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Old 08-11-2019, 08:15 PM
 
1,839 posts, read 646,955 times
Reputation: 3429

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Quote:
Originally Posted by Teacher Terry View Post
BBC, I have friends who did the same thing for medical bills even with insurance. I would have went on a forever payment plan because they cannot take your retirement money. I find this so sad that it happens to people.
In my state, the only medical provider that is required to offer a payment plan to patients is a hospital, and then ONLY IF the patient either has no insurance at all OR their income is below 300% of the Federal Poverty Level even if they do have insurance. However, it only applies to charges from the hospital itself, not from doctors, labs, etc. Those providers are not required to give you a payment plan. The hospital is allowed to charge interest on a payment plan but not for a rate higher than 1% over current Prime. And the hospitals are allowed to charge uninsured patients much more for services than they would be paid by an insurance company for the same services. On top of that, my state levies a surcharge on all hospital bills to "self pay" patients, which comes to an extra 9.63% of the total... more than the 7.03% that Medicaid pays the state for the same surcharge. So the uninsured not only pay more to the hospital but also to the state.

@SeriousConvo, there is no such thing as a "medical bankruptcy." Bankruptcy is either Chapter 7 or Chapter 13. The type of debt has nothing to do with it. A bankruptcy entered into as a result of medical debt is the same as if it was credit card debt instead, for example. It's either 7 or 13. There are no other "flavors" of bankruptcy.

In order to file for Chapter 13 in my state, one must be employed (which I was not) or have some other sufficient source of income. So I'd have had to file Chapter 7, and then the trustee would simply have decided which unsecured assets to liquidate in order to pay the medical debt. In my case it would have been either the investments or my house. He/she would have chosen the investments because those are easier to dispose of. So same outcome, but worse because I'd have had a bankruptcy on my otherwise pristine credit history.
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Old 08-11-2019, 08:45 PM
 
Location: North West Arkansas (zone 6b)
2,691 posts, read 2,052,022 times
Reputation: 3690
when my daughter got her new job out of school, the company setup up an automatic deduction to her 401k. It was automatically channeled to a retirement date fund. I was happy to see an automatic deduction happening because it probably means some of those employess might have some retirement savings through no fault of their own, but I helped her change her deduction to 20% and told her that her future self would thank her.

The sooner I got the deductions in place, the less she would feel the loss of take home which is really the issue with most of the people who don't have savings.

I have a relative who has not managed to save anything with their 5 children. About 10 years ago they started making some real money, but they spent it on vacations, and stuff and likely still haven't gotten around to saving much.
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Old 08-11-2019, 08:59 PM
 
620 posts, read 176,031 times
Reputation: 1489
BBC, yes we are lucky in Nevada that we can Homestead our house to protect it. Were your investments in retirement accounts? You and others are the reason we need universal health care.
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Old 08-11-2019, 09:36 PM
 
Location: Washington state
5,525 posts, read 2,823,025 times
Reputation: 16673
I'm not exactly retired, but if I was, I'd have very little saved. Right now, though, I'm on disability. When I turn 66, the disability will turn to Social Security and I'll have the same amount then I'm getting now with maybe a few more dollar a month raises.

The good thing with disability was getting the back pay (it took 4 1/2 years to settle my case) and I used that to buy some property. I've had it cleared and I'm still trying to get someone to run water to a spigot. But when I move out onto that, I plan to be able to save maybe $1000 a month to get the electric, septic, and some sort of home to put on it in the future. With paying rent right now, I can only save about $500 a month. My mother may leave something to me in her will, but I'm not counting on that at all. She may get sick and have to spend everything she's saved.

The one good thing with not really having any extra money all my life is learning how to live on practically nothing and how to take chances. So many people want every detail to be covered with no chance of anything ever going wrong, and you just can't live like that.
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Old 08-11-2019, 10:42 PM
 
Location: San Jose, CA
238 posts, read 257,717 times
Reputation: 294
As a Gen-Xer, I'm fortunate that I've worked for the government (as my parents did before me as federal workers) and will stay in it long enough to retire with a decent lifelong pension, and moving to a more affordable state. Plus, I'll be getting SSI. I'm not too worried.
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Old 08-12-2019, 12:12 AM
 
Location: Scottsdale, AZ
8,101 posts, read 4,955,028 times
Reputation: 29601
Quote:
Originally Posted by joliefrijole71 View Post
As a Gen-Xer, I'm fortunate that I've worked for the government (as my parents did before me as federal workers) and will stay in it long enough to retire with a decent lifelong pension, and moving to a more affordable state. Plus, I'll be getting SSI. I'm not too worried.

SSI is welfare for very low income people. Is that what you meant?
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Old 08-12-2019, 01:48 AM
 
41 posts, read 4,088 times
Reputation: 60
The idea was get a good job straight out of high school or college, buy a house and pay it off in 30 years or less while you were still young enough to make good money and fix your house for your old age. Then in the 70's the economy went ape. And after recovering from the 70's, the economy went south again in the 80's. If there were two of you together you probably did okay, but a single person...add in major health problems...90's more economy problems, 2008 they said it was a recession again. I saw more foreclosures. Then add insult to injury, the foreclosed houses stand empty for a couple of years and are practically given away to people who have barely worked a day. All over the country. And then inflation hits and houses are outlandishly expensive. /hey, you wanted a reasonable excuse for "all of these baby boomers without a pot to p*** in"/
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Old 08-12-2019, 01:53 AM
 
72,795 posts, read 72,628,690 times
Reputation: 50311
Quote:
Originally Posted by IdahoanAgain View Post
The idea was get a good job straight out of high school or college, buy a house and pay it off in 30 years or less while you were still young enough to make good money and fix your house for your old age. Then in the 70's the economy went ape. And after recovering from the 70's, the economy went south again in the 80's. If there were two of you together you probably did okay, but a single person...add in major health problems...90's more economy problems, 2008 they said it was a recession again. I saw more foreclosures. Then add insult to injury, the foreclosed houses stand empty for a couple of years and are practically given away to people who have barely worked a day. All over the country. And then inflation hits and houses are outlandishly expensive. /hey, you wanted a reasonable excuse for "all of these baby boomers without a pot to p*** in"/
and then there were those who did well ..... no excuses needed.. every generation has the same outcomes. you have those who find a way and those who find an excuse ...
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Old 08-12-2019, 05:23 AM
 
Location: annandale, va & slidell, la
7,580 posts, read 3,118,363 times
Reputation: 6396
Quote:
Originally Posted by mathjak107 View Post
and then there were those who did well ..... no excuses needed.. every generation has the same outcomes. you have those who find a way and those who find an excuse ...
Ouch! So true.
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Old 08-12-2019, 06:56 AM
 
Location: Tennessee
24,068 posts, read 17,905,479 times
Reputation: 28236
Quote:
Originally Posted by IdahoanAgain View Post
The idea was get a good job straight out of high school or college, buy a house and pay it off in 30 years or less while you were still young enough to make good money and fix your house for your old age. Then in the 70's the economy went ape. And after recovering from the 70's, the economy went south again in the 80's. If there were two of you together you probably did okay, but a single person...add in major health problems...90's more economy problems, 2008 they said it was a recession again. I saw more foreclosures. Then add insult to injury, the foreclosed houses stand empty for a couple of years and are practically given away to people who have barely worked a day. All over the country. And then inflation hits and houses are outlandishly expensive. /hey, you wanted a reasonable excuse for "all of these baby boomers without a pot to p*** in"/
I was reading over the weekend where bankruptcy filings are rising again and people are carrying very heavy debt loads. Without much "wiggle room," even a mild recession could be bad.

https://nypost.com/2019/08/11/bankru...uld-get-worse/
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