assets, which you want to protect.

Medigap insurance is optional, and many poorer seniors simply do without it. Others choose lesser plans than a medigap F plan (which is the most comprehensive plan). The f plan offered by AARP, in upstate NY at least, is $185 per month or $2220 a year per person. In some other states, it may be less. For all but the most affluent retirees, long term care insurance is simply unaffordable. These retirees don't have a "goal" of going on Medicaid if they become overwhelmed by medical/long term care expenses, and they are not living in subsidized apartments or shopping at thrift shops or using food stamps, but they realize that there's really not much they can do about it if they or their spouse run into huge expenses.
Reply With Quote Quick reply to this message
 
Old 04-27-2015, 07:31 AM
 
29,782 posts, read 34,871,258 times
Reputation: 11705
Quote:
Originally Posted by Linda_d View Post
^^^


You are correct about the required costs for Medicare. Medicare Part A does not cost seniors anything. Medicare Part B premiums are $108 per month or $1296 a year. Medicare Part D has numerous plans. The best one for me in this area costs $25 a month or $ 300 a year. That's $1596 a person.

My guess, from reading your many posts, is that you value security, and you plan accordingly, which colors your choices. Your situation is also somewhat different from many, perhaps most, retirees because you have considerably more assets, which you want to protect.

Medigap insurance is optional, and many poorer seniors simply do without it. Others choose lesser plans than a medigap F plan (which is the most comprehensive plan). The f plan offered by AARP, in upstate NY at least, is $185 per month or $2220 a year per person. In some other states, it may be less. For all but the most affluent retirees, long term care insurance is simply unaffordable. These retirees don't have a "goal" of going on Medicaid if they become overwhelmed by medical/long term care expenses, and they are not living in subsidized apartments or shopping at thrift shops or using food stamps, but they realize that there's really not much they can do about it if they or their spouse run into huge expenses.
Agree with all you say and not everyone as you note has the ability to do it the way MJ is but if you can and have that is your world and congrats for having gotten there. Just like with cars the quality of health care owned and desired is different from person to person.
Reply With Quote Quick reply to this message
 
Old 04-27-2015, 07:47 AM
 
Location: USA
6,226 posts, read 5,360,581 times
Reputation: 10643
I have earned minimum to slightly above minimum wages my entire working career. Of course it's nothing to be proud of but over the years you learn how to get by on very little.
Reply With Quote Quick reply to this message
 
Old 04-27-2015, 07:56 AM
 
Location: Los Angeles area
14,018 posts, read 17,737,509 times
Reputation: 32304
Quote:
Originally Posted by TuborgP View Post
Who pays for your plan? You or former employer?
Neither one; my former employer offers no retiree health care subsidies beyond age 65. Medicare pays for it. I pay co-pays ($20 for lab work, $5 to see a doctor, per diem hospitalization co-pays for the first eight days, etc.) but the monthly plan premium is zero.

Under Medicare Advantage Plans, Medicare pays the plan a set fee and the plan assumes responsibility for providing all care. On some enrollees the plan will lose money - could be a lot of money - and on other enrollees the plan will make money - could also be quite a bit of money. The beauty of that system is that the plan is motivated to be thorough with their testing and preventive care in order to catch things early and thus save themselves money, but by the same token they are also motivated to eliminate unneeded testing and wasteful procedures and thus save themselves money.
Reply With Quote Quick reply to this message
 
Old 04-27-2015, 08:09 AM
 
29,782 posts, read 34,871,258 times
Reputation: 11705
Quote:
Originally Posted by Escort Rider View Post
Neither one; my former employer offers no retiree health care subsidies beyond age 65. Medicare pays for it. I pay co-pays ($20 for lab work, $5 to see a doctor, per diem hospitalization co-pays for the first eight days, etc.) but the monthly plan premium is zero.

Under Medicare Advantage Plans, Medicare pays the plan a set fee and the plan assumes responsibility for providing all care. On some enrollees the plan will lose money - could be a lot of money - and on other enrollees the plan will make money - could also be quite a bit of money. The beauty of that system is that the plan is motivated to be thorough with their testing and preventive care in order to catch things early and thus save themselves money, but by the same token they are also motivated to eliminate unneeded testing and wasteful procedures and thus save themselves money.
Gotcha, Advantage plans have advantages and disadvantages and glad yours is working for you.
Reply With Quote Quick reply to this message
 
Old 04-27-2015, 09:24 AM
 
8,197 posts, read 11,913,206 times
Reputation: 17984
Quote:
Originally Posted by DaveinMtAiry View Post
So it looks like $12,400 is the worst case scenario and it would require both spouses having very serious issues. Not unheard of, obviously, but this looks to be worst case and not the average scenario.
No, $12,400 isn't the worst case. Your missing the fact that the out-of-pocket maximum only pertains to covered services. If it's something that's not covered, then you pay for that over and above any so called maximum limit on your expenses. And importantly, that maximum limit doesn't pertain to drug costs. Add your total cost for prescription drugs to that so-called maximum.
Reply With Quote Quick reply to this message
 
Old 04-27-2015, 09:43 AM
 
29,782 posts, read 34,871,258 times
Reputation: 11705
Quote:
Originally Posted by MadManofBethesda View Post
No, $12,400 isn't the worst case. Your missing the fact that the out-of-pocket maximum only pertains to covered services. If it's something that's not covered, then you pay for that over and above any so called maximum limit on your expenses. And importantly, that maximum limit doesn't pertain to drug costs. Add your total cost for prescription drugs to that so-called maximum.
Yup and if you are using acupuncture for treatment and that isn't covered the weekly cost added up would be a chunk on top of. I get acupuncture once a week and it is currently covered. If that changes and I have to pick the expense up my self that would add another $3,500 to my cost. If my former employer discontinued health care for retirees or made us pay more or even for to begin with that would add a chunk of change as I would stay with my current plan and not switch to a less expensive one. Not sure what will happen when the Cadillac tax kicks in but as a former Boy Scout, Be Prepared is forever advised.
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top