Worst financial fear of the rich

[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.

 

[JPatrick]

I find nothing sexy about being a member of a cohort, but I am pleased to learn I am rich---quite rich.

 

[obgyn65]

Please can you elaborate on this ?

I think most people wonder why the doctors don't follow their patient's medical directives...

 

[Nords]

Please can you elaborate on this ?

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.

 

[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. 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.

 

[Midpack]

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.

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.

And (quite a bit) more for early retirees as I understand it.

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.

Retiring couples will need a quarter million for health care - Mar. 25, 2010

 

[obgyn65]

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...

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.