Somewhat of a 2 part question...
1) Medicare: I know the real answer is "it depends", but for those of you who are now over 65 and in reasonable health, what type of medicare plans (Parts and Supplement plans) did you sign up for, what are your premium costs, and what are you finding your annual out of pocket costs are running? It would also be helpful to understand your max out of pocket?
2) Long Term Care: Anyone have experience, perhaps with a parent who needed long term health, as to what those expenses entailed/cost? How does Medicare play into covering any of those costs? On average, what does "quality" long term care really look like (i.e. 3rd party help, assisted living/nursing home)? My general thoughts have always been to self-insure this risk with the mindset that if I (or DW) is really that laid up in the future, than we just funnel the resources we had earmarked for all the fun stuff into addressing the care needs.
DW and I are 56 so we have our band-aid strategy until we get to 65, but I am trying to tighten up some rough estimates for future health care cost budgeting.
1) Medicare: I know the real answer is "it depends", but for those of you who are now over 65 and in reasonable health, what type of medicare plans (Parts and Supplement plans) did you sign up for, what are your premium costs, and what are you finding your annual out of pocket costs are running? It would also be helpful to understand your max out of pocket?
2) Long Term Care: Anyone have experience, perhaps with a parent who needed long term health, as to what those expenses entailed/cost? How does Medicare play into covering any of those costs? On average, what does "quality" long term care really look like (i.e. 3rd party help, assisted living/nursing home)? My general thoughts have always been to self-insure this risk with the mindset that if I (or DW) is really that laid up in the future, than we just funnel the resources we had earmarked for all the fun stuff into addressing the care needs.
DW and I are 56 so we have our band-aid strategy until we get to 65, but I am trying to tighten up some rough estimates for future health care cost budgeting.