$500,000 Surprise: Health Care Sticker Shock Awaits You in Retirement

[HFWR]

Once my money, and LTC, runs dry...

https://youtu.be/Jdf5EXo6I68

 

[Rustic23]

We know you like to boast about Tricare and how wonderful it is, but is there any way for us that don't have Tricare to get on that gravy train at our ages?

If you made the wrong choices it's too late for you. Uncle Sam is not taking people of your age for fox hole duty.

Tricare is my healthcare provider. It is something I was promised for 20 years of service. Is it a good system, yes. However, someone that retirees from county government in Texas receives the same if they have enough time. i.e. SS and County Medical = $0 and they see any doctor they want.

My reply was similar to others. While my Tricare picks up my 20% and drug coverage, I don't understand the numbers being thrown around by the think tank, and for me and others that have planned for their retirement, the number does not seem justifiable.

On a side note, I am surprised that a Moderator Emeritus would make such a rancid post!

 

[marko]

[Admin hat on]

There is no doubt that the U.S. laws regarding health care and health insurance have a substantial effect on the lives of our members and therefore are matters of great concern. We understand that people would like to talk about it. The problem is that, because it is so important, it tends to arouse strong emotions, and when opinions differ, as they always do, the threads often degenerate into nasty commentary that is neither helpful nor conducive to the friendly attitude we want to foster here.

After careful consideration, the moderators have drawn a line at discussing mere proposals by political figures, raised but not passed bills and the like, because 1) there is no way to know if they will ever be submitted, voted on, passed without modification or signed by the President and 2) the opinions expressed by one or more members on this board are highly unlikely to sway anyone with the power to do anything about it. What such expressions will do is stir up rancor here. Indeed, if it were up to me alone, I would ban discussion of anything but the actual law, as passed by Congress and signed by the President.

At the end of the day, the best use of our time and effort here is to help each other cope with any new law affecting our health care or insurance. Commenting on the motivations, good faith and/or intelligence of those who made it the law, or those who opposed it, is mere barking at the moon. So, once we have a law and we see what it says, feel free to pile in with suggestions, plans and questions. But understand that angry and/or anxious commentary before that point is likely to draw the attention of the moderators.

+1 +1 +1
Thank you all Mods for keeping this the best forum on the internet!
Thank you Gumby (with Admin hat on) for this reminder!

 

[Big_Hitter]

But understand that angry and/or anxious commentary before that point is likely to draw the attention of the moderators.

thank you.

to address a question that came up about medical inflation compared to cpi

yes it has to taper down eventually or health care spending would exceed the gdp at some point; that is why medial inflation assumptions have ultimate rates

 

[ShokWaveRider]

Interesting article in the local paper today (Yes I still get an actual Paper copy), the Insurer here in NEFLA; BCBS said that if the individual mandate is removed the healthcare costs would rise a minimum of 20%. So it looks like at lease 1 insurer does not like it.

 

[Rustic23]

Why would anyone expect an insurance co. to like the removal of the individual mandate?

 

[Corporateburnout]

Thanks pb4uski. And thanks BCLover for bringing this up.
Does anyone have similar numbers to pb4uskis?

DW started on Medicare last March. She pays $134 for part B, $155 for Medigap supplement and $32 for part D for a total of $321 that's $3850 annual. So for the two of us when I start Medicare it will be $7700. A 30 year cost will be 230K. Fidelity's estimate is accurate when you add dental cost.

 

[marko]

DW started on Medicare last March. She pays $134 for part B, $155 for Medigap supplement and $32 for part D for a total of $321 that's $3850 annual. So for the two of us when I start Medicare it will be $7700. A 30 year cost will be 230K. Fidelity's estimate is accurate when you add dental cost.

And this is why I don't like these types of reports. You get a headline that says "Oh, you'll need $250K just for healthcare in retirement!".

Then you divided it out by 30-35 years, divided it by 2 people in a couple, and it comes out to something most people can readily (if reluctantly) afford.

 

[GravitySucks]

DW started on Medicare last March. She pays $134 for part B, $155 for Medigap supplement and $32 for part D for a total of $321 that's $3850 annual. So for the two of us when I start Medicare it will be $7700. A 30 year cost will be 230K. Fidelity's estimate is accurate when you add dental cost.

Thanks.
Good to see these numbers being a little less than my guesstimate.