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post #61 of 79

 

Quote:
Originally Posted by at_nyc View Post

You do realize the two condo's you're thinking of also cost a lot less than a few years ago?


Yes, I'm well aware of this.  My assumption is that my house has lost more value ( as a percentage of it's assessed value in 2007) than either the oceanfront condo or the ski-town condo.
 

post #62 of 79

 

Quote:
Originally Posted by csavage View Post

 


Unfortunately, you are not well informed when it comes to health care financing. Medicare is here to stay-our hospitals depend too much on Medicare Part A financing to function. Whether or not Medicare exists as it is now is the question. Medicare will most likely be redone as a fully functional plan rather than the catastrophic-coverage-originally-and-now-a-patchwork-mismosh-of-regulations as it is now.

As for paying into Medicare, your are paying for beneficiaries now. People never pay as much into the system as the system pays out in claims-even the people who contribute the maximum amount, like me.

The imbalance of payers into the system and beneficiaries is one of the reasons our government has never cracked down on illegal immigration-it needs those people's tax dollars too much!


This is an asinine statement.  I've practiced medicine for nearly twenty years and am quite familiar with the intricacies of the medicare system.  I also understand that current workers pay for current beneficiaries, and future retirees will have their benefits paid by those behind them.  The demographics dictate that the system will need to be revised because there will not be enough workers to support the onslaught of future retirees.  However, we all know that entitlement programs are the "third rail" of American politics.  In recent years we have been told that the program must be trimmed, yet most recently we got an EXPANSION of the program.  History suggests that our leaders will not act in this area until it is absolutely necessary, and probably after that.  With this in mind, those considering retirement in the near future can probably expect the Medicare program to continue with little change from it's current incarnation.  Therefore, I believe the following must be kept in mind when considering retirement in a foreign land:
 

 

1.)  I believe the current Medicare tax is 1.45% (2.9% if you're self-employed, as I am) with no wage base.  In other words, Social Security tax is applied to only the first $97,500 of income; at this point you have "earned" the maximum benefit.  The medicare tax is applied to your entire income.  So for every $100K of income you pay $2900.  Over a lifetime that's a lot of money.

 

2.)  Medicare Part A (the part that covers hospital costs) is "free" if you have made a minimum of 10 years of Medicare contributions.  Medicare Part B (doctor and outpatient coverage) and Part D (prescription drug benefit) have premiums based on income.

 

3.)  Medicare benefits are available ONLY in the United States.  Retirees living outside the United States have three options:  Purchase coverage privately (very expensive); try and access government-sponsored insurance in their new country (????); go without.

 

4.)  If you return to the US Part A is immediately available you.  However, if you did not continue to pay Part B premiums during your absence, to re-enroll will pay a premium that is 10% higher for each 12-month period that you did not have coverage.

 

Do you think that this is something that one should consider when contemplating retirement outside the US?  I do.  And that was my point.

 

 

 

post #63 of 79

 

Quote:
Originally Posted by ldrjax View Post

 


Yes, I'm well aware of this.  My assumption is that my house has lost more value ( as a percentage of it's assessed value in 2007) than either the oceanfront condo or the ski-town condo.
 

 

That's an interesting assumption. I'm curious what you base it on.

 

post #64 of 79

 

Quote:
Originally Posted by at_nyc View Post

 

 

That's an interesting assumption. I'm curious what you base it on.

 


Supply and demand.
 

post #65 of 79

 

Quote:
Originally Posted by ldrjax View Post

 


This is an asinine statement.  I've practiced medicine for nearly twenty years and am quite familiar with the intricacies of the medicare system.  I also understand that current workers pay for current beneficiaries, and future retirees will have their benefits paid by those behind them.  The demographics dictate that the system will need to be revised because there will not be enough workers to support the onslaught of future retirees.  However, we all know that entitlement programs are the "third rail" of American politics.  In recent years we have been told that the program must be trimmed, yet most recently we got an EXPANSION of the program.  History suggests that our leaders will not act in this area until it is absolutely necessary, and probably after that.  With this in mind, those considering retirement in the near future can probably expect the Medicare program to continue with little change from it's current incarnation.  Therefore, I believe the following must be kept in mind when considering retirement in a foreign land:
 

 

1.)  I believe the current Medicare tax is 1.45% (2.9% if you're self-employed, as I am) with no wage base.  In other words, Social Security tax is applied to only the first $97,500 of income; at this point you have "earned" the maximum benefit.  The medicare tax is applied to your entire income.  So for every $100K of income you pay $2900.  Over a lifetime that's a lot of money.

 

Very true

 

 

2.)  Medicare Part A (the part that covers hospital costs) is "free" if you have made a minimum of 10 years of Medicare contributions.  Medicare Part B (doctor and outpatient coverage) and Part D (prescription drug benefit) have premiums based on income.

 

3.)  Medicare benefits are available ONLY in the United States.  Retirees living outside the United States have three options:  Purchase coverage privately (very expensive); try and access government-sponsored insurance in their new country (????); go without.

 

Could you quantify the purchase of private ins.  Gives us examples of - Europe, SE Asia, So. America

 

4.)  If you return to the US Part A is immediately available you.  However, if you did not continue to pay Part B premiums during your absence, to re-enroll will pay a premium that is 10% higher for each 12-month period that you did not have coverage.

 

Do you think that this is something that one should consider when contemplating retirement outside the US?  I do.  And that was my point.

 

It is vey important but ,do you have to have the numbers to support the proposition that cost numbers for US coverage is better than cost coverage for foriegn coverage? I'll asume that as a Ameican health profesonal you assume there is nothing better than  the Americian health system

 

 

What you do in retirement is all based on the $ cost!

 



 

post #66 of 79

My point is that you need to consider health insurance costs in your planning for retirement.  If you live in the US and contributed to medicare for more than ten years, under the current system you will not have to pay for medicare part A, and premiums for parts B and D are based on your income.  I cannot predict how long this will last.  We all know the demographics and that the system is headed toward insolvency, but we also know our leaders have never hesitated to push costs into the future, particularly when it comes to entitlement programs.  I'm not saying I agree with the structure; it is what it is.

 

If you retire to a foreign country you have three options:

 

1.  Purchase your own health insurance.  I have no idea how much this will cost, how restrictive it will be, what it will cover, etc. 

 

2.  Try and access government-sponsored insurance in your new country.  Again, I don't know about availability or cost.  In the US non-citizens can participate if they contribute for a defined period of time; this may be the case in other countries.  I don't know.

 

3.  Go without.  Bad idea.

 

My point was that you need to have health insurance in your retirement.  If not, you risk losing all the money you've saved.  My intent was not to start a thread on the quality or cost of health care in the US or abroad, or the future of medicare.  My intent was to make the point that this is one of the most important things to consider in planning your retirement and if you plan on retiring in a foreign country realize that you're  forfeiting something that you have already "paid" for (you've paid either 1.45% or 2.9% of your career income for this) and MAY end up paying considerably more.  I have no plans at this time to settle in another country so I have made no attempt to investigate the cost/availability of health insurance for the elderly in other countries.  If I were to consider a move out of the US you can bet this would be one of my primary concerns.

 

 


Edited by ldrjax - 4/21/2009 at 03:19 am GMT


Edited by ldrjax - 4/21/2009 at 03:22 am GMT
post #67 of 79

I don't know the health care system of EVERY snow country. But the couple I've looked into have similar system to the US. That is, you have immediate access to the system for major emergency and can have access after contributing for a period of time (years). In the US, it's 10 years. Similar in many western countries where the snow is. That's your point 2.

 

In many western country, the out-of-pocket cost can be considerably lower than in the US, once you're "in the system" of your new country. So paying the extra 10 or so years to "get in" may work out to be no more expensive than remaining in the US with Medicare in the long run.

 

Private insurance. It's not as expensive as it may sound. Even for the US, where medical cost is quite high, there're many ways to get SOME coverage. For major but non-emergency medical need, there's also the option of returning to your home country for the free treatment you're entitled to if need be.

 

To relocate for retirement, there're a lot of issue to consider. Health care is just one of them. I don't believe it needed single out to be that major point of consideration. If only because it doesn't neccessarily cost as much in other country as it does in the US.

post #68 of 79

 

Quote:
Originally Posted by ldrjax View Post

  I have no idea how much this will cost, how restrictive it will be, what it will cover, etc. 

 

2.  Try and access government-sponsored insurance in your new country.  Again, I don't know about availability or cost.  In the US non-citizens can participate if they contribute for a defined period of time; this may be the case in other countries.  I don't know.

 

I have made no attempt to investigate the cost/availability of health insurance for the elderly in other countries

 


 

A real classic Epic post!  Many of our posts here are equally as well informed, we just don't admit it.

 

Newf, drinking and typing again.  I've lived about 1/3 of my life out of the US, and found health care to be available and affordable.  I'll try to be constructive and give more details if anyone really cares.


 


Edited by newfydog - 4/21/2009 at 06:57 am GMT
post #69 of 79

 

Quote:
Originally Posted by ldrjax View Post

 


This is an asinine statement.  I've practiced medicine for nearly twenty years and am quite familiar with the intricacies of the medicare system.  I also understand that current workers pay for current beneficiaries, and future retirees will have their benefits paid by those behind them.  The demographics dictate that the system will need to be revised because there will not be enough workers to support the onslaught of future retirees.  However, we all know that entitlement programs are the "third rail" of American politics.  In recent years we have been told that the program must be trimmed, yet most recently we got an EXPANSION of the program.  History suggests that our leaders will not act in this area until it is absolutely necessary, and probably after that.  With this in mind, those considering retirement in the near future can probably expect the Medicare program to continue with little change from it's current incarnation.  Therefore, I believe the following must be kept in mind when considering retirement in a foreign land:
 

 

1.)  I believe the current Medicare tax is 1.45% (2.9% if you're self-employed, as I am) with no wage base.  In other words, Social Security tax is applied to only the first $97,500 of income; at this point you have "earned" the maximum benefit.  The medicare tax is applied to your entire income.  So for every $100K of income you pay $2900.  Over a lifetime that's a lot of money.

 

 

 

 

WORKING LIFETIME say 45 yrs (20 to 65) Ave individual income SAY 100K per yr IS $2900 x 45 = $130,500 total 

LIVE TO AGE 85 yrs :  medicare $130,500 / 20 yrs = $6525 per yr. / 12 mo = $543.75 / mo + $96.40 part B cost = $640.15 per mo Insurance cost.

 

I am 65 my wife is 61. Where can I buy her healthcare Insurance WITH THE SAME Deductibles as Medicare for $640.15 per Month???

 

 

 

2.)  Medicare Part A (the part that covers hospital costs) is "free" if you have made a minimum of 10 years of Medicare contributions.  Medicare Part B (doctor and outpatient coverage) and Part D (prescription drug benefit) have premiums based on income.

 

3.)  Medicare benefits are available ONLY in the United States.  Retirees living outside the United States have three options:  Purchase coverage privately (very expensive); try and access government-sponsored insurance in their new country (????); go without.

 

4.)  If you return to the US Part A is immediately available you.  However, if you did not continue to pay Part B premiums during your absence, to re-enroll will pay a premium that is 10% higher for each 12-month period that you did not have coverage.

 

Do you think that this is something that one should consider when contemplating retirement outside the US?  I do.  And that was my point.

 

 

 


Idrjax, just give me the Insurance company's name where THIS TYPE of coverage is available at this price and I'll take care of the rest.

I don't and have never had the privilage of a income of $100K per year, But I can still add, divide and multiply. I had a really decent retirement income until this last market turndown - - - still gitt'n by at gitt'n by.
But I sure as hell would like to cut my wife's healthcare cost's over the next 4 yrs, until medicare kicks in for her.

 

I understand a percentage of income cost for medicare is bad news for highrollers - but the easiest solution to this cost for you - Take a pay adjustment downward until you feel the cost is in line. You can git by.

post #70 of 79

For what it's worth, I've looked into med. ins. in Indonesia(in retirement I'd like to live SLC, sking and Bali, surfing)-$80 a Year. Don't know the exact details of coverage.

post #71 of 79

In Indonesia join SOS Medika.  Top notch air evac to Singapore and decent local service.  I also had insurance there through a Dutch company which covered any expenses out of your home country.  It had a super low deductable and paid every little bill promptly.  Sadly, they eventually excluded Americans after realizing that because of the pathetic lack of a national policy, many Americans would just stay in Australia or someplace no matter how serious the condition.  Other nationalities tended to return home for long term care.


Edited by newfydog - 4/21/2009 at 10:38 pm GMT
post #72 of 79

1.)  at_NYC - returning to the US for your health care is really not a viable option because, while you are immediately eligible for medicare Part A, you would still be "on the hook" for the professional services covered by Part B.

 

2.)  Steve2ski  - this is why the program is headed for insolvency.  It's a pretty sweet deal.  Before you walk away from this you might want to check out what you're walking into.

 

3.)  I don't know how I can make myself more clear on this issue.  I have not spent any time investigating options for health insurance coverage in foreign lands.  There may be some very reasonable options available.  However, if you have a prolonged illness, and do not have adequate coverage, you may risk losing the money you have saved for your "golden years".  My point was simply before you consider retirement in a foreign country it would be sensible to investigate available options for health care coverage.  Medicare is a great deal - I'd want to know that I could have similar coverage before leaving.  

post #73 of 79

Well right now I am doing alot of thinking and talking about moving out of the Boston metro area and moving up north closer to skiing but no actions taken yet.

 

I do not have the type of job where I can work "remotely" (in both senses of that term) and salaries in the north country areas can't compete with metro areas. Of course I would gladly sacrifice pay for quality of life but it's not just me.  It's wife, family, aging parents, etc.  So, evidently I am still making excuses.

 

On the other hand, my job affords me the luxury of paid time off where I can quite frequently explore the outdoors, ski, etc. So for now while I am not living the dream, I am content.  Some day...

 

 

post #74 of 79

 

Quote:
Originally Posted by Altaman View Post

For what it's worth, I've looked into med. ins. in Indonesia(in retirement I'd like to live SLC, sking and Bali, surfing)-$80 a Year. Don't know the exact details of coverage.



 

The devil is always in the details.

post #75 of 79

 

Quote:
Originally Posted by ldrjax View Post

 



 

The devil is always in the details.

    

True.......or is in the red tape

 

post #76 of 79

 

Quote:
Originally Posted by ldrjax View Post

I have not spent any time investigating options for health insurance coverage in foreign lands.  There may be some very reasonable options available.    


As you pointed out yourself, the devil is in the detail.
 

Until you check out how health care works in your target country, there's no point in single out health insurance as the biggest issue.

 

Maybe you end up hating the way they queue (or NOT queue). Maybe you hate the way they smell (perfume anyone?) Maybe the health care standard is inadequate anyway. Maybe the houses are too expensive. Or maybe the houses are so cheap you've got plenty left over to pay for health care...

 

Just parading out how great medicare is, well, is rather pointless.

 

Quote:

 

I am 65 my wife is 61. Where can I buy her healthcare Insurance WITH THE SAME Deductibles as Medicare for $640.15 per Month???

 

Quite an appropriate question.

 

I bought my Mom health insurance at around $400/month, started when she's 60. (my folks lived and worked overseas till they retire) It's not directly comparable with medicare since it covers prescription drugs. As far as I could tell, the coverage was more comprehensive with fewer limitation and less hoops to jump through for most treatments. She even tested it by having a serious accident requiring specialist service and surgery. While I worry about her health and well being through the whole ordeal, deductable was the one thing we didn't have to worry about.


Edited by at_nyc - 4/23/2009 at 02:09 am GMT
post #77 of 79

 

Quote:
Originally Posted by at_nyc View Post

 


As you pointed out yourself, the devil is in the detail.
 

Until you check out how health care works in your target country, there's no point in single out health insurance as the biggest issue.

 

Maybe you end up hating the way they queue (or NOT queue). Maybe you hate the way they smell (perfume anyone?) Maybe the health care standard is inadequate anyway. Maybe the houses are too expensive. Or maybe the houses are so cheap you've got plenty left over to pay for health care...

 

Just parading out how great medicare is, well, is rather pointless.

 

 

Quite an appropriate question.

 

I bought my Mom health insurance at around $400/month, started when she's 60. (my folks lived and worked overseas till they retire) It's not directly comparable with medicare since it covers prescription drugs. As far as I could tell, the coverage was more comprehensive with fewer limitation and less hoops to jump through for most treatments. She even tested it by having a serious accident requiring specialist service and surgery. While I worry about her health and well being through the whole ordeal, deductable was the one thing we didn't have to worry about.


Edited by at_nyc - 4/23/2009 at 02:09 am GMT


1.)  You seem to have reading comprehension issues; I never said that medicare was great.  I said that before walking away from this "entitlement" you should be sure that you can secure adequate coverage.
 

 

2.)  Your mother tested the system by having a serious accident...?

 

3.)  Medicare does have prescription drug coverage available (Part D).

 

4.)  Health care IS one of, if not THE primary concern for the elderly.  Studies bear this out.  I'm not in any way, shape, or form saying that adequate coverage is not available in other countries.  I'm saying that before I walked away from Medicare I would be sure of this.

post #78 of 79
Quote:

 I'm saying that before I walked away from Medicare I would be sure of this.

Except you can't be "sure of" anything knowing only one side of the comparison.

post #79 of 79

 

Quote:

 

4.)  Health care IS one of, if not THE primary concern for the elderly.  Studies bear this out.  I'm not in any way, shape, or form saying that adequate coverage is not available in other countries.  I'm saying that before I walked away from Medicare I would be sure of this.

 

Heathcare/insurance is MY largest single expense in my retirement at present, hopefully it will move down the list a couple of notches when my wife qualifies (turns 65) for medicare. With the present planned reduction in insurance cost, I may be able to get in 1 more week of skiing vacation per year. A good thing!!

 

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