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  #11  
Old 04-09-2021, 09:12 PM
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Golden Eagle Golden Eagle is offline
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You'll want a medicare supplement policy that provides coverage outside the United States. Plan G is doing well for me.
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  #12  
Old 04-10-2021, 07:25 AM
Cover Dog Cover Dog is offline
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My wife retired in 2017 at age 59.5 from the number one heart hospital in the nation. She worked in cardiac surgery for 40 years at that hospital. She carries the same coverage from the hospital that she got when employed. She pays $163 a month until she is 65 when Medicare A&B will take over, then her premium will be $157 a month for everything Medicare doesn’t cover.

I am able to carry the same coverage from her employer, I pay $157 a month to cover everything Medicare A,B&D doesn’t cover. I had a shoulder replacement 1 1/2 years ago and did not pay 1 cent out of pocket toward that surgery.

We feel VERY fortunate to have the coverage through her former employer that costs as little as it does with no out of pocket expenses.
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Last edited by Cover Dog; 04-10-2021 at 07:33 AM.
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  #13  
Old 04-10-2021, 11:41 AM
REW REW is offline
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Richard,
With no employer make up, and less than age 65 - I expect that your combined health insurance for you and your wife will be $2,000 per month and that is with a $6,000 deductible before the insurance pays anything.

----------------------------------------------

When I look back from the beginning - the medical costs billed to us - before insurance from the time we were 20 years old to current has been about $1.3 million over our life times.

Out of this total billed cost - much less than that when my wife and I were working, we had an out of pocket for everything of about $2500. Yes, we had excellent insurance.

Once we both went on Medicare and make up insurance - our total monthly medical costs are about $150 medicare for each of us and another $150 make up insurance.

Since going on medicare - we have had submitted medical costs of about $850K. Our total out of pocket expense has been about $1500. Very very thankful for medicare and make up insurance.

Cancer, heart, kidney, colon issues - all add up Just very thankful that here in the Twin Cities of Mpls - we have some of the best medical care in the world. So, we trudge on - both in generally good health.

As the saying goes, the first two years of life and the last 10 years of life are typically the most expensive time that a person will have when it comes to medical expenses.

Be safe.
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  #14  
Old 04-10-2021, 01:02 PM
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David Anderson David Anderson is online now
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[QUOTE=REW;6548930]Richard,
With no employer make up, and less than age 65 - I expect that your combined health insurance for you and your wife will be $2,000 per month and that is with a $6,000 deductible before the insurance pays anything.

It depends, With our BCBS plan there is an option where the insurance pays a portion but not everything however because only my wife is covered, her coverage is more like group insurance and we definitely do not pay the full $6000 deductible before it covers anything. As well, I just paid her premium of $810 with this coverage and she will be 64 in June.
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  #15  
Old 04-10-2021, 05:06 PM
todalake todalake is offline
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I have Mutual of Omaha and the supplemental insurance goes up every year because of age. I assume all supplemental insurance goes up with age. I'm going to have more claims at 80 than 65.
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  #16  
Old 04-10-2021, 05:43 PM
todalake todalake is offline
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Quote:
Originally Posted by REW View Post
Richard,
With no employer make up, and less than age 65 - I expect that your combined health insurance for you and your wife will be $2,000 per month and that is with a $6,000 deductible before the insurance pays anything.

----------------------------------------------

When I look back from the beginning - the medical costs billed to us - before insurance from the time we were 20 years old to current has been about $1.3 million over our life times.

Out of this total billed cost - much less than that when my wife and I were working, we had an out of pocket for everything of about $2500. Yes, we had excellent insurance.

Once we both went on Medicare and make up insurance - our total monthly medical costs are about $150 medicare for each of us and another $150 make up insurance.

Since going on medicare - we have had submitted medical costs of about $850K. Our total out of pocket expense has been about $1500. Very very thankful for medicare and make up insurance.

Cancer, heart, kidney, colon issues - all add up Just very thankful t;hat here in the Twin Cities of Mpls - we have some of the best medical care in the world. So, we trudge on - both in generally good health.

As the saying goes, the first two years of life and the last 10 years of life are typically the most expensive time that a person will have when it comes to medical expenses.

Be safe.
I consider myself in general good health but overweight. No cancer, heart, kidney, colon issues.
Prescription medicine is $6 a quarter. Using your bench mark, I haven't reached my last 10 years yet. Now 77, with a lot of big water fishing planned(Lake Erie, Lake Michigan).
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  #17  
Old 04-10-2021, 05:46 PM
Richard B Richard B is online now
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I can get the Cobra for only 12 months from my employer. All I can say is that it is to expensive to even consider it.
Found this website from Kaiser Family Foundation Health Insurance Marketplace Calculator | KFF It seems like it could be a very good tool to work up estimates next year.
Based on my current budget we should be fine. My financial advisor, my wife, and I review the budget, expectations, and the total expected desired income per year once I retire. He stated we are in pretty good shape. With my current investments I will be able to draw more than my wife and I are currently making. The concern I have is if the market dives so does my income but I can only control so many things in life.

Bugler I wouldn’t mind reviewing some of the information on Facebook but it will not allow me to do that due to my not being willing to sign up.

Thank everyone for the information. I have $1,500 a month as far as a budgeted cost + $500 a month for medication if needed. I have also maxed out my HAS every year since it was allowed. I am planning on using the HAS as much as possible to cover the monthly cost for as long as it lasts.
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  #18  
Old 04-10-2021, 06:17 PM
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Bobby Winds Bobby Winds is offline
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WOW is all I can say after reading all this especially REW....

All these costs are way out of line compared to NYS insurance. Much better here....much better, even when comparing Medicare costs.

So my advice is to not take advice from the Internet but rather from the insurance companies you will be dealing with.......and get it in writing ! ! !
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  #19  
Old 04-11-2021, 08:02 AM
Baseline Baseline is online now
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Quote:
Originally Posted by Richard B View Post
I can get the Cobra for only 12 months from my employer. All I can say is that it is to expensive to even consider it.
Found this website from Kaiser Family Foundation Health Insurance Marketplace Calculator | KFF It seems like it could be a very good tool to work up estimates next year.
Based on my current budget we should be fine. My financial advisor, my wife, and I review the budget, expectations, and the total expected desired income per year once I retire. He stated we are in pretty good shape. With my current investments I will be able to draw more than my wife and I are currently making. The concern I have is if the market dives so does my income but I can only control so many things in life.

Bugler I wouldn’t mind reviewing some of the information on Facebook but it will not allow me to do that due to my not being willing to sign up.

Thank everyone for the information. I have $1,500 a month as far as a budgeted cost + $500 a month for medication if needed. I have also maxed out my HAS every year since it was allowed. I am planning on using the HAS as much as possible to cover the monthly cost for as long as it lasts.
This is just a suggestion. I have a friend of mine who retired last year at age 60. He was faced with the high cost of health insurance for him and his wife because of age. He told me he was looking at spending about $50 to $70K over the 5 years before he reached Medicare age at 65, his wife is one year younger and has no job provided healthcare. He didn't want to keep working so he got a part-time job at a local Menards store working only on Weekends leaving him Monday to Friday for himself. He said the money earned 20 hours a week worked over 2 days a week is more than ample to cover his premiums. He also gets a $3 per hour bonus for working on weekends. He has a HSA left over from his full-time job to cover his deductibles.

This may not be what you want to do, but is a way to skin the cat so you can retire comfortably and not deplete your assets. Also, it isn't unusual for people take part-time jobs after retirement from their full-time careers. Especially if they want to get out before 65. I still take consulting jobs from time to time which provides me some extra cash for upgrades like flying first class when I travel and other extra items I might not buy without the extra income.

Last edited by Baseline; 04-11-2021 at 08:06 AM.
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