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Would u retire if u have health insurance??
Old 07-19-2007, 02:02 PM   #1
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Would u retire if u have health insurance??

sorry, if this question posted already?? DW and I thought about this all of the time. We know friends and families whom are more worrying about being sick then finding foods and mortgage...

welcome, to the USA... (jk)

enuff
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Old 07-19-2007, 03:12 PM   #2
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Health insurance as we know it is less
than 70 years old... what did Americans
do for the first 160 years ?
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Old 07-19-2007, 03:13 PM   #3
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Quote:
Originally Posted by Helena View Post
Health insurance as we know it is less
than 70 years old... what did Americans
do for the first 160 years ?

Died...
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Old 07-19-2007, 03:15 PM   #4
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Insurance=having a house full of kids....
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Old 07-19-2007, 04:15 PM   #5
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Quote:
Originally Posted by Helena View Post
Health insurance as we know it is less
than 70 years old... what did Americans
do for the first 160 years ?
They took pride in "saving for their final illness" and often left a bundle to their heirs.
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Old 07-19-2007, 05:02 PM   #6
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Originally Posted by Helena View Post
Health insurance as we know it is less
than 70 years old... what did Americans
do for the first 160 years ?
Good point. But let's also look at the present time too. At least half of the world population does not know what health insurance is.

Back to the original question.

enuff, no, I would not retire unless I can afford health insurance. But not neccessarily health insurance in the USA. I would also consider self insured when appropriate, location wise.

Paul Terhorst said in a recent interview with the Kaderlis that as far as health insurance and tort system are concerned, the USA is the most dangerous place to live in.

I can see "legal insurance" becoming popular in the near future.
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Old 07-19-2007, 06:46 PM   #7
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enuff, no, I would not retire unless I can afford health insurance. But not neccessarily health insurance in the USA. I would also consider self insured when appropriate, location wise.

Paul Terhorst said in a recent interview with the Kaderlis that as far as health insurance and tort system are concerned, the USA is the most dangerous place to live in.
Before we left the Army I inquired about COBRA for me (32), wife (33) and son (3) at the time and they said it would be $600 per month. When we got to Panama similar coverage costs $150 per month with a $1000 deductable.
Put another way I would need an additional 180k in our portfolio to make those $600/mo pmts vs. $45k for the same coverage in Panama. Each visit to the doctor costs about $25 and some doctors charge an additional $20 for home visits.
So there are other options than going without health insurance if you're willing to move.
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Old 07-21-2007, 10:19 AM   #8
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The reason people "need" heath insurance now is the cost of treatment, and possible cure, for conditions that were poorly understood and almost always fatal 100 years ago.

Heath insurance began as a union benefit and was considered, at the time, to not be a large expense for the company. How things have changed.

Heath insurance is a major factor in my retirement planning. I wonder if all of the politicos falling all over themselves to deliver universal heath care realize the tidal wave of early retirees it will cause.
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Old 07-21-2007, 11:52 AM   #9
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I'm starting to think that retiring without some reasonably priced health plan is going to be a problem for an ER.

We often talk about how the stock market plunging right after someone retires is the biggest obstacle. Seems health care might be as bad.

The total tally for 3 months of health care since my wifes new employer screwed up our eligibility, including 2 months of cobra, a month of HMO coverage, three doctor visits, and our prescription drugs is roughly $5300. I'll get some of that...about $500-700...back from the cobra provider IF I can get all the medical billers to send me the paperwork that BC/BS requires, and IF they actually pay the claims.


After this its about $300/mo out of pocket for coverage, $25 an office visit, and $20 for meds.

Pretty expensive screw-up...
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Old 07-21-2007, 12:17 PM   #10
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I'm starting to think that retiring without some reasonably priced health plan is going to be a problem for an ER.
I'm starting to think I've been grossly over-estimating your intelligence.

I've been looking into my likely fate in the Texas High Risk Pool. You must have an individual policy for each person. The premiums to cover both of us for the 55 - 59 age group would be $1083/month. That gives us each a $5,000 deductible. After the deductible, we pay 20% until we spend another $3,000.

Just the insurance with nothing covered will be $12,996/year. All told, we could spend $28,996 for medical care in any given year.

That's a major factor in my retirement economics. That's also why Texas has the most uninsured people in the country.

Every state is different and Texas has the most "insurance company friendly" law on the books. Individuals can not "band together" for group rates except through an employer. The insurance companies can cherry pick the low risk individuals. Most of us older types are relegated instantly to the high risk pool.

I am just starting to explore the heath options in other states.
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Old 07-21-2007, 12:29 PM   #11
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I'm starting to think I've been grossly over-estimating your intelligence.
Happens all the time.
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Old 07-21-2007, 01:57 PM   #12
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Maybe a lot of folks will end up moving to MA and the upper midwest and the like for their subsidized programs....of course, government workers and a folks with a working spouse, have it worked out, too.
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Old 07-21-2007, 02:09 PM   #13
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So, my employer offers an HSA or a "traditional" plan. I've been on the traditional plan but I've been thinking for a while now that I should jump to the HSA.

Starting to feel more like it after this thread.
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Old 07-21-2007, 02:50 PM   #14
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So, my employer offers an HSA or a "traditional" plan. I've been on the traditional plan but I've been thinking for a while now that I should jump to the HSA.
My employer has both but the choice for anyone but the chronically ill is the High Deductible. The "traditional" 250 deductible plan costs about $4,500/year for a family. Without counting copays, the plan has a maximum out of pocket of $1,000. Copays go on forever on the plan. The High Deductible Plan has zero out of pocket cost for the insurance but $2,200 deductible. After that it's 20% until the family hits a total out of pocket of $10,000 (including deductible). There are no copays so everything counts.

On a year to year basis, there's less than a $4,500 risk if a serious amount of medical care is needed. How much less depends on the amount of copays. I barely met my deductible last year so I'm saving a few thousand per year. As long as my expenses are less than around $7,000 per year, I'll come out ahead.
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Old 07-21-2007, 04:29 PM   #15
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Heath insurance is a major factor in my retirement planning. I wonder if all of the politicos falling all over themselves to deliver universal heath care realize the tidal wave of early retirees it will cause.
Yea the only thing keeping me from quitting right now is health insurance. I need to get a good estimate of the costs before I quit. If I had coverage automatically, shoot, I'd be in tall cotton, no worries.
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Old 07-21-2007, 05:35 PM   #16
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sorry, if this question posted already?? DW and I thought about this all of the time. We know friends and families whom are more worrying about being sick then finding foods and mortgage...

welcome, to the USA... (jk)

enuff
Actually, yes - - I would probably retire right now if I had health insurance. I will qualify for lifetime medical in a couple of years and I am waiting until then to retire. Otherwise, I might retire now.

But you know what? That would be an awful decision. If I retired now I would have enough to live from month to month, but I would not have much capability to deal with the unexpected, and I could afford very little spending beyond the necessities. So I am glad (gritting my teeth to say this) that I have to work another two years.

Oh, yes. GLAD...
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Old 07-21-2007, 07:14 PM   #17
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Hello Everyone, this is my first post so please don't be too upset with my post.

I have very mixed feelings about Health Insurance.

I feel on one hand that some of the insurance costs today are due to malpractice insurance being so out of hand, but on the other hand I feel that we are just flat out spending too much PER PERSON on health care.

My mother is 64, she has been fighting Terminal Cancer for 8 years. Her Insurance Company has spend well over one million on her. Her life has been a struggle and much pain these last 3 years especially. I have to say she has very low quality of life. But, she is a fighter and wants to continue on with Chemo as long as she can. She gets it every 3 weeks. She has been for for almost a year. I love my mother very very much but hate to see her suffer so much. The chemo is prolonging her life perhaps but at what cost?

One of my co-workers just past the 5 million mark on her son and she had to go to new employment to get new insurance as she hit the max on ours. Her son was born with a very severe heart defect and she and her husband were told when he was born that he had less than 1% chance of survival if they did not take him to the Cleveland clinic for immediate surgery. They did. They also were told that he had very little chance of a normal life and would constantly be having surgery. He has had at least 20 so far and he is 9 years old. He is a sweet little boy but he can't run and play and be a normal child. He will probably not make it out of his teens.

It is very hard to know what you would do in these situations. My mom always said if she got cancer that she wouldn't have chemo. But when the time came she did and she is going to fight to the end. My parents had good executive level jobs and worked hard all their lives so they could enjoy their retirement. Instead, they can hardly go anywhere or do anything because my mom is too tired. She is out of bed for maybe and hour a day now. They tried to go to Hawaii last year and ended up coming home after 2 weeks because it was just too much for her. I wish they had taken more time when they were younger.

I don't know what my point is exactly, just that when we spend millions of dollars on ONE person, then of course insurance premiums are going to be outrageous. How can it not be?

I have pretty much come to the conclusion that I would rather retire a little bit earlier and enjoy my life as much as possible and if cancer or heart disease or whatever hits me than so be it. I might not get needed treatment but guess what, if I do work to 65 and retire with health insurance there is still NO GUARANTEE that I will get to enjoy myself.

Does this long rambling post make sense to anyone?
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Old 07-21-2007, 07:23 PM   #18
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Of course it does. Statistically the majority of health care dollars are spent in the last year or so of peoples lives...which by definition means they didnt recover.

Much of the rest is eaten up by bureaucracy and profits.

Honestly...as a percentage lawsuits, illegal aliens and all the other hot button issues that excite people are such small pieces of the health care cost pie that they're almost irrelevant.
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Old 07-21-2007, 09:35 PM   #19
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Yes, recently heard on a radio show (Maybe NPR) that some studies place administrative costs at up to 1/3 of the total health care costs of the USA.

A more fair system (socialized?) might reduce care to the terminal or end-of-life cases (except comfort care or pain -killers). In theory, the resources saved could go to provide care to healthier people. It'd be nice to live in a world where a 12-year-old boy did not die from complications of an untreated dental problem (happened recently in Washington DC). Given the USA's crappy health care system, don't hold your breath.
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Old 07-21-2007, 09:36 PM   #20
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Makes sense to me, JustMeUC.
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