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In addition to medicare
Old 10-31-2006, 10:36 AM   #1
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In addition to medicare

Can anyone explain where they arrive at the numbers of between $180,000 to $200,000 that it is going to cost for medical over and above what Medicare covers?
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Re: In addition to medicare
Old 10-31-2006, 10:49 AM   #2
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Re: In addition to medicare

?? Who are "they" and is the $$ for a lifetime?

There are many drug costs not covered by Medicare, and I know Medicare doesn't pay for most "Long-Term Care (e.g nursing home/assited living, etc).
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Re: In addition to medicare
Old 10-31-2006, 11:09 AM   #3
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Re: In addition to medicare

i recall that Fidelity generates such estimates ... below from http://personal.fidelity.com/plannin...r?refpr=rrc201
Quote:
Fidelity estimates that an average 65-year-old should plan for at least $551 monthly or $6,631 annually in healthcare expenses.
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Re: In addition to medicare
Old 10-31-2006, 11:18 AM   #4
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Re: In addition to medicare

Ellen McGirt and Andy Serwer
FORTUNE via CNNMoney.com

. How will I pay for health-care expenses?

McGirt: Ah, paying for replacement parts. According to Fidelity's 2006 Retirement Index, the typical American worker retiring today without employer health coverage will probably need $200,000 - yup, that's a big number - for expenses not covered by Medicare throughout retirement. And there's more: Since most people retire at 62 and Medicare doesn't kick in until 65, retirees start their golden years with a significant coverage gap.

Part-time work may offer the best solution: a bit of income, a bit of stimulation, and access to health benefits at a reduced cost. If your spouse is still working and has employer coverage, joining the plan of the working spouse is also an easy fix.

Another option is to continue your group coverage through the federal COBRA (Consolidated Omnibus Budget Reconciliation Act, 1986). Anyone who works for a company with more than 20 employees is eligible. You'll still pay out of pocket for premiums, up to 102 percent of the cost, but it may be cheaper and better than anything you can get on the open market - particularly if you have pre-existing conditions.

Your COBRA coverage will last for only 18 months. After that, you'll be entitled to purchase a policy with no pre-existing exclusions in the open market. But they can be pricey. One bright idea in the private market: high-deductible health plans linked with tax-advantaged health savings accounts. For those in good health, HSAs offer a nifty way to save for health-care costs over time, and premiums on high-deductible plans can be significantly lower than those on ordinary plans.

(Sources: Naic.org; Ehealthinsurance.com; HSAinsider.com; Nahu.org; healthdecisions.org)

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Re: In addition to medicare
Old 10-31-2006, 11:21 AM   #5
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Re: In addition to medicare

As I am getting close to Medicare I have calculated that currently it will cost me and my DW $543 a month for the medicare supplementals. This would not include deductables, dental, eye care, drugs not covered, the donut hole, or long term care. It wouldn't be hard to get to those kinds of numbers with a little bad luck.
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Re: In addition to medicare
Old 10-31-2006, 11:48 AM   #6
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Re: In addition to medicare

Quote:
Originally Posted by Mysto
As I am getting close to Medicare I have calculated that currently it will cost me and my DW $543 a month for the medicare supplementals.
Does that include the cost of Medicare it's self?
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Re: In addition to medicare
Old 10-31-2006, 12:12 PM   #7
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Re: In addition to medicare

EBRI did a similar study..Available at http://www.ebri.org/publications/ib/...ontent_id=3650
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