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Old 11-04-2016, 01:08 AM
 
Location: Mount Airy, Maryland
10,457 posts, read 5,917,794 times
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Quote:
Originally Posted by mathjak107 View Post
look at the deductibles and out of pockets for the aca plans . more than 12k for a couple . have something happen towards the end of the year that carry's over and that can be 25k .

throw in thousands for dental ,vision and hearing aids which are not covered and over a few years you can get hit pretty hard .

insurance may not cover everything either .

my co-worker has thyroid cancer . the insurance company will only approve removal of 1/2 the thyroid even though they will likely have to pay for the other 1/2 eventually .

she is thinking of paying on her own to have the job done all at once and avoid any complications . her doctors recommend the whole thing goes but insurance will not agree .

huge medical bills can be run up today because most of us are in hmo's and networks . go to a hospital and you may have no control over the doctors who work on you . not every doctor may be in network and then the battle begins . depending on how life threatening you may be stuck with big medical bills .

my wife's deceased husband had multiple myeloma .the most effective treatment then was not covered by insurance yet . luckily sam walton had the same cancer and took her husband in to his experimental program at a hospital in arkansas . he spent 1 million dollars on treatment for her husband . just amazing .
I spent some time talking to an agent regarding supplemental insurance. She knew my age and wasn't in the market anytime soon so it's not like she was misquoting me or giving me BS figures, there was no reason for her to do that.. The total out of pocket wasn't close to these figures.
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Old 11-04-2016, 01:57 AM
 
71,463 posts, read 71,629,249 times
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Quote:
Originally Posted by luzianne View Post
I think having a paid-for house helps. My parents had a paid-for house and lived on Social Security. They didn't do anything extravagant, didn't travel or anything, but they didn't do those things when they were working either. They were simple people. I was surprised when they died how much money they had in their checking and savings accounts. They just didn't spend money. Not the kind of retirement I would want, but it worked for them.
a paid off house may or may not help . it is not about the house as much as cash flow .

someone with a home and a family who still keeps that home after the kids are out may see less improved cash flow than a renter with a 3 bedroom apartment who steps down to a 1 bedroom apartment .

also you have to remember inflation over time makes a paid off house less meaningful from an affordability stand point .

when we all bought our first homes in long island back in the 1970's a home was 30-35k . that was a lot of money back then .

so here we are today and taxes are 12-15k on that home . so the fact that you retired a 30k mortgage is really almost meaningless in affordability . not having that mortgage represents saving a piece of a utility bill today .

so there are a lot more factors than just a paid of home .


in fact here in nyc and the boroughs more that half our housing stock consists of rent stabilized apartments .

if you are 62 and have an income after taxes of 50k and it is 1/3 or more of your income you are exempt from any future rent increases forever . so that beats that paid off house in long island or westchester any day in affordability .
.

Last edited by mathjak107; 11-04-2016 at 02:59 AM..
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Old 11-04-2016, 02:01 AM
 
71,463 posts, read 71,629,249 times
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Quote:
Originally Posted by DaveinMtAiry View Post
I spent some time talking to an agent regarding supplemental insurance. She knew my age and wasn't in the market anytime soon so it's not like she was misquoting me or giving me BS figures, there was no reason for her to do that.. The total out of pocket wasn't close to these figures.
well look at your aca plans . that is the out of pocket . i am on cobra on my old company plan and my deductible is 2000 and out of pockets 3k .

the aca plans are cheaper premium wise but exposure is greater . i would pay 1k less in premium on a silver plan but have 1k higher in deductible and 6800 in out of pocket exposure .

my cobra ends next month so i likely will take an aca plan for 9 months until medicare age
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Old 11-04-2016, 02:42 AM
 
6,353 posts, read 5,153,746 times
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>How do people without millions manage to retire?

Social Security, defined benefit pension plan, health insurance paid for by an ex-employer, frugal living, living with children or other relatives, leaving the country, leaving the city, co-housing.
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Old 11-04-2016, 04:10 AM
 
Location: Mount Airy, Maryland
10,457 posts, read 5,917,794 times
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Quote:
Originally Posted by mathjak107 View Post
well look at your aca plans . that is the out of pocket . i am on cobra on my old company plan and my deductible is 2000 and out of pockets 3k .

the aca plans are cheaper premium wise but exposure is greater . i would pay 1k less in premium on a silver plan but have 1k higher in deductible and 6800 in out of pocket exposure .

my cobra ends next month so i likely will take an aca plan for 9 months until medicare age
So we are talking pre 65? Sorry, I was talking Medicare eligible people with supplemental coverage. I thought you were in this group, the ACA reference should have tipped me off
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Old 11-04-2016, 04:12 AM
 
Location: Mount Airy, Maryland
10,457 posts, read 5,917,794 times
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Quote:
Originally Posted by Larry Siegel View Post
>How do people without millions manage to retire?

Social Security, defined benefit pension plan, health insurance paid for by an ex-employer, frugal living, living with children or other relatives, leaving the country, leaving the city, co-housing.
Not all of this is necessary or even an option for most of us but we'll manage.
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Old 11-04-2016, 04:27 AM
 
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Quote:
Originally Posted by DaveinMtAiry View Post
So we are talking pre 65? Sorry, I was talking Medicare eligible people with supplemental coverage. I thought you were in this group, the ACA reference should have tipped me off
nope , i am not old enough for medicare .

but even so , many folks use advantage plans instead of medicare . they can have exposure all over the place .

my buddy at work used to brag how cheap his advantage plan was compared to medicare and an f-plan .

well that was only true until it wasn't . when his wife got breast cancer a few years ago his out of pocket on chemo was 4500 bucks . he ran in to having to do it at the end of one year and in to the next .

2 years later she has more issues now and it looks like there will be more exposure to big out of pockets and uncovered events . his advantage plan covers very limited rehab so a lot of rehab she needs from hip issues will be totally uncovered ..

medicare without a supplement has exposure and holes all over as well . depending on the supplement you have deductibles and out of pockets unless you can afford an f-plan . f-plans in our area run 3400.00 per year per person . that does not include medicare , a drug plan nor vision ,dental ,nor hearing aids which have to be replaced every few years for a few thousand bucks if you have 2 .


when it comes to healthcare and any kinds of insurance nothing is a problem until it is a problem .

Last edited by mathjak107; 11-04-2016 at 04:36 AM..
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Old 11-04-2016, 04:43 AM
 
Location: Mount Airy, Maryland
10,457 posts, read 5,917,794 times
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First off I am up at 3:00 AM and posting, you are up at 4:00 and replying. Weird how sleep patterns change as you age huh?

I remember your horror story about the Advantage plan which is why I was talking to the agent about commercial options. Since my plan is to stay employed until 65 and to make sure we have ample supplemental coverasge I just don't see a disaster looming. Dental, vision hearing aids are a concern but I'll vacation in Central America and get it done cheap there before I pay $20 grand to a dentist here.
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Old 11-04-2016, 04:47 AM
 
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certain things like i had done like implants can't be done out of the country easily . you need to many visits and the process can take up to a year .

throw in the fact you may reject some along the way and it can make for a very lengthy process .

i had 6 put in 7 years ago and within 6 years i rejected 3 . i replaced those 3 and each one can take up to a year before they are fully usable . they require regular visits along the way to be checked on and hardware fitted .

not something i would ever entertain except locally . i looked in to using nyu dental school but the horror story's were far to many as well as hours of waiting when you have appointments . no thanks !
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Old 11-04-2016, 05:10 AM
 
Location: Mount Airy, Maryland
10,457 posts, read 5,917,794 times
Reputation: 16141
I think I'll go floss now.
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