healthcare in retirement (pensions, divorce, relocate, crying)

[PNW-type-gal]

As part of DH's early retirement package, we got a 2 year continuance of the company coverage. When that ends, we'll be 58 and 51, and have budgeted $400-$500 month for coverage, probably with a very high deductible. Right now we're both healthy and on no medications, so we'll just have to stay that way....

[Tressa]

We have a friend who pays $483.00 monthly for AARP medical insurance don't believe he gets dental. My MIL has dialysis 3 times a week can you imagine that if she didn't have medical coverage she would have passed on long time ago due to lack of coverage.

[cdelena]

Originally Posted by bibit612

Your ability to get Medicare coverage varies with your birthday...for some younger folks, it is now 67 1/2. If you retire before then, you may have to get a supplemental plan a.k.a. Medigap coverage to bridge the time until you qualify. Most insurance companies offer this in various shapes and forms; some may or may not cover Rx.

No really.

You are eligible for Medicare at 65.

It is SS benefits that vary with age.

[Kurt]

Originally Posted by coartist88

That is why I advise people when they retire to have a plan. a pension
income,457/401 k account,health care is so Important to have,a couple
of hospital visits could wipe you out.You can get away with dental and prescriptions,but major medical is paramont! I know people paying 700
800 hundred dollars a month for health Insurance...

Howdy, coartist! I agree with you that a medical plan is paramont--or is that paramount--lol. But you do seem to assume a pension income along with the 457/401K. Would that it were so--but most people do not have defined benefit monthly pensions. Even bigger corporations have done away with them. My brother retired as a government worker--public employees do still get the defined benefit pension.

There is such a thing as a medical 401K arrangement that allows you to save tax free for medical expenses. People should look into that.

Most states offer group plans for individuals. Blue Cross and Blue Shield are pretty good for medigap with a rather high deductible. Go with a quality company. Yes, you should expect to shell out $500 or more per month and dental and eye will not be covered. But it will save you from catastrophic expense. If you have preconditions it complicates things. That is one thing the government will have to address--although I do not support socialized medicine I believe it is coming--would be nice to run some sort of hybrid program both government and private. Truth is medical care is so expensive and people live long enough to need the complicated procedures. The new technology is wonderful but it simply costs and costs. It will eventually have to be rationed more I fear--and the government will step in there.

End of story as you said, you definitely need health insurance as you can be easily wiped out. Get a high deductible and pray for the best. Also, keep as healthy as you can. And may I add, don't expose yourself to unnecessary hazzards. Take up recreation that is less demanding. I cringe when I see arthritic folks on the ski slopes or rappelling up mountain slopes. But it is my right, they say! Ok, but please be able to pay for it and not end up on medicaide and have the tax payer bail you out. God Bless.

[Tesaje]

Originally Posted by Kurt

--although I do not support socialized medicine I believe it is coming--would be nice to run some sort of hybrid program both government and private.

That's what we have now -- and it isn't working very well.

I'm among the fortunate with health insurance that I can carry into retirement at the same rate I pay now. It is generally regarded as the best available, yet every year we pay more and get less. Medical inflation is astronomical and the private industry is badly broken. For all its flaws, the govt. run programs yield the best care for the least cost and cover the population instead of the hit or miss we have currently. I'm finding less and less valid arguments against it the longer we go on like this.

[duke1946]

health insurance coverage for retirement is one reason that i advise young workers to give strong consideration to employers who provide good health insurance after retirement at reasonable cost and provide a reliable pension plan. That is why I advise civil service employment with city, state, or federal (my employer) agencies. I will have reasonable cost health insurance for my wife and myself when i retire.

[StealthRabbit]

Originally Posted by duke1946

... i advise young workers to give strong consideration to employers who provide good health insurance after retirement at reasonable cost and provide a reliable pension plan. That is why I advise civil service employment with city, state, or federal (my employer) agencies. ...

Unfortunately things change (even in civil service, but not as radically)

I did that 35 yrs ago with a great (private) employer (in Col Springs too!) probably one of the best... then... the founders died, profiteering became king, the most powerful woman in business took over as CEO... I got axed 6 wks prior to retirement...but I out lived her tenure she's now living on her yacht in Monte Carlo spending my retirement she loves to 'Double Down',

You can catch her speaking engagements at such venues as "Businesses for Social Responsibility" (and CBS Money )

I'm out looking for Health care to bridge the 12 more yrs till age 65, and also back in school getting yet another degree paid for (Just in case I ever need another job, hope not!)

good luck ! and good health ! (we all need it,)

[Bideshi]

Of greater concern is that most doctors will not accept new Medicare patients. That means that Medicare is the same as being uninsured for those not grandfathered in already. Many of us have paid into Medicare since 1966 and will see no benefit! I see stories of hundreds of people attacking hospitals and staff in third world countries when a family member dies because of refusal for treatment due to finances. Can we be far from that situation here if something is not done? Is the gap between the haves and the have nots not so great that there will be a revolt of some sort?

[Wicked Felina]

Originally Posted by Bideshi

Of greater concern is that most doctors will not accept new Medicare patients. That means that Medicare is the same as being uninsured for those not grandfathered in already. Many of us have paid into Medicare since 1966 and will see no benefit! I see stories of hundreds of people attacking hospitals and staff in third world countries when a family member dies because of refusal for treatment due to finances. Can we be far from that situation here if something is not done? Is the gap between the haves and the have nots not so great that there will be a revolt of some sort?

This whole subject gets my Irish up! I won't repeat what I've been writing in another thread, Moving to Canada for Health Insurance, which I probably should've posted in this thread! Sorry~

What you wrote there Bideshi, is not so far off the mark happening here, unless something is done. Not anytime soon, but we are certainly not immune to things like that.

janb, shame, shame on people like your former boss. I am in the same position as you, just trying to be able to bridge the gap until age 65 - if we still have it by then. I am a firm believer in Karma for your former boss maybe she'll meet a card-shark!.

Very interesting thoughts, everyone. Rationed medical care? I think we're pretty much there.

[texdav]

Because more and more doctors are not accepting medicare ;we will be keeping our health insurance even after getting to medicare age.I wouldn't advise anyone to retire without private insurance before medicare kicks in and would think about more coverage even when it does.With medicare cutting there reembursements to doctors the top ones seem to be dropping it as they have more patients than they can handle anyway.