Retirement Information - Things that may help you

Once again, that's the rules, but it's not what happens with my Medicare provider. There are so many bits of information out there that can steer you wrong. Just like the Roth discussion, what they tell you may not be true. Just like no one could understand how I was tax free in the Roth thread. Like, I would never have guessed I could have $78K of income and no taxes.

I paid $540 for a $65,000 procedure on Medicare. No 80/20 split. I have a friend who had a heart transplant from the same provider. I don't know what he paid, but he is retired and has no financial issues.

Part D is part of my coverage at no cost. I"m not sure what coverage the provider gives me. My wife buys the drugs from the provider and the prices seem reasonable. I have one branded pill I take that is expensive, but it costs me 1/5th the price.

Part C is part of my coverage for $18. So I pay $174 +18 methinks. Many doctor visits are no copay. Lab work is no copay. It's all pretty cheap.
 
Paul F said:
Once again, that's the rules, but it's not what happens with my Medicare provider. There are so many bits of information out there that can steer you wrong. Just like the Roth discussion, what they tell you may not be true.
I paid $540 for a $65,000 procedure on Medicare. No 80/20 split. I have a friend who had a heart transplant from the same provider. I don't know what he paid, but he is retired and has no financial issues.

Part D is part of my coverage at no cost. I"m not sure what coverage the provider gives me. My wife buys the drugs from the provider and the prices seem reasonable. I have one branded pill I take that is expensive, but it costs me 1/5th the price.

Part C is part of my coverage for $18. So I pay $174 +18 methinks. Many doctor visits are no copay. Lab work is no copay. It's all pretty cheap.
Click to expand...

But you have a Part C Medicare Advantage Plan. That's why no 80/20 split.

Medicare Rights & Protections
 
Tom Roper said:
But you have a Part C Medicare Advantage Plan. That's why no 80/20 split.

Medicare Rights & Protections
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I can't find anything on my provider's website about coverage without an advantage plan and the plan I'm in doesn't say anything about eliminating the 80/20 split. So yes, maybe that's the reason. I did find out that my advantage plan is now $0 instead of the $18 it was a couple years ago. As far as I'm concerned Medicare is the bomb. It's just as good if not better than I had at work, which was a really good plan.
 
Abe, you're a long way from retirement. A health savings account (HSA) is something you can contribute to now with pretax dollars to for covering expenses (not premiums); if you have a high deductible health plan. The high deductible health plan saves money on premiums. I'm not making a recommendation, just saying that with a lower deductible plan that has a higher premium, there's less need for the medical savings account, so you have to weigh it both ways. The best option is to have an employer provided health plan.

For long term care in the future, you can choose a Medicare Advantage plan that includes SNP or iSNP, (special needs or institutional special needs) for things like nursing facility, intermediate care, long term hospitalization and others.
 
Tom Roper said:
Abe, you're a long way from retirement. A health savings account (HSA) is something you can contribute to now with pretax dollars to for covering expenses (not premiums); if you have a high deductible health plan. The high deductible health plan saves money on premiums. I'm not making a recommendation, just saying that with a lower deductible plan that has a higher premium, there's less need for the medical savings account, so you have to weigh it both ways. The best option is to have an employer provided health plan.

For long term care in the future, you can choose a Medicare Advantage plan that includes SNP or iSNP, (special needs or institutional special needs) for things like nursing facility, intermediate care, long term hospitalization and others.
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What are the premiums like for an iSNP Medicare advantage plan? It seems like the worst case scenario premium is the figure I should include in my retirement expenses estimate.... no?

Hard to find that info online... looks like the upper end for such plans might be $300/mo... can that possibly be right? Under $4k/year to live in a nursing home? That can't be right...

I'm not planning on saving in an HSA because I can contribute so much to my solo 401k that I don't think I need any other savings vehicles.
 
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Medicare does not pay for assisted living.
  1. Private funds
  2. Proceeds from selling a home
  3. Long-term care insurance
  4. Veterans’ aid
  5. Life insurance
 
Long term hospitalization with iSNP, not the same as assisted living but is limited to 100 days for Medicare or unlimited days $0 per day after $75 day for the first 35.
 
Tom Roper said:
Medicare does not pay for assisted living.
  1. Private funds
  2. Proceeds from selling a home
  3. Long-term care insurance
  4. Veterans’ aid
  5. Life insurance
Click to expand...

Looking around online and trying to make difficult estimates from incomplete information...

Might want to budget for 2 years of nursing home stay per person @ ~$100k/yr in today's dollars.... which would add $400k to my total target in today's dollars.

It does look like Medicaid pays for a lot of nursing home residents, which was what I thought...
 
Hey Paul, I'm about to submit my payment to the IRS but I was wondering if you'd like me to send it to you directly to save time:2vrolijk_08:
 
That's a fine idea Abe, but we gotta keep the gubment employees employed. You put your money in, they will take 30%* off the top and then spread the rest around, Besides, we gotta keep that Social Security Ponzi scheme going.

*Made up number
 
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