<p>With the new stuff that will be in effect in 2014 requiring medical insurance (but paying subsidies to offset the premiums for low income earners), what are you guys (and gals) planning on doing?<br /><br />We won't hit the road until 2015, but due to living well below our means for the past 12 years we have managed to save up enough to generate maybe $30,000 to $40,000 a year in interest and dividends depending on if the markets fall off a cliff (I have started getting into I-bonds and TIPs along with some precious metals so we won't be completely wiped out). But anyway...obviously we will have some assets that I prefer not get wiped out due to unforseen medical bills, so that means insurance is a must.<br /><br />From reading on here and elsewhere, it looks pretty easy to live off of $30,000 a year for a married couple, but certainly we do not want our medical expenses to be $20,000. Am I worrying too much about all of this? What do you plan to do?</p>
how do you plan to handle medical insurance?
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<br /><br />LOL...lucky Canadians. All that land, all those resources,....hmmm....it has been awhile since we aquired a new state...how is your military doing? <img src="/images/boards/smilies/biggrin.gif" alt="" align="absmiddle" border="0" />Willy said:
Insurance is a huge aspect of life, medical bills can and will destroy you financially (This I know first hand)... I have Medicaid but only to cover hospital/emergency treatments... I am taking a wait and see attitude as this presidential election will have impacts that are unforeseen as of now... Good thing is you have time to take a watch and see stance...
<br /><br />Oh I am very sorry to hear you have had medical hardships SoulRaven. I hope you are doing better now.<br /><br />I take it quite seriously. We had relatives get wiped out financially when huge medical bills hit them without insurance coverage. I plan to at least have a high deductable plan such that they don't take away everything we have worked hard to save. Wait and see I guess is the approach as to what type of insurance is available in 2015.SoulRaven said:
The USA wants Canada in a bad way (though maybe not Quebec) and 2 ways to achieve this is through buying our corrupt politicians (and therefor everything else) and harmonizing our societies. Canadians will basically NEVER give up our health care for the crappy system the USA has, so they've gotta (the USA) bring theirs up to snuff. Once that happens, it's just a small step to our becoming one big (dysfunctional) family. <br /> One reason why the USA wouldn't invade Canada is, despite the near universal condemnation it would elicit throughout the world, is that the populations are near indistinguishable with citizens from each having family in the other country. Can you say 'Terrorist Armageddon'? A highly educated population which, according to what I've heard, more guns per capita than that of the USA, and a lot of sympathizers in the other country. Nope.. wouldn't work, and we'd just end up burning down your White-house again, and that would be embarrassing for the US administration. <br /><br />
IGBT said:
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I think you are the perfect candidates for catastrophic care insurance. It has a very high deductible so your monthly payments are low. Your deductible would be $3000-$10,000 a year, but then everything else would be covered. Since you have the cash to pay for the routine medical care and could cover the deductible of a bigger illness/injury, you could minimize your monthly payments. <br /><br />If I were you I would look into Medical Savings Accounts, they are just like an IRA except for medical. I don't know if they will still be around after 2014 though. They are a very good plan so they will probably be eliminated under ObamaCare. Bob
<br /><br />We are starting a HSA this year...I hope they will still be around.<br /><br />I was thinking like you about the high deductable plan. I will be interested to find out if that qualifies us to not get a penalty under Obamacare. It actually looks screwed up enough right now that we could get a subsidy to help pay an insurance premium in 2015 even though we would have a lot of assets but little income (they don't do means testing as of right now). I would feel a bit bad about having others subsidize our insurance, but also would feel like a fool for not taking it.akrvbob said:
Seraphim
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IGBT<br /><br />Coventional wisdom uses 4% as a base figure for retirement: that percentage shouldallow your investments to last about 25 years, give or take market fluctuation. For an excellent historical view of how your withdrawel plans would have worked in past markets, go to www.firecalc.com and see how realistic your expectations are.<br /><br />A trust fund has options which may protect assets from medical catastrophe, especially if long term care becomes necessary. Medicare covers such costs. But only after assets are depleted to about $1600 ( I think). Speak with anelder care attorney. Cost about $2000 to set up a basic trust.<br /><br />Long term care insurance provides protection for a certain amount of your assets, depending on the policy. For DW and I, in our mid fifties, we got a quote for $500 forbirth of us, which would provide about $345k in asset protection.<br /><br />No expert, but we've been researching it heavily lately.<br /><br />We also have an HSA (same as MSA?). Money deposited. Is tax exempt, and we don't pay tax when we use it for medical purposes. Low rates but a $4k deductible.we don't HAVE to deposit in the HSA account, but the tax benefits are useful and the money we put in is available for emergencies.
yes I have used firecalc before..very nice.<br /><br />I am not sure 4% is viable for the future...I was using a somewhat lower rate of withdrawal. Also, we will be in our mid 40s and might need our money to last more like 35 years (hopefully).<br /><br />Good thing to research about the trust and long term care stuff!
Spirituallifetime
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I have catastrophic health plan from my employer ($2500 deductible). They are ok as long as you have the money saved for the deductible, you have to pay for all medical expenses until you reach the deductible then after that every thing is payed for by the insurance. Insurance is also designed to work best in the state that it is purchased in, if you are going to be in another state for awhile it may be difficult to find doctors that will take it. My employer purchased insurance in UT I have a difficult time using it in NV where I live!
offroad
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This is the most important discussion thread on he whole board. Can we get links to actual high deductible medical insurance companies? <br /><br />How can someone living off savings handle the medical catastrophe unless they have this insurance. <br /><br />Guess many are just gambling.
Johnnomads
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Many, perhaps millions simply do not have the income to buy anything, and expanding Medicade in states teetering on the edge, is not an option hence a lot of states vowing not to participate. <br /> My strategy is try to stay healthy, be a shameless huzzy and ask for a cash discount on Dr services, and only get medicine off the Walmart $10 list<br /> Offroad wrote:This is the most important discussion thread on he whole board. Can we get links to actual high deductible medical insurance companies? <br /><br />How can someone living off savings handle the medical catastrophe unless they have this insurance. <br /><br />Guess many are just gambling. [/quote]
mountaintramp
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i have a $615.00 pension and make small amounts of money doing reselling. i pay $358.00 for a high deductible plan i get through AARP. it eats up over half of my set income. i've had this insurance for almost 2 years and it's already gone up 2X, and i haven't even used it. since i'm now 58, i imagine in a few years it will take my whole pension just to pay for insurance. i'm VERY worried about the ins. situation. but there seems to be no way around it.<br /><br />BTW i've recently read that the AARP plans are no lower than many other non AARP plans, and in many cases cost more.
Spirituallifetime
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<br /><br />Just do google search for <em>health insurance </em>and they should come up. Insurance rates very by state, for NV I was quoted $200/ month. I would find one that specializes in your state so you get insurance that works in your state.<br />
<br /><br />This a good idea even with a deductible insurance because the insurance won't pay until you reach the deductible amount. My doctor gives me a discount also. And eating healthy is a good investment for your health in the future, dark green leafy salads and lots of vegies and fruits.
Health care costs are a train wreck that is just turning the curve as the new year rolls around. Out of control costs will continue to spiral and availability to those of us without deep pockets will be restricted -- as will accessibility to specialists and more so accessibility to what we've called Family Practice practitioners. And I'm speaking from a life-time of contact with the technical and business side of health care as well as being a 80-year old consumer who worked at staying healthy only to be blind-sided by arthritic attack on my spine that left stenosis and the worst pain a body can feel -- for me anyway. Crippling and tough to both treat, live with and get any health-care plan for any more.<br /><br />I go through all that to warn not to plan for all going as you want it to. Plan for that possibilirty and believe that the plan will continue out of control the way things look. And OTC and generic drugs won't cure everything. Even manage it, where surgery is prohibitive.<br /><br />A dillemma for sure.
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