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Old 11-04-2016, 05:11 AM
 
71,463 posts, read 71,629,249 times
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i did all that but un-diagnosed diabetes took its toll early on . regular blood tests never showed i had issues . it wasn't until 3 years ago when i ran an a1c it was found
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Old 11-04-2016, 05:54 AM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,917,951 times
Reputation: 6716
Quote:
Originally Posted by DaveinMtAiry View Post
Outside of long term nursing care I never understood how people go broke due to health care. I read here once that a parent had cancer and it wiped out their entire estate. Do they not have proper coverage with out of pocket limits? That is certainly going to be my plan.
Apart from long term care - drug expenses can be very high/through the roof. Especially for so-called "specialty drugs". Robyn
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Old 11-04-2016, 05:55 AM
 
13,313 posts, read 25,542,533 times
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I will have a defined pension and max Social Security. I will have a mortgage of about $1400 (including all). I see my expenses as Medicare supplement, keeping a safe car on the road, groceries and pets and my little charitable giving. I have done the expensive things that I thought I wanted to do (trip to Nepal, therapy, music lessons, Peace Corps) and am content with them being in the past. I don't plan to take up any new expensive hobbies requiring equipment, etc.

Having worked nights for so long, I seem content to spend a lot of time reading, being home in a home I love and devoting myself to animals.

But if I had one-tenth of what I spent in restaurants in my 20s and 30s, wow.
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Old 11-04-2016, 06:42 AM
 
Location: Los Angeles area
14,018 posts, read 17,723,738 times
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Quote:
Originally Posted by mathjak107 View Post
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 .
............ .
Your terminology is flawed. Advantage plans are not "instead of Medicare", rather, as the full name (Medicare Advantage Plans) implies, they are one way of receiving Medicare benefits. It would be correct to say "Many folks use advantage plans instead of traditional Medicare".

As for "exposure all over the place", I don't know why you continue to generalize based on the experience of your friend. Medicare Advantage Plans are not all created equal. I have one and my potential exposure is very limited.
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Old 11-04-2016, 06:43 AM
 
Location: Baltimore, MD
3,745 posts, read 4,213,572 times
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OP, your parents may have a plan for their "multiple millions". Perhaps they want to splurge during their retirement or maybe they intend to set aside sufficient funds to pay out of pocket for 24 hour home care. Your question should not be "[h]ow do people without millions manage to retire?". What you are really asking is whether it is really possible that you will have little to no inheritance considering that your parents have multiple millions of dollars? The answer to that question is yes. This is why people are telling you NOT to count on an inheritance.
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Old 11-04-2016, 06:44 AM
 
7,980 posts, read 3,458,329 times
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Before retiring pay off your house, car and credit cards. You can't retire with overwhelming debt. Don't even try....
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Old 11-04-2016, 06:48 AM
 
71,463 posts, read 71,629,249 times
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Quote:
Originally Posted by Escort Rider View Post
Your terminology is flawed. Advantage plans are not "instead of Medicare", rather, as the full name (Medicare Advantage Plans) implies, they are one way of receiving Medicare benefits. It would be correct to say "Many folks use advantage plans instead of traditional Medicare".

As for "exposure all over the place", I don't know why you continue to generalize based on the experience of your friend. Medicare Advantage Plans are not all created equal. I have one and my potential exposure is very limited.
well if you want to play the semantics game .your statement " I have one and my potential exposure is very limited." is just what i said about advantage plans . exposure is all over the place . some plans have great exposure and some have less . in fact your plan may very well have area's like rehab where it is limited , you just have not run in to it yet . i am not saying that is the case with your plan but the various exposures are many times just things people have not hit .

getting sick while traveling and it isn't life threatening , getting doctors that are out of network in hospitals , etc can all be problems in some advantage plans .

it is not as clear cut as "traditional medicare "

if i remember you have kaiser which is an advantage plan that is about as good as it gets . it is not available in all states including ours . i would not touch any of the ones available in our state.

the ny times reported on what were major issues they found .

" reported by the New York Times, described ongoing compliance problems uncovered in federal audits of Advantage and their prescription drug plans. These include inadequate rationales for denial of coverage, failure to consider clinical information from doctors and failure to notify patients of their rights to appeal decisions. The audits also uncovered problems with inappropriate rejection of prescription drug claims."
"

Last edited by mathjak107; 11-04-2016 at 07:13 AM..
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Old 11-04-2016, 06:58 AM
 
29,764 posts, read 34,848,700 times
Reputation: 11675
Quote:
Originally Posted by lenora View Post
OP, your parents may have a plan for their "multiple millions". Perhaps they want to splurge during their retirement or maybe they intend to set aside sufficient funds to pay out of pocket for 24 hour home care. Your question should not be "[h]ow do people without millions manage to retire?". What you are really asking is whether it is really possible that you will have little to no inheritance considering that your parents have multiple millions of dollars? The answer to that question is yes. This is why people are telling you NOT to count on an inheritance.
Bada Bing!
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Old 11-04-2016, 06:59 AM
 
29,764 posts, read 34,848,700 times
Reputation: 11675
Quote:
Originally Posted by Tominftl View Post
Before retiring pay off your house, car and credit cards. You can't retire with overwhelming debt. Don't even try....
Overwhelming debt no but debt that creates a low debt to income ratio, sure!
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Old 11-04-2016, 07:17 AM
 
Location: Floyd Co, VA
3,415 posts, read 5,129,911 times
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Quote:
Originally Posted by Robert20170 View Post
Defined benefit pension.
So long as it is not a private sector multi-employer plan. Many of them have been in the red since 2009, having lost so much due to the crash.

It's what I have and it's about to be cut by 60%. I will soon be receiving only 40% of what I now get and the cut is permanent.

Unfortunately my financial planning when I retired 12 years ago did not foresee this change to my income . What I'll get will cover the mortgage and maybe the phone/internet service. I really want to hang on to this house if at all possible and will have to get creative. I have enough in savings/investments to draw a supplement for 5 to 8 years depending on how much is needed for things beyond regular monthly expenses.
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