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Old 07-11-2016, 09:56 AM   #21
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Originally Posted by kevink View Post
*Within 20 years and quite possibly sooner many could see their entire SS payment consumed by health care costs.
That's pretty much what I'm expecting - after taxes incurred by the additional SS and the various Medicare coverages - very, very little left over. We're pretty much expecting SS to only take of Medicare expenses for us when we are covered.
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Old 07-11-2016, 10:06 AM   #22
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Or you could make your money last longer

Many U.S. citizens choosing Mexico for affordable health care again - Borderzine
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Old 07-11-2016, 10:16 AM   #23
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+1

And not just for health care.

As long as one is not expecting a duplicate of the US elsewhere, and one goes with a positive attitude, there are a lot of cheaper choices in the world. I recently bought and have been reading Tim Leffel's book, "A Better Life for Half the Price". An eye-opener.
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Old 07-11-2016, 10:50 AM   #24
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I can see why that might be the case. However, another way to look at this is healthcare may become too expensive for us to afford, so I'd rather spend whatever healthy years I have left enjoying retirement, not working.

It's all a matter of perspective.
VERY good point. Thanks REWahoo, you got me back on plan.

I'm already breaking down and afraid in 20 mos. I won't be able to do what I want. I'll really be screwed adding 5 years onto that. So, I won't. Back to plan.
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Old 07-11-2016, 10:52 AM   #25
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Medicare is not allowed to negotiate drug prices with the pharma companies. Unlike other countries where the gov't buys huge amounts of drugs and does negotiate with those exact same pharma companies.
It's one sided free enterprise and does not lead to lower drug costs, in fact encourages higher drug costs.
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Old 07-11-2016, 11:45 AM   #26
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Perhaps a tad off topic but I thought that Medicare could never exceed SS. Or is it just Medicare increases will never exceed the annual Cola of SS?
You can refer to the SS web site for details, but, yes, your Part B Medicare premium can exceed your SS payment. For example, if your Part B premium is $106 and your monthly SS is $56, they take all of your SS and send you a bill for $50 every month. Speaking from personal experience here....

We're thankful to have access to Medicare but it's far more expensive for us than the subsidized HI we had during our working years and while our employers were providing subsidized retiree HI (pre 65). Fortunately, we did our homework and understood this before pulling the switch at 55 and 58 yo so it wasn't an unplanned surprise.
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Old 07-11-2016, 12:26 PM   #27
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Consumer Reports Magazine this month has an excellent article on a big driver of medical costs.
Which is the cost of medications.
It turns out even old medicines are being jacked up in price by the pharma companies, (example Valent) which is legal and the increases are huge to the point where retired people cannot afford it.
While there are always bad actors in every industry- Valent is a good example of a bad actor. Also, agree overall drug costs are increasing but the latest available Medicare data shows drug spend is 9.8% of overall health care spend. The over whelming percentage of annual health care spend is hospitals and physician care.

Percent of national health expenditures for prescription drugs: 9.8% (2014)

For those who like deeper dives- references attached.

FastStats - Health Expenditures
http://www.cdc.gov/nchs/data/hus/hus15.pdf#094

Table 94 (page 2 of 2). National health expenditures, average annual percent change, and percent distribution,
by type of expenditure: United States, selected years 19602014
[Data are compiled from various sources by the Centers for Medicare & Medicaid Services]
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Old 07-11-2016, 12:35 PM   #28
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Medicare is not allowed to negotiate drug prices with the pharma companies. Unlike other countries where the gov't buys huge amounts of drugs and does negotiate with those exact same pharma companies.
It's one sided free enterprise and does not lead to lower drug costs, in fact encourages higher drug costs.
Well sure, but you don't think pharma would stoop to price gouging just because they can, do you?
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