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Old 10-04-2017, 08:41 AM
 
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all are not financially devastating. although they may be life threatening . if it matters and others are dependent on you then that is why at times life insurance can be crucial .

in our case it no longer is so it is not insured against. loss of our lives at this point no longer warrants life insurance .

each of us will have different risks and different fears of different things that we insure against . our 2 concerns are long term care and health . nothing else would devastate us financially. even our house burning down would not be a financial disaster at this point . that is likely not the case with others .

.

Last edited by mathjak107; 10-04-2017 at 08:55 AM..
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Old 10-04-2017, 09:23 AM
 
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DENTAL ! I'm a healthy senior but dental is completely killing me. Also, before going on medicare, my university health insurance plan had a high deductible and out of pocket. That, along with premiums, on a bad health year/surgery, can bring medical only bills for the year, up to $10,000 and more.
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Old 10-04-2017, 09:48 AM
 
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My late mother, like many elderly seniors, became incontinent. I would consider the cost of adult diapers one of those "medical" expenses that can wedge its way into one's budget and remain until the end, or at least until a Hospice service becomes involved. Hospice does provide diapers. This medical condition can last for years and the cost adds up over the course of a year.

Hearing aid batteries also chip away on a fixed budget -- this is another item that must be bought over and over again, often for decades. If you are talking about someone on a tight budget, the cost is recurring and not covered by any health plan. People using life-sustaining medical devices [example - insulin pumps] have battery expenses that occur frequently and are not covered by insurance.

Many older folks pay about $30+ a month for a medical alert system, wearing a necklace or bracelet to help someone get help in an emergency. I had a co-worker who got called at work several times after his elderly mom, living alone at home, fell and needed help. They are very useful -- but not free!

Just saying -- there are lots of smaller expenses that add up, month after month. And remember, basic math, they take a bigger chunk out of a poorer person's monthly income. And there are millions of people out there with a lower income.
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Old 10-04-2017, 10:35 AM
 
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Quote:
Originally Posted by Mr5150 View Post
I keep reading on this forum about future medical expenses. For example, from another thread:



Sure, nursing home and inhome care, but "medical" expenses? Like what? Mrs5150 and I have Medicare and a CalPers supplement and pay $0 regardless of what befalls us. Same for my retired friends who have the plan F supplement.

Are these medical expenses the result of going cheap with one's supplements? Have I missed something?
You are well covered, that's good. But in my 18 years as an OT working in SNFs, I have seen things happen you don't expect. We've had people who get a surgery or a hip replacement and have complications, infections, they have to take the hardware out and re-insert it, etc, and they hit their hundred days and still need rehab. Those folks are then private pay, as insurance is done after 100 days.

I have also seen cases, more frequent now, where you go to the hospital for pneumonia or a hip or shoulder fracture, you can't walk and need rehab, but the hospital only kept you 2 days, so you don't qualify for Medicare inpatient rehab. We have had people like this several times, they come in private pay because the hospital kept them in the room in the ER for 2 days then admitted them to a floor for 2 more. The patient thinks they had a 3-day hospitalization but they didn't because the ER days don't count.

But overall I think they are talking about the people who don't have/can't afford the Cadillac plans. Surely you understand not al seniors have what you do, right?
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Old 10-04-2017, 10:55 AM
 
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my buddy had hip surgery after he broke his hip falling off a ladder painting . at age 55 he had a paralyzing stroke at age 55 during surgery .

he is impoverishing his family as he is confined to an snf .
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Old 10-04-2017, 11:47 AM
 
Location: Philadelphia/South Jersey area
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Quote:
Originally Posted by mathjak107 View Post
my buddy had hip surgery after he broke his hip falling off a ladder painting . at age 55 he had a paralyzing stroke at age 55 during surgery .

he is impoverishing his family as he is confined to an snf .
lol, whew dude, I can see why you and your wife are concerned. everybody you seem to know is in a bad way. May I ask, your seniors that are in your blood line are they also prone to illnesses?

What do young people who experience trauma do?? If you 30 and become a paraplegic from a car accident? do we know have to advise young folks to take out LTC insurance? I know my sons 25 and 22 aren't even thinking about it?

Man, I'm saying an extra prayer tonight. My mother in law is 85, we just moved her to an apartment only because the 3 story row home in Philly was getting to be too much for her with the stairs. she's pretty healthy. moves a lot slower now but pretty much still goes. We've got a road trip to Pittsburgh planned and in October she's doing the Leukemia and lymphoma light the night walk in honor of my late husband, her son who died from the cancer. My husband had leukemia but the health insurance paid 90% of it and the rest we were well prepared with emergency savings to cover. I too FMLA the last 6 months of his life, again we had investments that more than covered loss salary.

I'm the baby out of 6. My oldest brother is 67, just sold the Mcdonalds franchise he owns and moved to Las Vegas (). His wife is 69, I think she may be pre-diabetic but it looks like they will have a long health life also.

Ironically my best friends parents who had dementia but other than that were pretty healthy, she actually didn't want them in assisted living because she didn't want them "sitting around" vegetating. The family actually sold their home and moved them into a condo and paid for two nurses until the both died.
I don't think we ever discussed how much it ran them but she did say they were simply using the proceeds from the sale of house. of course no one was concerned with leaving money for their heirs.

So it seems like the folks I know either die painfully young or have healthy long lives.

Last edited by eliza61nyc; 10-04-2017 at 12:02 PM..
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Old 10-04-2017, 12:14 PM
 
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my dad spent 6 years in a home . he too was paralyzed and speechless after a stroke. one of the reasons statistics are so off as far as usage of long term care facilities is because many like my dad were taken in by retired healthcare workers who take 1 or 2 like my dad in and provide full time care .

there are healthcare workers doing this all over the country but i found it very popular in florida at the time .

people like my dad were never in a statistic for snf usage . so pretty much all those who couldn't get medicaid and couldn't afford an actual snf fell off the radar .

insurers realized this after they based premiums on usage .

there was so much more usage going on .especially because the stats are based on a generation ago . baby boomers have not reached those heavy usage ages yet .
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Old 10-04-2017, 12:41 PM
 
Location: Philadelphia/South Jersey area
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Very interesting.

I'm two years (God willing) out from retiring, so I am trying to get a feel for the type of expenses I could be facing, how to incorporate statistics and family health into overall planning, what are acceptable risk and the like.

I'm still 8 years from medicare so I'm sure that will be a whole 'nother area I have to research.

and I thought simply saving for retirement was going to be the hard part.
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Old 10-04-2017, 01:11 PM
 
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i don't consider statistics . crap either happens to us or it doesn't.

it has to happen to someone on the wrong side of a statistic , is it you ?

every thing we protect against has a low chance of happening . from dying at younger age to having our house burn down the odds are very slim . heck if we cherry picked by odds no one would have insurance .

so we insure or protect against the chance it is us it will happen to and be financially devastating .

statistics mean nothing to humans who only have two outcomes . it is us or it isn't
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Old 10-04-2017, 02:35 PM
 
Location: Philadelphia/South Jersey area
2,907 posts, read 1,421,844 times
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I guess that is true but I'm a chemist so Ive built a career on a bunch of different outcomes outside of yea or nay. As far a medical expenses there is a whole range of possibilities that i consider not just will I be incapacitated or won't I.

I own a beach home and again there is a whole range of things outside of will it get hit by a hurricane or no.

Good talking with you though.
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