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Old 10-23-2010, 11:11 AM   #41
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I fully understand the OP concerns. Unless you are independently wealthy, you have doubts plus there are all the horror stories of being denied coverage when you thought you had it.

I recently was "retired" from a large corporation (along with about 3000 other people) when the company was bought by foreigners. That saved my pension (they had to add 5 years to my age and 30 years of service) but because I technically didn't retire, I didn't qualify for retiree health insurance. (I know there are no guarantees they will keep supplying it but it would have made me feel better.)

I don't know how many nights I have laid awake at night worried about health insurance and we don't even have what I would consider a pre-existing condition (we are still on COBRA so we have priced it but not applied yet).

My husband and I have budgeted the amount we think we will need for the 10 year gap before medicare but with the way health care prices have gone up, who knows As he says there goes the boat he wanted!
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Old 10-23-2010, 11:28 AM   #42
Recycles dryer sheets
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Originally Posted by Corporate ORphan View Post
I fully understand the OP concerns. Unless you are independently wealthy, you have doubts plus there are all the horror stories of being denied coverage when you thought you had it.

I recently was "retired" from a large corporation (along with about 3000 other people) when the company was bought by foreigners. That saved my pension (they had to add 5 years to my age and 30 years of service) but because I technically didn't retire, I didn't qualify for retiree health insurance. (I know there are no guarantees they will keep supplying it but it would have made me feel better.)

I don't know how many nights I have laid awake at night worried about health insurance and we don't even have what I would consider a pre-existing condition (we are still on COBRA so we have priced it but not applied yet).

My husband and I have budgeted the amount we think we will need for the 10 year gap before medicare but with the way health care prices have gone up, who knows As he says there goes the boat he wanted!
Perhaps I have "inside info", prior to be laid off my wife worked for Aetna - appears to me that there are lot's of options out there (oops, to the guy who got pissed earlier - hopefully I'm not getting in trouble for talking about healthcare). I encourage you to go online and see what's out there. Since we both have been canned that's what we had to do, maybe we've lucky that neither of us have pre-existing conditions, but we've been able to sign up for individual plans.....good luck, and I'm so sorry to hear about your sleep problems.....
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Old 10-23-2010, 12:55 PM   #43
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Perhaps I have "inside info", prior to be laid off my wife worked for Aetna - appears to me that there are lot's of options out there (oops, to the guy who got pissed earlier - hopefully I'm not getting in trouble for talking about healthcare). I encourage you to go online and see what's out there. Since we both have been canned that's what we had to do, maybe we've lucky that neither of us have pre-existing conditions, but we've been able to sign up for individual plans.....good luck, and I'm so sorry to hear about your sleep problems.....
I’d love some “inside info”, and I’m sure others would as well. What options are out there for people that have been – or fear they may be – denied coverage either for preexisting conditions or simply underwriter’s decision. The only real option I’m aware of is the state high risk pools. The online tools I am familiar with only give non-qualified quotes – meaning neither price nor coverage are assured and the price quote is usually the “best case” not the “likely price if qualified”.

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oops, to the guy who got pissed earlier - hopefully I'm not getting in trouble for talking about healthcare).
This isn’t helpful.
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Old 10-23-2010, 01:06 PM   #44
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Hello WineLover - it looks like you are all set to go for it now. Welcome to the Forum.

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Are we being too cautious or should be go for it next year? Or maybe not yet?
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Old 10-23-2010, 01:09 PM   #45
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+1

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(the healthcare reform is) actually long overdue and should be welcomed.
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Old 10-23-2010, 07:31 PM   #46
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Midpack - thanks for the post - so glad to see that we are not alone in our dilemma re: healthcare. I also appreciate all of the other posts since early this am - Again, our main hesitation is the uncertainty - i.e. even though we can go out and purchase individual coverage or any other kind of coverage on the open market once DH retires, who is to say those policies won't be eliminated at some point because of the changes coming in 2014? Many companies right now are considering eliminating employee and/or retiree coverage because they see that it may not be economically feasible in the future to offer those plans. That's what we are worried about. Until the dust settles or the future becomes clearer and more certain, we will probably remain in this waiting pattern as we do not want to do anything that would risk us being put into a plan we don't want. And yes, we realize that the plan we are currently on could also be eliminated as well - its probably a case of being more comfortable right now with what is familiar. Sorry if this thread turned too much into a healthcare discussion but again, I do appreciate all of the responses.
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Old 10-23-2010, 07:55 PM   #47
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Marc1962, MichaelB, CorporateOrphan and Too Frugal . . . a special thanks.
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Old 10-24-2010, 01:24 PM   #48
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Hey JBmadera, I second the request for an "insider" info you may have that you can share.
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Old 10-24-2010, 03:05 PM   #49
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Midpack - thanks for the post - so glad to see that we are not alone in our dilemma re: healthcare. I also appreciate all of the other posts since early this am - Again, our main hesitation is the uncertainty - i.e. even though we can go out and purchase individual coverage or any other kind of coverage on the open market once DH retires, who is to say those policies won't be eliminated at some point because of the changes coming in 2014? Many companies right now are considering eliminating employee and/or retiree coverage because they see that it may not be economically feasible in the future to offer those plans. That's what we are worried about.
We might retire anyway despite the uncertainty. If we get into a healthcare bind, the worst thing that might happen is that one or both of us would go back to work (a job with bennies). To borrow from the recent book Early Retirement Extreme, FWIW...
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If more people spent five years saving money and learning how to live efficiently on their investments instead of spending five years to become plumbers or MBAs and zero years on living efficiently, and therefore working the rest of their lives, financial freedom might not seem so scary. For those who are still unsure, consider that the worst thing that can happen to me, compared to someone who works for a living, is that I have to go back to work and do what they have been doing all along.
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Old 10-24-2010, 05:06 PM   #50
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If you ever decide to leave your husband, give me a call !!
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Old 10-24-2010, 09:35 PM   #51
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If you ever decide to leave your husband, give me a call !!
A rather odd first post. Why don't you introduce yourself in the "Hi I am" section? Then we can determine whether you really should be hitting on our female members.
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Old 10-25-2010, 06:02 AM   #52
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A rather odd first post. Why don't you introduce yourself in the "Hi I am" section? Then we can determine whether you really should be hitting on our female members.
You don't need to dertermine anything about me ..... it was just an attempt at humor. Remain calm.
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Old 10-25-2010, 07:31 AM   #53
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FWIW you are almost a poster child for high deductable coverage. You need catastrophic coverage, not first dollar.
I agree. Why not self insure for the first $10k with your assets? Go apply and get approved. Then enjoy your retirement. Oh yes, welcome to the board.
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Old 10-25-2010, 07:45 AM   #54
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I agree. Why not self insure for the first $10k with your assets? Go apply and get approved. Then enjoy your retirement. Oh yes, welcome to the board.

I agree. I guess I am at a loss as to where this tread has gone. If folks out there think there is a "risk free" way to retire I think they are mistaken. The idea that staying with a firm is a risk free way of keeping health coverage then they may want to look more closely at Enron, Worldcomm, various airlines, certain cities and counties. Point is life in general is about risk management. Personally I don't feel it is riskier to go on to aenta.com and sign up for a high deductible policy (like I have, and friends and family have) then to stay at any particular job with the thought that benefits are guaranteed.
Apparently this is a very emotional topic - whether it's investments, benefits, etc I try to remove all the emotional garbage and just, to the best of my ability, objectively review the facts.
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Old 10-25-2010, 09:51 AM   #55
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Midpack - thanks for the post - so glad to see that we are not alone in our dilemma re: healthcare. I also appreciate all of the other posts since early this am - Again, our main hesitation is the uncertainty - i.e. even though we can go out and purchase individual coverage or any other kind of coverage on the open market once DH retires, who is to say those policies won't be eliminated at some point because of the changes coming in 2014? Many companies right now are considering eliminating employee and/or retiree coverage because they see that it may not be economically feasible in the future to offer those plans. That's what we are worried about. Until the dust settles or the future becomes clearer and more certain, we will probably remain in this waiting pattern as we do not want to do anything that would risk us being put into a plan we don't want. And yes, we realize that the plan we are currently on could also be eliminated as well - its probably a case of being more comfortable right now with what is familiar. Sorry if this thread turned too much into a healthcare discussion but again, I do appreciate all of the responses.
Glad to be of help. Hope you hang around the forum – lots of friendly people and good advice. Your situation is better than you feel – you have viable options and financial strength, and healthcare is not going away any time soon. Like many of us you are probably better off taking care of your health than worrying about your healthcare, and don’t let your fears get the best of you. Good luck!
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Old 10-27-2010, 08:50 PM   #56
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First of all, based on your assets and desired lifestyle, I agree with the other posts that you should be in good shape and can retire if you will get more out of life in that status.

I recently studied the average costs of healthcare for a website I run. Some facts may be of interest to you:

According to a 2010 study by Fidelity, a 65 year old couple will need an average of $250K to pay for health care expenses. Other studies by The Employee Benefit Research Institute and Boston College have a similar result. What is more interesting, however, is that both of these studies show the 90-95th percentile of costs to be only about 50% higher. What this means is there is only about a 5% chance you will need more than $375K or so.

For most people, this may not be very reassuring, but in your position it should be. One other item of note, unfortunately the expected expense doesn't decline much as you age. An 80 year old couple still has $200K in expected costs. In other words, most of the cost usually comes at the end.
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Old 10-27-2010, 09:00 PM   #57
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According to a 2010 study by Fidelity, a 65 year old couple will need an average of $250K to pay for health care expenses. Other studies by The Employee Benefit Research Institute and Boston College have a similar result. What is more interesting, however, is that both of these studies show the 90-95th percentile of costs to be only about 50% higher. What this means is there is only about a 5% chance you will need more than $375K or so.
Need more info...
Is that to end of life and does it include health ins premiums? What is the expected life from 65?
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Old 10-27-2010, 11:00 PM   #58
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Yes, it does include premiums, but it probably assumes Medicare after 65. I believe expected life would be the standard (roughly 78 for men and 80 for women). You can see the summary of the Boston College study here if you are interested:

http://crr.bc.edu/images/stories/Briefs/ib_10-4.pdf
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Old 10-28-2010, 11:18 AM   #59
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Yes, it does include premiums, but it probably assumes Medicare after 65. I believe expected life would be the standard (roughly 78 for men and 80 for women). You can see the summary of the Boston College study here if you are interested:

http://crr.bc.edu/images/stories/Briefs/ib_10-4.pdf

Does the section below mean that one person would have an out of pocket cost of $100K? If that person were a woman it would be 15 years of life remaining or about $6,666/year? I can see medications being 50% of that amount/year.

I think the article should have had a earlier period of time for comparison e.g. 50 to 65.

++++++
This brief outlines the findings of new research
that calculates the distribution of lifetime health care
costs.2 The research shows that the expected present
value of lifetime uninsured health care costs for
a typical married couple age 65 is about $197,0003
including insurance premiums, out-of-pocket costs,
and home health costs and excluding nursing home
care.4
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Old 10-28-2010, 05:48 PM   #60
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Thank you folioboost for this information.
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