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Agree. I think the average SS check is around $1250 monthly, and if SS is all you have, then you aren't likely to have a Medicare f-plan or even any Medicare supplemental plan at all. Medicare Part B only covers 80% of your medical bills, which might total $100k for a serious medical issue, leaving the senior $20k in debt if he/she doesn't have supplemental insurance.
People that poor may qualify for Medicaid, which will assist in paying for the supplement and prescription co-pays. But to qualify for Medicaid, you have to spend down nearly all of your savings. Every state is a little different, and some states have assistance plans for seniors to help with co-pays even if your income threshold is above the Medicaid cut-off.
You have to be very poor to qualify for Medicaid. It is the near poor elderly who can get crushed by medical expenses, as they qualify for less assistance if their fixed monthly SS benefit/pension is above the Medicaid threshold.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,724 posts, read 58,067,115 times
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Quote:
Originally Posted by killing time
...
What am I missing?
Thread title should read" Anyone here go broke after (medicare eligible) due to high medical costs?
I have 3 friends (retired but pre-age 65) who lost their homes and were left with nothing, except reoccurring cancer). They died, spouse was left with more bills.
Quote:
Originally Posted by nicet4
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Total: $298.38 for $3,580.56 in one year....
That is about 2 month's premium ($1740/ month, pre medicare. as of tomorrow (1 Oct) I am 'retired (again)' and uninsured til age 65 (many more yrs to cover)
Quote:
Originally Posted by jane_sm1th73
Nicet4, do Plan F and Plan G both provide nationwide coverage when I leave my desk job to go on the Grand National Parks RV Tour? It's years in the future, but it gives me a kick to plan it out in advance, lol! So, if I break a leg (so to speak) in Glacier National Park (in Montana) even though my domicile is in Virginia. which would be the plan to choose? Thanks much! Best, Jane
consider where you will change your domicile BEFORE leaving on the Grand NP trip.
Look to the best medical of the income tax free states. Yes, you have MANY yrs to meet SS! enjoy the trenches and watch out for enemy incoming bombshells (Don't open email that says "Here are your walking papers")
Many Fulltime RV'r use SD for domicile (income tax free) (one overnight stay per lifetime required) and MT for registering vehicles (no sales tax). Just make sure you don't trigger domicile in a greedy state. (don't stay over 180 days in Yosemite, Joshua Tree, Lasson... ) BTW: Ft Mason is a GREAT place to stay in SF, free parking for your RV! while you are there ! Find a National Park | National Parks Conservation Association
At age 80, I have been on Medicare now for 15 years. I also have a Medicare Supplement and Prescription Drug plan. My total cost for all the insurance plans is under $400 a month.
While I have had my share of medical appointments and hospital stays I don't understand how Seniors who are on Medicare and have a Medicare Supplement Plan with prescription drug coverage can go broke for medical bills. At worst, I can see spending maybe $4000 out of pocket per year if I got really sick.
What am I missing?
Without reading four pages of responses there are several things you seem to be missing which I don't find the least bit surprising. For one, despite, or perhaps because of, your particular situation, you obviously don't comprehend that for many of the poi polloi, $4,000 in copays would be impossible for some to come up with if they wished to have such plebian things as food, clothing and shelter, as would $400 a month in premiums. Some may not have any supplements so they're on the hook for 20-40% of the Medicare approved amount for any services they receive or, if they can afford any at all, they may be low-end. Others may have no Part D (prescription) plan because they can't afford the premiums or there are drugs not on their formulary that they need if they do have a plan. Plus, most Part D plans have copays and limits to coverage. Have you ever heard of a "donut hole?"
Seriously, not all are like you living in the celestial altitudes and breathing the rarified air while hobnobbing with the other sacred pachyderms. Some are just plain folk and many have significant, financial limitations. Somehow I believe you already know all of this if you were/are as financially savvy as you would have us and others believe but by all means, carry-on.
PS. I have a top-end Medicare supplement and a Part D plan with unlimited prescription coverage and but for some very minor copays for prescriptions it all costs me nothing; no premiums, nada! My pension plan even reimburses me for my Part B premium. Four years ago I had $170,000 worth of neurosurgery and it cost me nothing out of pocket. So you see, even some of us members of the proletariat can be clever and plan well. But it's probably just dumb luck, don't you think?
Last edited by Curmudgeon; 09-30-2015 at 09:21 AM..
Without reading four pages of responses there are several things you seem to be missing which I don't find the least bit surprising. For one, despite, or perhaps because of, your particular situation, you obviously don't comprehend that for many of the poi polloi, $4,000 in copays would be impossible for some to come up with if they wished to have such plebian things as food, clothing and shelter, as would $400 a month in premiums. Some may not have any supplements so they're on the hook for 20-40% of the Medicare approved amount for any services they receive or, if they can afford any at all, they may be low-end. Others may have no Part D (prescription) plan because they can't afford the premiums or there are drugs not on their formulary that they need if they do have a plan. Plus, most Part D plans have copays and limits to coverage. Have you ever heard of a "donut hole?"
Seriously, not all are like you living in the celestial altitudes and breathing the rarified air while hobnobbing with the other sacred pachyderms. Some are just plain folk and many have significant, financial limitations. Somehow I believe you already know all of this if you were/are as financially savvy as you would have us and others believe but by all means, carry-on.
PS. I have a top-end Medicare supplement and a Part D plan with unlimited prescription coverage and but for some very minor copays for prescriptions it all costs me nothing; no premiums, nada! My pension plan even reimburses me for my Part B premium. Four years ago I had $170,000 worth of neurosurgery and it cost me nothing out of pocket. So you see, even some of us members of the proletariat can be clever and plan well. But it's probably just dumb luck, don't you think?
Thank you. I somehow managed to choose that wisely as well. Go figure!
My point is that not everyone has the same advantages as others and all too many have experienced reversals of fortune in today's skittish markets, offshoring, layoffs, disappearing pension funds and plans, perhaps medical costs, et al, through no faults of their own. Sadly and for the most part, many of today's retirees and near retirees cannot count of the stability and security of defined benefits pensions some of us and many of our parents enjoy(ed) and should not be looked down upon as a result. Rather, their realities should be acknowledged and commiserated with. One would have to be blind and/or grossly uninformed, especially if they follow today's economy, not to be able to do so.
At age 80, I have been on Medicare now for 15 years. I also have a Medicare Supplement and Prescription Drug plan. My total cost for all the insurance plans is under $400 a month.
...
What am I missing?
Try this formula: Husband is diagnosed with dementia at age 84 and needs a nursing home. Wife, also 84, can't manage on her own so she needs assisted living. Price tag? $12k a month. Do that for 4 years while the husband hangs on, and you'll see how easy it is to **** away a lifetime of savings, and then some.
When you shop for a nursing home and your personal wealth is less than $1 million, make sure they take Medicaid or you'll get booted into the county home with the other indigents when the money runs out.
very important point , if going in a nice home with your own money make sure they take medicaid . most do if you are already in the facility , they just do not take medicaid patients upfront .
It wasn't the actual medical bills that did my mother in financially, it was the assisted living. She managed to pay her Medicare supplement and PDP from her $600 Social Security for many years. But when she could no longer be on her own at the age of 101, the $3200 per month for assisted living ran through her little bit of savings quickly. After yet another fall, she wound up on Medicaid in a nursing home and died with $1000 to her name that was designated toward her final expenses. She just made the mistake of outliving her bit of savings.
Doctors really like it because Plan F and G pay "excess" which means your doctor can bill and receive even more than Medicare allows and your plan pays for it.
Even the excess charge is subject to what Medicare allows.
Medicare places a limit on this excess charge - only available to NONparticipating Medicare providers.
The Medicare LIMIT for this excess charge amounts to 15% over 95% of the Medicare-approved charge - or, approximately a net to the provider of 9.25% more than the regular Medicare-approved charge.
Medicare pays 80% of the 95%, you or your Medigap pay the difference, as follows:
$100.00 - Medicare approved charge $..95.00 - Medicare-approved charge Nonparticipating Medicare provider $..14.25 - Excess charge allowed for Nonparticipating Medicare provider $109.25 - Total allowed charge for Nonparticipating Medicare provider $..76.00 - Medicare pays (80%x$95) $..33.25 - Medigap G/F pays (or, you do, in the absence of a Medigap F/G)
NONparticipating Medicare providers do not accept Medicare assignment but still accept Medicare patients. Well-known nonparticipating Medicare providers are Mayo Clinic, MDAnderson, some specialists, etc.
Many of these providers will submit bills to Medicare and your Medigap for you, both of which in turn reimburse you, you pay the doctor directly. In some cases, Medicare will pay the nonparticipating provider directly, but not usually.
If by some chance, you end up with a provider which doesn't accept Medicare assignment and is also not a nonparticipating Medicare provider, neither Medicare nor the Medigap will pay.
Last edited by Ariadne22; 09-30-2015 at 12:19 PM..
Thank you. I somehow managed to choose that wisely as well. Go figure!
My point is that not everyone has the same advantages as others and all too many have experienced reversals of fortune in today's skittish markets, offshoring, layoffs, disappearing pension funds and plans, perhaps medical costs, et al, through no faults of their own. Sadly and for the most part, many of today's retirees and near retirees cannot count of the stability and security of defined benefits pensions some of us and many of our parents enjoy(ed) and should not be looked down upon as a result. Rather, their realities should be acknowledged and commiserated with. One would have to be blind and/or grossly uninformed, especially if they follow today's economy, not to be able to do so.
But thank you for the shot across the bow!
We all get that things can happen to people and of course we all understand that everyone is in the position to purchase these supplementary plans.
But the post you quoted really wasn't nearly as condescending as you made it out to be. In fact the poster was very helpful for people like me who plan on buying those supplemental plans to avoid the catastrophes we hear so much about. And I'm hardly a rich guy, not even close.
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and watch out for enemy incoming bombshells (Don't open email that says "Here are your walking papers")
