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Are retirees' health costs as steep as some say?

Thursday, March 25, 2010 - 7:53 AM
From MarketWatch
Firm after firm spews out reports about how you'll need hundreds of thousands of dollars to cover health-care expenses in retirement. Are those costs real or is this -- as some cynics suggest -- a ploy on the part of investment firms to gather assets and generate revenue?
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Ken TuminKen Tumin5,468 posts since
Nov 29, 2009
Rep Points: 125,017
1. Thursday, March 25, 2010 - 2:51 PM
I was astounded by the figures they were  giving!  This was also even if one had medical insurance!  I think they were quoting about a quarter of a million dollars for care!  I read further and realized they were taking into consideration paying for long term care in an institution, if I am correct.  The way the article reads, one has to read it carefully to understand what they are referring to.  If copays, deductibles etc. ever get THAT high, we are ALL going to end up on Medicaid (if it even still exists by the time we need it).

They talk about the savings rate by Americans being so low but we sure don't have a government whose example we want to  follow.  If the deficit gets any higher, we can ride to the moon on it!  Interest rates are so low, they give one no incentive to save.  This country is really in a bad way.

 
1
AnonymousAnonymous2,282 posts since
May 9, 2010
Rep Points: 3,912
2. Thursday, March 25, 2010 - 9:29 PM
Banking guy, I sent a comment earlier.  Is there a problem with anonymous comments?

 

Thanks.
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AnonymousAnonymous2,282 posts since
May 9, 2010
Rep Points: 3,912
3. Friday, March 26, 2010 - 5:07 PM
My father is an invalid after an accident several years ago and his medical care cost since that time is probably approaching 1 miliion dollars by now (based on billed and not reimbursed contract amounts).  He needs continual medical care and the cost of a nursing home would be exorbitant and virtually no long term care contract would cover the daily cost if he was placed in that type of institution.  Going to Medicaid would dump you into a "default" instituion specified by the state that would probably kill him in a few months living there.
1
AnonymousAnonymous2,282 posts since
May 9, 2010
Rep Points: 3,912
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