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Old Yesterday, 11:20 AM
 
14,296 posts, read 7,638,884 times
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Quote:
Originally Posted by Travelassie View Post
Actually, Medicare reimburses poorly (according to the records I see) for services, at least in this neck of the woods. I've seen reimbursement abounts ranging from about 1/10 to 1/3 of amounts billed for services. Not that Medicaid pays any better (anywhere) than Medicare, I've no doubt it pays less. When those reimbursements don't even cover the providers' overhead, (and not just in red states, despite your thinly disquised attempts at a partisan dig) no wonder so many providers opt out of either one.

Medicaid reimburses at about 56% of private insurance. Medicare is around 80%. 56% means you lose money on any Medicaid patient. If the mix of Medicaid and uninsured is too high, the hospital goes under.
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Old Yesterday, 11:24 AM
 
14,296 posts, read 7,638,884 times
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Quote:
Originally Posted by ToyVW55 View Post
As a late baby boomer joining the workforce after college in 1986, I can attest to that. Private sector had no pensions. The federal government switched to FERS over the standard CSRS pension. So, there is a little bit of pension there still, but not sure it amounts to much such as a traditional pension.

FERS is a 1% per year pension vesting, right?
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Old Yesterday, 11:28 AM
 
Location: USA
1,088 posts, read 427,213 times
Reputation: 3031
Quote:
Originally Posted by ToyVW55 View Post
As a late baby boomer joining the workforce after college in 1986, I can attest to that. Private sector had no pensions. The federal government switched to FERS over the standard CSRS pension. So, there is a little bit of pension there still, but not sure it amounts to much such as a traditional pension.
Hhhmmmm.... I joined the workforce in 1985 and my wife just happened to go to work for the same company around 2003. The company ended traditional pensions and I think employees hired after around 2010 receive a larger match to their 401k savings.

That raises a question: what's an average pension these days?
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Old Yesterday, 11:32 AM
 
1,555 posts, read 301,945 times
Reputation: 1791
Quote:
Originally Posted by Serious Conversation View Post
I can't think of anyone in my social circle who has a substantial private sector pension. Most private sector worker retirements will basically be DIY.

Most of the folks in my circle were born after 1955. I can't think of anyone I know well personally who has worked at the same place for a career. I know very few people who are working at the same place they did in 2000. My office is full of people 50+, and while there are some lifers here for a few decades, most have been here less than ten years.

If you weren't a "lifer," you're going to have a reduced pension benefit, if you have one at all. I don't believe I know anyone right now who is currently working at a private sector employer that offers a pension of any kind.

If you're living in urban CA, metro Boston, DC, etc., one of the superstar cities, it's easy to cash out the home equity and go buy in podunk nowhere with the equity and still have hundreds of thousands of cash from the equity leftover. For people IN podunk nowhere, there's nowhere to bail out TO.
It's a generation shift. I don't believe you are a boomer..right ? Most of my peers I had worked with for over 25 years. Many of us started out together and knew each other since new employee orientation and training.

The 401K was a shift away from pensions as workers didn't view their jobs as 30 year career jobs.
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Old Yesterday, 11:44 AM
 
Location: Illinois
35 posts, read 9,650 times
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Quote:
Originally Posted by GeoffD View Post
FERS is a 1% per year pension vesting, right?
FERS pension works like this 1% of your 3 highest averaged salaried years multiplied by years of service


So an example would be 30 yrs, $100K high 3 = $30,000 pension


Law enforcement, Firefighters, Air Traffic Control get 1.7% for up to 20 yrs of service (1% for anything beyond that).


An example for that would be...


30 years law enforcement
20 yrs $100K high 3 = $34,000 (1.7%)
10 yrs $100K high 3 = $10,000 (1%)
For a total pension of $44K
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Old Yesterday, 11:51 AM
 
1,555 posts, read 301,945 times
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Quote:
Originally Posted by ToyVW55 View Post
As a late baby boomer joining the workforce after college in 1986, I can attest to that. Private sector had no pensions. The federal government switched to FERS over the standard CSRS pension. So, there is a little bit of pension there still, but not sure it amounts to much such as a traditional pension.
I got the job I retired from in 1988 and they had a pension.
In 1980 38% of companies still had private pensions.
By 2008 it fell to 20%.


https://www.ssa.gov/policy/docs/ssb/v69n3/v69n3p1.html
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Old Yesterday, 12:05 PM
 
Location: Tennessee
24,092 posts, read 17,916,630 times
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Quote:
Originally Posted by TMSRetired View Post
It's a generation shift. I don't believe you are a boomer..right ? Most of my peers I had worked with for over 25 years. Many of us started out together and knew each other since new employee orientation and training.

The 401K was a shift away from pensions as workers didn't view their jobs as 30 year career jobs.
I'm 33.

I drove by the office where my first job after college was yesterday. I didn't recognize any of the cars. I know very few people where were there when I was. Some of the management remain, but the line level staff have almost completely turned over.

Most companies don't incentivize staying. You're often better off financially to job hop around to get promotions and raises.
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Old Yesterday, 12:58 PM
 
1,843 posts, read 649,336 times
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Quote:
Originally Posted by GeoffD View Post
Medicare pays just fine.
"Fine" is relative.

When I had to self-pay for all my cancer treatment not too many years ago, I was usually able to get providers to agree to charge me the Medicare rate if I paid in full at the time of treatment. The bill would first be generated at the market rate/self-pay amount, and then the provider would issue a second, modified statement showing the amount of the discount so that my bottom line equalled what they would have gotten from Medicare if I'd had that coverage.

I still have my paperwork from that period of time and just looked up a few examples. These are from 2010-2012:

Vascular surgeon's fee for inserting chemo-port: self pay $2600, Medicare rate $1500
Breast cancer surgeon's fee: self pay $18K, Medicare rate $11K
Radiology office fee for MUGA heart scan: self pay $1200, Medicare rate $500
Oncologist's fee for 'chair time' only (not including any drugs administered): self pay $325/hour, Medicare rate $150/hour
Chemo-port flush: self pay $85, Medicare rate $50
Radiology offcce fee for whole-body PET/CT scan: self pay $3400, Medicare rate $1471
Radiology office fee for MRI scan of liver:self pay $1700, Medicare rate $808
Radiology office fee for lower back MRI: self pay $900, Medicare rate $500

Now, I've no idea what they would have gotten from Medicaid versus Medicare but what they offered was the Medicare rate and as the saying goes, beggars can't be choosers.

None of the testing labs (Quest, LabCorp, etc) would offer any discount whatsoever. Their self pay rate is what they charge if you don't have insurance. Period. No discussion or negotation allowed. They were the only type of provider who was never willing to give any sort of discount.

There was one instance when I did get the Medicaid rate and it's a story worth telling:

After my surgery I was getting bills left, right and center from anyone who was involved in the hospital stay. One was a bill from a "physicians assistant in the operating room" for -- get this: $8000! I didn't pay my actual SURGEON much more than that!! I thought it must be a mistake, maybe they used one too many zeroes?!? The billing was handled by some offshore billing firm so you can imagine the phone calls that ensued for MONTHS on end in my attempt to negotiate the amount. I finally got the name of someone on this (USA) side of the ocean who was connected with the billing (by this time the PA's company - this was a person I had no idea was even in the OR and never met before, during or after - was threatening me with a collection agency if I didn't pay up immediately.) She listened to my tale of woe and said in view of the runaround I had been put through by the offshore billing company, she would send me an adjusted bill at the Medicaid rate for that service which would be - ready for this? $745.

Needless to say, I paid it asap. But from $8000 to $745 was mindboggling. And yes their "retail"/self pay fee for someone standing around handing the surgeon instruments or whatever, was actually $8K. It wasn't a mistake or typo! Makes one wonder what insurance companies were paying for that.....or other self pay patients...
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Old Yesterday, 03:45 PM
 
Location: Scottsdale, AZ
8,109 posts, read 4,961,733 times
Reputation: 29628
Quote:
Originally Posted by TexasRoadkill View Post
Its a lot easier to retire if you have the means and inclination to relocate to a cheaper area. But what about the life long city dweller, retiring to BF nowhere isn't really an enjoyable retirement!
You might be surprised.

Any number of people in this very forum have expressed a longing to retire to a low-cost bucolic rural area. Some people find a modest amount of acreage and growing their own food quite fulfilling.

Until they get really sick. But up until then...
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Old Yesterday, 03:54 PM
 
Location: Colorado
12,209 posts, read 7,475,901 times
Reputation: 21918
My Mom is a Boomer and not only has no savings, she is deep in debt. She got a Master's degree not long ago, but cannot get any kind of work relevant to it now, and she took on the only sorts of work she could find in the middle of nowhere, where she lives...but it doesn't pay much. But her life has been a near-hopeless struggle since...about forever...so her hardship is nothing new. Now she's been laying it on rather thick about how I'm her favorite kid and such a good daughter and she's so proud of me. Uh huh. I'm NOT going to be put on the hook to provide for her. Not unless she can be locked up in a home where she cannot make any bad choices and has no access to money.

My Dad is also a Boomer. He just declared bankruptcy after several self employment schemes went badly and with his wife (my Stepmom) leaving him and coming back and leaving again...I have no idea what is going on. He says that she spent all their money and ruined them financially. She says that he did it. I do know that he wasted quite a bit on an MLM scheme that ended up being a waste of thousands. I don't really respect him or his choices either and don't want to be on the hook for his failure to prepare for retirement. Fortunately he's got other family (including my brother and his wife) near. Perhaps they will help him.

My relationships with my parents are not really conducive to me letting them fall back on my resources when they can no longer work. They have turned their backs or made things worse when I needed a hand in the past. I don't feel obligated.

My fiance though...he is also a Boomer. (He's older than I am, but he takes very good care of himself and seems much younger than he is.) He has been such a wonderful enhancement to my life, and I am HAPPY to commit to caring for him as he ages. I'm part of his retirement plan. One of several parts, including savings and Social Security also, and probably an inheritance. But I intend to continue working and help facilitate an earlier retirement for him than what he expected. He'd planned to work until 70. I don't think that's necessary. But he does not have adequate savings to comfortably retire any time soon. (He is 60 now. I'm 40. So I'm still in my working prime for a while yet.)
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