Medicare Will Not Provide You With Financial Security In Old Age


By ohomen171   Follow   Mon, 7 Jan 2013, 7:04am   333 views   8 comments
In Pacifica CA 94044   Watch (0)   Share   Quote   Permalink   Like   Dislike  

Elena is such a multi-talented lady. After working hard for 8 hours on her job work from the study, she cooked a gourmet chicken dinner for me and spoiled me. After I finished dinner I started to read my AARP magazine. I often do not take this magazine seriously. But something really caught my attention. According to a study by Fidelity, a married couple that retires and depends on medicare will have out of pocket medical expenses that will average $204,000 before they pass away. This does not include any costs for long term care like having a person at home to care for a disabled person or a nursing home. The AARP article went on to say that the average person on medicare will have out of pocket costs of over $4,000 per year. My dear friends my Social Security check is $1,279 per month. This comes out to be $15,348 per year. If I had to pay $4,000 out of that I would be left with $11,348 to carry me for 12 months or $945.66 per month. I would have to pay for rent, food, transportation, phone etc out of that small amount of money. In my case I have an IRA that I was wise enough to contribute to and that would give me an income of another $6,000 per year or $500 per month. I also an a veteran of military service and I have the right to use the VA for medical care. That helps my situation. A lot of people do not even have these things. As we move forward, Medicare will get cut and medical expenses will continue to rise. It's a bleak picture for many retirees. To those of you already retired I hope that you have a pension from your employer and paid for medical care that holds up. To those of you still working, save your money as you are going to need a lot more than you think to retire,

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  1. zzyzzx


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    1   7:08am Mon 7 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike (2)  

    Social Security is intended to be supplemental retirement income, not 100% of your retirement income. People need to stop treating it as if it's supposed to be 100% of their retirement income.

  2. APOCALYPSEFUCKisShostikovitch


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    2   7:32am Mon 7 Jan 2013   Share   Quote   Permalink   Like (3)   Dislike  

    They should just leave revolvers at seniors drop in centers - maybe at police stations to save money - with instructions on how to use them and a drop box to donate for the bullets.

    Lower retirement expenditures and subsequent burdens on opportunity makers in voluntary user fees that could exceed the cost of the service.

    Win-win!

  3. Pat McGroin Im Irish


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    3   7:35am Mon 7 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike  

    AARP is the biggest scam there is. It is a corporate owned entity that pretends that it cares for seniors as it sells them over priced insurance, investment products, and other rip off goods. I don't believe thing they say. AARP is for the Sheeple.

  4. Call it Crazy


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    4   8:06am Mon 7 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike (1)  

    ohomen171 says

    Medicare Will Not Provide You With Financial Security In Old Age

    What a revelation!!! Who really thought it would??

    ohomen171 says

    The AARP article went on to say that the average person on medicare will have out of pocket costs of over $4,000 per year. My dear friends my Social Security check is $1,279 per month.

    That's no surprise either... it's always been around that cost for both Medicare and a supplemental policy to cover the 20% that Medicare doesn't pay. It's the supplemental that's the costly part, around $300. a month for a good policy.

    On the other hand, don't get the supplemental, save money and then spend a few days in the hospital... guess what that 20% will cost you out of pocket for all the hospital charges!! A LOT more then the supplemental insurance.

    $4000 a year for complete medical coverage for someone over 65 years old is a hell of a lot better than people half that age are paying now!

    ohomen171 says

    To those of you still working, save your money as you are going to need a lot more than you think to retire,

    Just figured that out now?? You expected to survive on S.S. alone... Really??

    I hear Walmart is hiring!!

  5. elliemae


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    5   6:03pm Mon 7 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike (1)   Protected  

    Medicare part b copayment this year is $104.90. That comes out of your check before you get it every month.

    A quick search of the Medicare site shows Medigap policies that cost less than $200.00. IMHO go with plan F or better - not the high deductible.

    $2400/yr or less. Worth it.

  6. rdm


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    6   6:16pm Mon 7 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike  

    ohomen171 says

    Medicare Will Not Provide You With Financial Security In Old Age

    The headline is true, but without Medicare the situation would be much worse and untenable for most oldies. The difference in cost for a 64 year old's private health insurance policy and medicare's cost plus the supplemental at 65 is huge. At 60 I pay $960 a month for a decent but certainly not a Cadillac policy, this is for me alone. Imagine the cost of a private policy at age 80

  7. Call it Crazy


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    7   6:23pm Mon 7 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike (1)  

    elliemae says

    Medicare part b copayment this year is $104.90. That comes out of your check before you get it every month.

    Just because you don't write a check for it doesn't mean you don't "pay" for it. So, Medicare is approx. $1,260 a year.

    elliemae says

    $2400/yr or less. Worth it.

    Plus, the $1,260. equals $3,660. a year. Still a bargain for the medical care that is delivered.

  8. elliemae


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    8   7:29pm Mon 7 Jan 2013   Share   Quote   Permalink   Like   Dislike (1)   Protected  

    Call it Crazy says

    Plus, the $1,260. equals $3,660. a year. Still a bargain for the medical care that is delivered.

    Absolutely. The OP also mentions that this is exclusive of Long Term Care at home or in a nursing home - neither of which is covered by Medicare.

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