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I am trying to plan our retirement and would like to know how much we should budget for medical expenses, including Medicare co-payments, for when my husband and I are both over 65.
We are now 63 and 60, and in good health (knock wood). We will be having all Medicare supplements, but I am not sure if that will actually cover everything. So, if you are part of a retired couple, how much do you average per month for ALL medical-related expenses?
Thank you so much!
P.S. on Edit: I did find the following article. Do you agree or disagree with this, and why?
I am trying to plan our retirement and would like to know how much we should budget for medical expenses, including Medicare co-payments, for when my husband and I are both over 65.
We are now 63 and 60, and in good health (knock wood). We will be having all Medicare supplements, but I am not sure if that will actually cover everything. So, if you are part of a retired couple, how much do you average per month for ALL medical-related expenses?
Thank you so much!
P.S. on Edit: I did find the following article. Do you agree or disagree with this, and why?
My healthcare costs: I don't factor in the Medicare part B, because I only look at what my net SS payment is for the month. I never see that $120 so it's not really an out of pocket cost in my mind. I have the CalPERS supplement which includes Part D and a vision plan for $366 a month. Once again, I don't pay for it out of pocket. I go with my net CalPERS pension for my monthly income computation. Beyond that, I pay $0 for any medical care per month. $2.50 for a three month supply of Blood pressure meds. I pay $30 a month for dental ins.
As a bit of info, I researched all Medicare supplements to see how much we could save with plan F and an average plan D it would run $250 a month. My friend on plan F says she pays $0 for any medical care-don't go cheap on the supplement. I was advised to stick with my CalPERS for a number of reasons.
I think that article is making retirement medical cost more scary than reality.
What is your current annual expense. Break down between insurance (include what your employer pays) and what you pay for items not covered by insurance. Is your health, good, average, poor?
My healthcare costs: I don't factor in the Medicare part B, because I only look at what my net SS payment is for the month. I never see that $120 so it's not really an out of pocket cost in my mind. I have the CalPERS supplement which includes Part D and a vision plan for $366 a month. Once again, I don't pay for it out of pocket. I go with my net CalPERS pension for my monthly income computation. Beyond that, I pay $0 for any medical care per month. $2.50 for a three month supply of Blood pressure meds. I pay $30 a month for dental ins.
As a bit of info, I researched all Medicare supplements to see how much we could save with plan F and an average plan D it would run $250 a month. My friend on plan F says she pays $0 for any medical care-don't go cheap on the supplement. I was advised to stick with my CalPERS for a number of reasons.
I think that article is making retirement medical cost more scary than reality.
Good lord,
sometimes I just have to shake my head at the passive bragging on this forum about who has what.
The poster asked a sensible question. They did not want (because I do not believe it is helpful anyway) to recount your situation against theirs.
If and I mean IF you have a sensible answer that is applicable to the stated question then go for it. Otherwise be quiet. Your pension is not going to help this person.
So stop bragging.
Or, what I am beginning to see is that this is a forum of those that hooked a pension (love love) and love to just talk about it with others that hooked a pension.
Gotta love it for its amazing entitlement mentality.
Me...grew up with lots of union guys. As my mother said, god rest her soul...you could always tell who got laid off from the union plants since there was a fire sale on the lawn for the Harley, the Boat, the house, the kids LOL.
My healthcare costs: I don't factor in the Medicare part B, because I only look at what my net SS payment is for the month. I never see that $120 so it's not really an out of pocket cost in my mind. I have the CalPERS supplement which includes Part D and a vision plan for $366 a month. Once again, I don't pay for it out of pocket. I go with my net CalPERS pension for my monthly income computation. Beyond that, I pay $0 for any medical care per month. $2.50 for a three month supply of Blood pressure meds. I pay $30 a month for dental ins.
As a bit of info, I researched all Medicare supplements to see how much we could save with plan F and an average plan D it would run $250 a month. My friend on plan F says she pays $0 for any medical care-don't go cheap on the supplement. I was advised to stick with my CalPERS for a number of reasons.
I think that article is making retirement medical cost more scary than reality.
Actually, no. Comparing your figures above to the article cited:
(You: $120 + $366 + $30 = $516) Thus:
You: ....(at age ??).............$516 a month (couple? single?)
Article: (at age 65) ............$583 a month (couple)
A $67 a month difference...which can mean a lot to some, and little to others.
Whether you see it come out of your income or not, it's still there; mindfully or not. Thus, your last line about the article making medical costs seem more scary perplexes me. Most of us will see that bill; and have to pay it.
I am trying to plan our retirement and would like to know how much we should budget for medical expenses, including Medicare co-payments, for when my husband and I are both over 65.
We are now 63 and 60, and in good health (knock wood). We will be having all Medicare supplements, but I am not sure if that will actually cover everything. So, if you are part of a retired couple, how much do you average per month for ALL medical-related expenses?
Thank you so much!
P.S. on Edit: I did find the following article. Do you agree or disagree with this, and why?
Although we too are not retired yet I can tell you if we retired today what our health insurance premiums and roughly what other costs would be because in addition to having Medicare Part B we will be keeping my Federal BC/BS which will become our Medicare Part B supplement. Having Medicare B and Federal BC/BS we should see few if any copays for doctor visits and tests, and minimal for medications. So until you take a look as supplement costs it will be hard for you to determine a solid health care budget because supplements can be very expensive especially if you want comprehensive coverage. Our out-of-pocket expenses noted below include our portion of two pairs of eye glasses annually, and extra dental cleaning for me, and some OTC meds.
Medicare Part B $134 x 2 = $268
Federal BC/BS Standard Self +1 = $521.67
FEP Blue Vision High Self +1 = $24.55
Metropolitan High Dental Self +1 = $110.14
Monthly out-of-pocket costs = $76
Monthly Total = $500 per person x 2 = $1,000
I'm an anomaly b/c I have a Medicare Medical Savings Plan (a form of Advantage - no networks - not offered in most states) which pays me $2,520 a year, out of which I pay first dollar Medicare expenses up to $4,500, after which plan pays 100% of all Medicare expenses. I have no Part D because I take no medication. Don't need vision, just use drugstore readers. Eyes have been great since cataract surgery seven years ago.
Thus, worst case, my exposure is $1,980 a year ($4,500-$2,520).
Right now, at age 75 w/no health issues, my annual expenses are:
$1,332 - Part B ....600 - Routine Dr. appts/dentist
$1,932 - Annually - offset by $2,520 deposit
So, I'm not spending anything, at all. What I don't spend out of the annual MSA deposit, carries over indefinitely - similar to an HSA.
If that plan wasn't available, I'd enroll in a high-deductible Medigap F - for which premiums are about 25-30% of a regular Medigap. If I had a lot of health problems, I'd just buy a Medigap G.
I'm an anomaly b/c I have a Medicare Medical Savings Plan (a form of Advantage - no networks - not offered in most states) which pays me $2,520 a year, out of which I pay first dollar Medicare expenses up to $4,500, after which plan pays 100% of all Medicare expenses. I have no Part D because I take no medication.
Thus, worst case, my exposure is $1,980 a year ($4,500-$2,520).
Right now, at age 75 w/no health issues, my annual expenses are:
$1,332 - Part B ....600 - Routine Dr. appts/dentist
$1,932 - Annually - offset by $2,520 deposit
So, I'm not spending anything, at all. What I don't spend out of the annual MSA deposit, carries over indefinitely - similar to an HSA.
If that plan wasn't available, I'd enroll in a high-deductible Medigap F - for which premiums are about 25-30% of a regular Medigap. If I had a lot of health problems, I'd just buy a Medigap G.
Ariandne...can you tell us what states do offer this Medicare Medical Savings Plan? I did a search (briefly, I admit), but didn't come up with the answer quickly (and have to hit the hay to be lively at work tomorrow). I'm hoping you've got the information, or know how to find it, for us.
Seems like a reasonable approximation. Unfortunately.
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Still working and this is part of it - Health Care
