$280,000 Health Costs After Medicare Over Couple"s Lifetime

Lara

Lara

Friend of the Arts
Location
Mid-Atlantic Coast
According to Fidelity, a typical couple retiring this year at age 65 will have a 75% increased since 2002, over their lifetime. A couple will pay $280,000 above and beyond Medicare for their healthcare. I don't know what Medicare Plan they're talking about...if it's just Part A or if it's also B, or D, etc. but these are charges above and beyond medicare insurance.

In 2002 it was $160,000 over a lifetime per typical couple.

I don't have any other facts but, wow, $280,000 is about what it costs to raise a child from birth until they're age 18 including food, clothing, school supplies, healthcare etc.

Everybody, eat your greens and walk or move around somehow everyday.
 

I'm thinking that they are including the out of pocket or Medicaid cost of assisted living, skilled nursing facilities or hospice/end of life care in that number.

417d161218198f779cc7950f2c1a973c.jpg
 
Ultimately, it's all about the quality of life one can be content with. If that $280G's, over the next 20-30 yrs., sees a couple living comfortable, happy, healthy lives, up to the end, then that's cool. If we're talking a poor quality of life, a miserable existence, heavy meds, lack of mobility, etc., for the $$, then it wouldn't be worth it, to me.
 
Yes Aunt Bea. Out-of-pocket for sure. Your cartoon is somewhat true but my mother did all the right healthy things all her life and enjoyed a high quality of life until the last 6 months of her life when she began to really decline...she died at home at 93 of cancer and barely suffered at all...pain drugs the last couple of weeks. A very peaceful passing.

Her secret to a long life of health and happiness?...

Everyday she consistently ate health-conscious small portions (big believer of 5 almonds, 1/2 a frozen banana, and 1/2 cup of blueberries, variety of greens,

everyday), no eating after 4pm., early to bed (8pm) consistently walked everyday, always had friends, active in her church, read a lot (and book-club), crossword

puzzle daily, solitaire, scrabble, always had something fun planned for every single day.

I was amazed at how all the children in her neighborhood knew "Miss Shirley" and loved visiting her while enjoying her pastels and paper. I could barely keep up with

all her activity.

She always had an oil painting she was working on set up on the kitchen counter so she could dabble with it whenever it struck her fancy. Her painting supplies were

in a few kitchen drawers. Her house was meticulous...not a speck of dust or clutter.
 
Your mom was one of the lucky ones.

I wish it could be that way for all of us.

From what I've read over the years, the majority of healthcare-related expenses for seniors occur in the last three years of life. It doesn't really seem to matter if the last three years come in our sixties or our nineties.

I agree that we should take care of ourselves and enjoy things in moderation but that is about all we can do.

"Que sera, sera,
Whatever will be, will be;
The future's not ours to see.
Que sera, sera,
What will be, will be..."
 
Aunt Bea said:
I'm thinking that they are including the out of pocket or Medicaid cost of assisted living, skilled nursing facilities or hospice/end of life care in that number.
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No, it does not include AL or Skilled Nursing/Memory care, unfortunately.

Health care will cost $280,000 in retirement — and that doesn’t include this huge expense
By Alessandra Malito to MarketWatch: May 12, 2018

(excerpted) The estimate, calculated by Fidelity Investments, has jumped 75% since the company’s first estimate in 2002 (then $160,000). The figure includes life expectancies for the couple, and also includes Medicare coverage and copays, vision, over-the-counter medications and dentures.

But there’s one thing these numbers do not include: long-term care cost, which is “extremely expensive” and in an unpredictable insurance market. An American turning 65 today has a 70% chance of needing some type of long-term care service, which supports daily living tasks (think: eating, bathing, going to the restroom), according to the U.S. Department of Health and Human Services. The national average cost for long-term care in the U.S. in 2016 was $225 a day (or $6,844 per month for a semi-private room) in a nursing home (and $253 per day, or $7,698 per month for a private room); $119 per day, or $3,628 per month for care in an assisted living facility; $20.50 an hour for a health aide, or $68 per day for services in an adult day health care center, according to the U.S. Department of Health and Human Services.

Medicaid pays for more than half of these expenses (if the patients qualify), but other means of funding long-term care services is through public funds, out-of-pocket payments and private insurance. Insurance companies offer a variety of products, such as a traditional policy which can be rendered unnecessary down the road if the policyholder ends up not needing long-term care, and hybrid policies, which incorporate long-term care services as part of its coverage.

(Note: Sorry, I don't know if this is a public link – I access MarketWatch through my WSJournal subscription. Full article: https://www.marketwatch.com/story/h...t-doesnt-include-this-huge-expense-2018-04-19)
 
Lethe200 said:
No, it does not include AL or Skilled Nursing/Memory care, unfortunately.

Health care will cost $280,000 in retirement — and that doesn’t include this huge expense
By Alessandra Malito to MarketWatch: May 12, 2018

(excerpted) The estimate, calculated by Fidelity Investments, has jumped 75% since the company’s first estimate in 2002 (then $160,000). The figure includes life expectancies for the couple, and also includes Medicare coverage and copays, vision, over-the-counter medications and dentures.

But there’s one thing these numbers do not include: long-term care cost, which is “extremely expensive” and in an unpredictable insurance market. An American turning 65 today has a 70% chance of needing some type of long-term care service, which supports daily living tasks (think: eating, bathing, going to the restroom), according to the U.S. Department of Health and Human Services. The national average cost for long-term care in the U.S. in 2016 was $225 a day (or $6,844 per month for a semi-private room) in a nursing home (and $253 per day, or $7,698 per month for a private room); $119 per day, or $3,628 per month for care in an assisted living facility; $20.50 an hour for a health aide, or $68 per day for services in an adult day health care center, according to the U.S. Department of Health and Human Services.

Medicaid pays for more than half of these expenses (if the patients qualify), but other means of funding long-term care services is through public funds, out-of-pocket payments and private insurance. Insurance companies offer a variety of products, such as a traditional policy which can be rendered unnecessary down the road if the policyholder ends up not needing long-term care, and hybrid policies, which incorporate long-term care services as part of its coverage.

(Note: Sorry, I don't know if this is a public link – I access MarketWatch through my WSJournal subscription. Full article: https://www.marketwatch.com/story/h...t-doesnt-include-this-huge-expense-2018-04-19)
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There goes the inheritance!!!
 
The $280K figure is somewhat deceptive. It's includes vision (glasses) and dental costs. Probably also hearing aids for people like me. The 70% needing long term care is also a bit deceiving. Most people who do need care only need it for a short time. Medicare covers 100 days of skilled nursing.

My best guess is that by buying a supplement of any kind that figure is at least cut in half.

The only way to have zero cost is to have the taxpayers cover everything for everyone. Socialism is not good!

Rick
 
I didn't know Medicare covers 100 days of skilled nursing so I called Medicare for particulars. You have to be in a hospital for 3 days to qualify and there is a deductible of $1,340. There is also a co-pay of of $164 per day after the first 20 days. Medicare Supplement PlanN pays that deductible and and I think the co-pay for a certain amount of days...but i would verify that. You have to pay over $100 a month to add PlanN. It's complicated.
 
Yes, it's complicated and that's why most people would be better served by talking with an agent that specializes in Medicare.

You need not verify the above. Plan N (along with F, G and others) will pay the copay for the days 21-100.

Rick
 
Thank you Green Sky...it's nice to know you have some expertise at this. We know who to ask. I guess I'll forgive you for liking "Blazing Saddles" :laugh:
 
They are NOT the best plans. They are just the most pricey.

Would you pay $300 or more just so you don't have to pay the $183 Part B deductible? IF so, then Plan C or F are the "best." For those of us who understand value, Plan F/C are almost never a good choice.

Rick
 
GreenSky said:
They are NOT the best plans. They are just the most pricey.

Would you pay $300 or more just so you don't have to pay the $183 Part B deductible? IF so, then Plan C or F are the "best." For those of us who understand value, Plan F/C are almost never a good choice.

Rick
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Medicare B deductible increases over time. God knows what it will be in a few years.

.
 
GreenSky said:
They are NOT the best plans. They are just the most pricey.

Would you pay $300 or more just so you don't have to pay the $183 Part B deductible? IF so, then Plan C or F are the "best." For those of us who understand value, Plan F/C are almost never a good choice.

Rick
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we have a high deductible f-plan . for us it is a fabulous value . it cost 2k less than an f-plan and we have a 2k deductible . we average 300-400 a year so we pocket the savings . not only that but out of the 90 bucks i pay a month 40 of it goes to my gym as they are part of silver sneakers and i no longer pay .
 
mathjak107 said:
we have a high deductible f-plan . for us it is a fabulous value . it cost 2k less than an f-plan and we have a 2k deductible . we average 300-400 a year so we pocket the savings . not only that but out of the 90 bucks i pay a month 40 of it goes to my gym as they are part of silver sneakers and i no longer pay .
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My wife and I will be on Medicare before the end of the year. And we'll pay $32/mo for the HDF plan. We agree about the definition of "value."

Rick
 
KingsX said:
Medicare B deductible increases over time. God knows what it will be in a few years.

.
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But if you have a plan (C or F) that pays it the premium will reflect the increase in the deductible.

Insurance companies always charge more to pay it for you than the actual deductible amount.

Rick
 
GreenSky said:
But if you have a plan (C or F) that pays it the premium will reflect the increase in the deductible.

Insurance companies always charge more to pay it for you than the actual deductible amount.

Rick
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Fortunately, my [former] employer pays all my health insurance premium while I was employed and in retirement.

.
 
GreenSky said:
If I didn't have to pay the premium I'd choose Plan F as well. But for the rest of us Plan F rarely makes sense.

Rick
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It's still unfair for the government to take the Plan C and F option away beginning in 2020
to force more people to pay the Medicare B deductible.

.
 
IF the state keeps the same medicare plans we have now for retiree health benefits and IF I do not get a catastrophic illness I don't expect to have to spend anywhere near that amount in my lifetime. My co-pays are only $10 per doctor visit, even for specialists as long as they are in network. I pay nothing for surgeries or post op visits (at least I didn't for my eye surgeries and a cardiac ablation). My lab tests are also free. Had to wear a heart monitor a few times over the years...never paid a dime. Decades ago, I chose Healthways which morphed into Aetna HMO, which was free until I got on Medicare. Aetna seamlessly transferred me into their Medicare HMO plan when I turned 65. I love the plan and I love my doctors. Most of my medications cost $5. A couple cost $18 and one is $30, all for 90 day supplies.
 
KingsX said:
It's still unfair for the government to take the Plan C and F option away beginning in 2020
to force more people to pay the Medicare B deductible.

.
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You mean having the government dictate our insurance is unfair? I agree but how many people think it's great that the government forced Obamacare on us. Mandatory seat belt laws. Drug laws. Etc.

There are so many examples of big brother that I simply cringe.

Rick
 
GreenSky said:
You mean having the government dictate our insurance is unfair? I agree but how many people think it's great that the government forced Obamacare on us. Mandatory seat belt laws. Drug laws. Etc.

There are so many examples of big brother that I simply cringe.

Rick
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Having known someone who died because they WERE NOT wearing their seat belt and were thrown through the windshield, I'm not in agreement with you, sorry.

Like having to wear helmets when riding motorcycles and bikes, someone's right to be "unencumbered" needs to end at my having to pay their medical bills for Emergency and Medicaid care just because they figured they were too healthy and/or young to need to buy any medical insurance.

I sincerely hope none of the folks here ever have the need for long-term Skilled Nursing care. Because there is no "big brother" to pay for it for you, and what Medicaid safety net exists is rapidly being emasculated. The Medicaid-only nursing facilities are mostly a disgrace in this country.

And it's always been ridiculous to call the ACA "Obamacare" since it's actually "Romneycare", a modified version of the universal healthcare that Richard Nixon was a firm believer in.
 

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