Early retirement and medical insurance - Page 3 - Fiberglass RV


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Old 08-25-2016, 12:26 AM   #29
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If you are in relatively good health ask your accountant about the benefits of an HSA (Health Savings Account) Insurance Plan. Advantages: The premiums are about 1/2 of normal Medical insurance. You get a deduction for your contributions up to around $3300 to your savings account. You can use the savings account for medical, dental and vision expenses. If you don't spend the money in your savings account you can withdraw it without penalty at age 65 and use it for whatever you want. Disadvantage: High deductible, I think around $6500, but then everything is 100% covered. The savings on insurance and tax advantages can outweigh the high deductible in many cases. We are happy with ours (well, as happy as you can be with insurance I suppose : ). Note: the above is to the best of my recollection. Consult a tax professional. We have ours through Blue Cross (Anthem) in California. I retired at 62 and I am anxiously the warm embrace of Medicare next year!

https://en.wikipedia.org/wiki/Health_savings_account

And yes, as someone mentioned above, I also think Health Insurance will be unrecognizable four years from now from what we know it as today, for better or worse, so planning that far out is difficult.

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Old 08-25-2016, 01:50 PM   #30
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There have been many proposals to raise the age for Medicare eligibility to 67 or 68 or 70. Trying to plan for retirement when the rules keep changing may become a more daunting task.
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Old 08-25-2016, 02:07 PM   #31
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There have been many proposals to raise the age for Medicare eligibility to 67 or 68 or 70. Trying to plan for retirement when the rules keep changing may become a more daunting task.
Hi: steve dunham... Sure makes it hard to play the game when the rules keep changing.
I lost all my benefits when I left the Co. @ 65. Now I have to pay for my own if I want more than the basic "Goober mint" ones. I didn't take the dental as it cost $1500/ yr. I did keep the extra medical as I was "Grandfathered" in... no questions asked. I have enough pre existing conditions to kill a horse. $258. per/month, with 30 days/ per trip, out of country coverage. If I want long stay ie: 60-90 days out... boy do I pay EXTRA per month. Seems the Ins. Co's. are liability Co's. that don't want to take any "Liability"!!!
There's still people that think Health Care in Canada is "Free".
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Old 08-25-2016, 02:25 PM   #32
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William McGuire , past CEO of Health Partner , a not for profit health care provider last reported salary was $124,000,000 per anum or $58,000 per hour . It's not hard to see why health care is so expensive in the USA
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Old 08-25-2016, 04:58 PM   #33
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William McGuire , past CEO of Health Partner , a not for profit health care provider last reported salary was $124,000,000 per anum or $58,000 per hour . It's not hard to see why health care is so expensive in the USA
Hi: steve dunham... Study's have shown the most expensive style of Health Services provided are Emergency room visits. The least costly are Preventative Medicine!!! Eat right, Drink light, and Exercise tight!!! Now where did I last see my runners?
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Old 08-25-2016, 05:11 PM   #34
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With the whole epi pen thing going on right now one has to wonder, what do they cost in Canada? Is the company losing money on drugs sold in Canada because I seem to recall them being a whole lot cheaper than here in the states.

Insurance is required by law to charge enough to remain profitable and able to honor commitments. Hospitals charge prices based on the their "big book" but no one can demonstrate a rational reason for product or service prices in those books. The individual hospitals just make a price up, it is how you end up with $20 aspirin plus a $30 nursing fee to give them to you. Or $3000 bills that hospital will accept $250 as payment in full from insurance company.

There are even services that will go over detailed itemized bill from hospital and routinely save patients 10% or more. Common example, being billed for nursing services as a daily part of room rate plus getting billed for actual services performed by that same nurse. Double billing for the same nurse, insurance company doesn't care, they just raise the rates but if you get stuck paying your own hospital bill look into those bill audit services.

I have a couple more years and then I will have my company insurance provided when I retire. Been here long enough that I'm grandfathered in for that benefit. Stopped offering it a couple years after I started.
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Old 08-25-2016, 05:25 PM   #35
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With the whole epi pen thing going on right now one has to wonder, what do they cost in Canada?
$100 each. If that's CDN, that would be $78 US.
How EpiPen's maker raised prices, and hackles, so much in U.S. - Health - CBC News
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Old 08-25-2016, 07:03 PM   #36
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Watched Michael Moore's latest documentary last night, "Who do we invade next". Part of it addressed medical care and taxes in countries other than the US. Apparently 59 per cent of US taxes go to military.
I doubt anything will change no matter who you elect.
Not exactly. Military spending comes a ways down on the list -- welfare, Social Security, and other entitlements come first. You can read details here: Where your tax dollars go, including how much your personal debt is increased each year by government over-spending.
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Old 08-25-2016, 08:54 PM   #37
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Early retirement and medical insurance

Military spending is 57% but that does not include veterans benefits. Social security/Medicare should not be considered as part of the budget since they are funded and run separately . They are more of a mandated savings deals. (yes it is still taxes, but ask the military how much benefit is in your account).
I have a chart somewhere. Food stamps and other social safety net programs altogether under %2
So when someone tells you they are going to balance the budget by cutting them question their math

Even if you don't like Michael Moore, that movie was an eye opener


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Old 08-26-2016, 06:19 PM   #38
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Remembering Mark Twain and statistics

Well there are statistics, and there are statistics. Remember what Mark Twain had to say about them. You can look at discretionary spending, you can look at mandated spending, or you can look at What We Spend.

Our total budget looks more like this:
Attached Thumbnails
government spending.jpg  
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Old 08-26-2016, 06:48 PM   #39
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Not sure, but I think when they widened some highways in the US so missiles could be transported, that came under military budget.
Over to you.
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Old 08-27-2016, 12:32 AM   #40
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Not sure, but I think when they widened some highways in the US so missiles could be transported, that came under military budget.
Over to you.
Oh, you have me there. No doubt that accounts for the 57%. (Explaining why Michael Moore makes sense... over to you!)
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Old 08-30-2016, 12:11 AM   #41
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I am single and (thankfully) my children have become competent self supporting adults. Last summer my doctor, who is a lot younger than I am, sent me a letter stating that he was discontinuing his practice at the end of August. (He later confirmed it was because of the difficulties of dealing with Obamacare and the expense of insurance red tape.)

Two weeks later my insurance company, Assurant Health, sent me a letter stating that because of financial losses brought on by Obamacare they were going out of business on December 31st. I was 63 years old and I am totally dependent on myself for my medical insurance and expenses. My first reaction was stress followed by a deep seething anger toward the president, his cronies and supporters.

(If you like your insurance you can keep it. If you like your doctor you can keep him. Your insurance costs will go down $2,500 per year.)

I was paying $435 per month for an HSA policy with a $5,000 per year deductible then 100% coverage (no co-pay) over that amount. I also deposited $300 per month into my Health Savings Account. That plan was tested in 2012 when I had $36,000 in medical expenses. It paid every dime over $5,000 and I paid the $5,000 out of the health savings account. The insurance premium had risen from $178 per month in 2004 so I knew it was subject to large increases.

So I began searching for medical insurance. I found annual premiums well in excess of $5,000. Even Obamacare was well over $5,000 per year. All with large deductibles and co-pays.

Then a couple of things happened. I went in to see my doctor for the final visit. I suspected he was planning to start a concierge medical service, so I ask him. Yes he was. He and two other doctors were opening their own office. No insurance red tape or Obamacare involved. The fee, a flat $60 per month. No long waits for appointments. Unlimited visits. Of course they would not be set up to do major hospital procedures. I told him I wanted to be his first client.

Next I went on line and researched the three Christian health share organizations I had heard advertized. I settled on Christian Healthcare Ministries:

chministries.org

They have three levels of "coverage" per individual (husband and wife would be two), "bronze", "silver" and "gold". I chose the gold plan at $150 per month plus I enrolled in their "Brother's Keeper" program at $140 per year. Between the two the "coverage" (or as they call it "sharing") is unlimited. The "gold plan" has a $500 deductible per incident. In other words if I were to have say three separate medical expense illnesses or accidents then I would have to pay $1,500. If I have to go back several times for the same broken arm or whatever then I only have to pay the first $500.

There are a couple of kickers: The first is you have to take advantage of any other insurance or compensation available. For example; if you are in a car wreck and the other car is deemed "at fault" and they have liability insurance on that car, then you would need to collect or at least exhaust that before you could be reimbursed from CHM. Also when you reach age 65 you MUST en-roll in medicare. Then when you are on medicare you must collect from it, then any remaining balance can be reimbursed from CHM.

The chministries.org web site explains this better than I can. It takes some time to study it. They do have a phone number you can call and ask questions.

All I know is my cost for medical "coverage" went from the $800 per month range down to less than $250 per month for now. When I turn 65 I will have to take out medicare parts A and B and that will cost over $500 per month.

I intend to stay with CHM as my "medicare supplemental" insurance after that. I really like the organization and the fact it enables me to participate in genuinely helping people who need it.
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Old 08-30-2016, 12:22 AM   #42
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Sounds a lot like a miracle to me.
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