Quote:
Originally Posted by borregokid
It would be nice if the Tea Party types admitted they were a bunch of hypocrites between their triple-bypasses courtesy of Medicare...that they never paid for.
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WTH are you psycho babbling about like a childish little snot that doesn't have a clue to how the real world works?
While I am not yet collecting social security I am on medicare and let me give you a few facts about both that you might not be aware of.
Medicare is not "free" I pay for it every month.
Let me break it down for you.
Part A is "free" and that is the hospitalization however there are deductibles and co-pays. Deductible is $147 and then there is a 20% co-pay so that $40,000 bypass can easily cost the retiree $8,147 with the deductable.
Part B cost $104.90 monthly and what it pays for is doctors so you should know the "free" medicare I get doesn't pay one penny towards any of my doctor bills. If I purchase the optional Part B for $104.70 (which I do) every month medicare will pay 80% of my doctor bills so if the surgeon costs $3,000 I get to pay $600 of that out of my own pocket.
Then you can purchase a supplement plan which I do for $142 per month. The supplemental play is sweet, it picks up my deductibles and co pays but with this my "free" medicare costs me $246.90 per month and then there is the Part D which is drugs. The Part D costs me $30 monthly which brings my total cost for my monthly health insurance to $276.90. Not exactly free, my wife and I together pay $553.80 for our "free medicare" and that is for the two of us.
Now there is an additional thing you need to be aware of before you start swinging the ignorant dead dog around your head.
I've been working and paying social security and medicare taxes since 1966 which is coming up on half a century.
I am not going to detail my lifetime earnings but I will detail what I earned annually, along with the taxes I paid, from 1966 as a young teen through 1980
You can see I have been paying social security and medicare taxes from 1966.
Those dollar amounts given are straight off my social security statement without inflation so the $2,021.84 I paid in for just 1980 is equivalent to $5,716.04 in 2014 dollars. Yet somehow you hold to the belief that I being a baby boomer is getting something off your hard working back that I never paid for.
Generation X sort of believes the idea baby boomers are getting free stuff but what is scary is Generation Y totally believes everything baby boomers get they didn't work for as if it is something they were taught at Karl Marx University. Very disconcerting.
Now lets talk about the total I paid in for both social security and medicare taxes.
The links are on the clip for viewing what the historical simple bank savings book paid over the years.
I calculated that if I had simply deposited what I paid into social security and medicare into a simple bank passbook savings account earning when I turned 63 I would have had about $670,000 in my bank account. That is a simple bank account and not the stock market or mutual funds because if I had done that, deposited the money into a conservative mutual fund, at age 63 I would have had close to $1,500,000 when I turned 63. Yet somehow there are people like you who fervently believe I am getting something for free.
I plan to retire at 70, I am still working and paying both social security and medicare taxes, and when I do my monthly benefit is calculated to be right around $3,000 monthly. By paying into social security and medicare until I am 70 my account would be worth near $800,000 when I receive my first social security check.
To "break even" I am gong to have to live 266 months or 22.2 years when I hit 92 years old and that isn't figuring earning any interest as my $800,000 would be sitting there are I could at least go to age 95.
I very much doubt I will live to 92, much less 95, to hit my break even point.
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