Please pay attention:
The most significant problem facing retirees is not the insurance cost but the cost of medical reimbursements from Medicare. Our Government has to reduce spending somewhere! Seeing a doctor for a medical issue is covered by Medicare, but what is happening is the amount paid to the medical care provider is lowered and keeps getting lower, less and less.
What does that mean?
It means that YOU’LL be responsible for what Medicare does NOT pay! This is just the beginning; it could become worse and worse. The out-of-pocket liability for those on a fixed income to cover medical costs will determine the quality of life and the level of their retirement. This financial exposure is a real danger for those retired and those planning retirement.
This is a big concern for ALL of us who have reached age 65, and those who haven’t, BETTER GET BUSY! I’m not sure what to get busy with because you must start early and often and have SOMEWHERE to start!
Start what? SQUIRRELING AWAY AS MUCH MONEY AS YOU CAN!
Consider Health Savings Accounts (HSA), and make sure you have a GOOD Medicare Supplement Plan (At least G). Those of you who are in your 40’s and 50’s…
SOCIAL SECURITY, AND MAYBE EVEN MEDICARE, may not BE there for you. So, you’d better consider annuities as they are the only financial product that can guarantee an income every month that will be guaranteed to arrive no matter how long you live! What do you think a pension is? Start a personal pension using an annuity, and add to the annuity every opportunity you have.
Some of my own family will drop their health insurance because it is too expensive. What is going to happen when they get sick? When I was trying to get health insurance for my wife, I was told that the premiums would increase yearly. Deductibles will also increase and be so high (for me to afford the insurance) that I’ll never reach the deductible unless there is a MAJOR catastrophic illness!
Like most of you, my health insurance is more expensive than any mortgage payment I’ve ever had, and it will only worsen.
Ok. Our Government is BROKE; they don’t know it yet. If our country’s debt were a debt to a loan shark, we’d all have our legs broken by now! That’s why there is much discussion in Washington about reforming (Translation: eliminating or severely reducing) “entitlements”-Social Security and Medicare.
What will happen when employers begin to eliminate healthcare insurance at work the way they’ve reduced Pensions?
Many people will try to get government assistance, BUT THE GOVERNMENT IS IN DEFICIT FUNDING! It is a mystery inside an enigma = a problem. We can’t afford to insure ourselves and our families,
The Healthcare crisis (and Medicare and Social Security) might cause our House of Cards to collapse and jeopardize those in retirement and planning for retirement.
Folks, this isn’t a commercial; I AM blogging this, but this is something that I’ve been very concerned about for several years, and it all seems to be coming to fruition.
I hope I’m wrong, but I’m not sure that any of this is arguable.
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