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05-23-2012, 08:01 PM
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#21
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Recycles dryer sheets
Join Date: May 2011
Posts: 88
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Quote:
Originally Posted by Mulligan
I assume the 50% cost payment is in part items such as nursing home care and dental aren't included in the medicare health plan? And maybe they live in a high cost area for insurance? A study a few years back had 5% of the population consuming almost 50% of the healthcare costs. Concerning elderly people over 65, the top 5% consumed 34% of all medical costs. So if you are fortunate to not be in those small population segments and don't get gouged in health insurance, it is quit possible that your costs are reasonable. Out of curiosity I went on ehealth to price a premium in my state for a 62 year old, and it was only $176 for a $5500 deductible. That is only a little more than double what I am paying now at 47. I am certainly not saying we have a great or cheap system. But many people I don't think will face nearly the high costs that some people unfortunately have.
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Be wary of quotes on ehealth, as the premium costs they show appear to be based on a person who has no preexisting conditions and takes no medications. The actual premium cost you will be charged may go up substantially once you complete an application detailing every doctor appointment, injury, or surgery you've had in the last 10 years, as well as every prescription medication you took during that time (and/or currently take).
Ehealth gave me a premium quote for a slightly lower rate than yours for an Aetna policy with a $5K deductible (for a 52-year-old non-smoking female). I got a nasty shock once I completed my application and it went to underwriting. The actual premium rate I ended up with was a little over $600 per month. I thought I was in fairly good health -- no high blood pressure, diabetes, or heart disease -- and I'm about 15 pounds under the "normal" weight for my height. The only prescription medication I take is an antidepressant. Yet, as the underwriter explained to me, it was very concerned about my weight, hence the higher premium. (Gee, I thought my genetic ability to eat what I want without gaining weight was a good thing, but what do I know?) Also to my surprise, the insurer considered that taking ANY prescription medication regularly means that one has a preexisting condition.
So, anyone who's shopping for medical insurance before attaining Medicare eligibility should take the quotes from ehealth as a "floor"; it's likely that once you've given the insurer your medical history, the price will be higher.
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05-23-2012, 08:20 PM
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#22
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Recycles dryer sheets
Join Date: Feb 2012
Location: Florida's west coast
Posts: 160
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Quote:
Originally Posted by Meadbh
$250,000 in investable assets does not qualify as rich IMHO.
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I had a good chuckle over this one. Of course, it's like defining old. What's old? It depends on how old you are...
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05-24-2012, 01:22 PM
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#23
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Thinks s/he gets paid by the post
Join Date: Apr 2011
Location: Madison
Posts: 1,337
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Congress may well consider having $250,000 investable income as "Rich" since they need to get tax $ somewhere. Most voters would go along with it since most don't have nearly that much, so obviously "those" people "must" be RICH.
I just hope that Roth IRA's will be considered "untouchable" for tax purposes for the remainder of my life, but I wouldn't count on it.
__________________
Wild Bill shoulda taken more out of his IRA when he could have. . . .
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05-24-2012, 01:37 PM
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#24
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gone traveling
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
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Older than dirt?
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05-24-2012, 03:46 PM
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#25
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Moderator
Join Date: Apr 2012
Location: San Diego
Posts: 14,140
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Quote:
Originally Posted by dtbach
Congress may well consider having $250,000 investable income as "Rich" since they need to get tax $ somewhere. Most voters would go along with it since most don't have nearly that much, so obviously "those" people "must" be RICH.
I just hope that Roth IRA's will be considered "untouchable" for tax purposes for the remainder of my life, but I wouldn't count on it.
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The article talks about $250k in investable assets... not investable income.
Big difference. One is net worth, one is cash flow.
It gets so confusing figuring out if I'm supposed to be rich or not. I have more than $250k in assets - but significantly less income per year.
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05-24-2012, 06:28 PM
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#26
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2006
Location: west coast, hi there!
Posts: 8,797
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So what are people figuring will be their medical costs after medicare starts?
I'm just guessing maybe the same as our current costs before medicare kicks in (next year for us). Maybe medicare will need adjustments to make it financially solvent into the longer term, i.e. premiums will rise.
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05-24-2012, 07:23 PM
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#27
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 2,610
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I find nothing sexy about being a member of a cohort, but I am pleased to learn I am rich---quite rich.
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05-25-2012, 01:47 AM
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#28
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Thinks s/he gets paid by the post
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
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Please can you elaborate on this ?
Quote:
Originally Posted by Nords
I think most people wonder why the doctors don't follow their patient's medical directives...
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__________________
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
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05-25-2012, 12:53 PM
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#29
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,855
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Quote:
Originally Posted by obgyn65
Please can you elaborate on this ?
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Advance medical directives seem perfectly clear to me. Yet everyone has a story about a "Do not resuscitate" or a medical directive that the doctor ignores for what they deem to be the best of reasons. They resuscitate or otherwise prolong the patient's life against their written wishes.
__________________
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Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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05-25-2012, 02:05 PM
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#30
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 37,931
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I figure that $250,000 is a minimum a couple should set aside to self-insure for long term care needs and/or additional medical expenses associated with a late life illness. In other words, assume that when one spouse dies, the "nest egg" might be depleted by that amount, so hopefully the surviving spouse can still live off the remainder.
__________________
Retired since summer 1999.
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05-25-2012, 02:33 PM
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#31
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,148
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Quote:
Originally Posted by Lsbcal
So what are people figuring will be their medical costs after medicare starts?
I'm just guessing maybe the same as our current costs before medicare kicks in (next year for us). Maybe medicare will need adjustments to make it financially solvent into the longer term, i.e. premiums will rise.
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Quote:
Originally Posted by audreyh1
I figure that $250,000 is a minimum a couple should set aside to self-insure for long term care needs and/or additional medical expenses associated with a late life illness.
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And (quite a bit) more for early retirees as I understand it.
Quote:
NEW YORK (CNNMoney.com) -- If you're retiring this year [2010] you will need $250,000 in savings to cover your family's medical expenses during your retirement, Fidelity Investments announced on Thursday.
That's up just more than 4% over last year and a 56% spike compared to 2002, when Fidelity first issued its Retiree Health Care Estimate.
Each year Fidelity forecasts what a U.S. couple retiring at age 65 would need to cover their health care expenses during retirement, presuming they qualify for Medicare and do not have an employer-sponsored plan.
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Retiring couples will need a quarter million for health care - Mar. 25, 2010
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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05-26-2012, 12:56 AM
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#32
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Thinks s/he gets paid by the post
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
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Thank you for clarifying. CPR/DNR, palliative care etc. are significant ethical matters. There are horror stories in every profession but I felt your statement "I think most people wonder why the doctors don't follow their patient's medical directives" may be an over-generalization. I don't want people to think that "most"doctors do not follow their patients' medical directives, which I know is not the case (especially when the patients' wishes are in writing and in their charts). Sorry for highjacking the thread...
Quote:
Originally Posted by Nords
Advance medical directives seem perfectly clear to me. Yet everyone has a story about a "Do not resuscitate" or a medical directive that the doctor ignores for what they deem to be the best of reasons. They resuscitate or otherwise prolong the patient's life against their written wishes.
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__________________
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
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