Still Giving in Our Golden Years

[jjkrkwood]

I was excited about turning 65 at the end of this month. To me, it signaled MEDICARE, and finally being done with paying for medical insurance that gouges you at every turn. I remember back in my parent day, when they went on MEDICARE, it was like they found the Holy Grail, all their medical expenses got paid 100% without any out-of-pocket.

 

I guess I am stupid (dont reply to that) or naive, and I didnt do alot of research on current MEDICARE laws, but imagine my shock when yesterday I opened a bill from Medicare for $500... WTF is this ???? And it doesnt even cover coverage for prescriptions.

 

So today, after a visit to my local SS office, I was told, "Sir, Medicare is not Free, it will be costing you $120 per month for Parts A&B. If you want prescription coverage you will need to subscribe and PAY for part D. And then it only will pay 80% of your medical costs so I would suggest you get yourself CO-insurance"

 

On a fixed fucking income, WTF ? How did this happen ? Isnt our country supposed to care for it's elderly ?

 

Well, here I thought that IRA I scrimped and saved for would afford me naked dancing boys and decadence, but I guess it will really just go to pay MEDICAL insurance until I die..... You just CANT win ! Guess i'll just have to settle for "coping a feel" of my grocery bag boys butt when he delivers my "soft" foods and Metamucil.

[+ Just Sayin]

you might check and see if you have other options like Medicare Advantage, which takes your Part B premium as full payment, but you still have copays for doctor visits; you can also look at supplemental insurance plans too; I think it's open season now, so you might be able to see if there is a better choice available for you

[+ glennnn]

I've found that many, though not all, providers accept whatever medicare pays as full payment. Don't get me wrong, you still need a medicare supplemental in case of a big bill for a serious illness, GODS FORBID! Also, my medicare is deducted from my social security so I never see it or write a check. Its just easier, and less annoying.

[+ sniper]

FYI Medicare when it started was traditional 80/20 insurance, meaning it paid 80% of the expenses. It was just that back then reimbursement rates were decent and doctors would often accept the 80% as payment in full. Now they can't afford to do that (and may not be allowed to). You should have been getting stuff in the mail telling you about Medicare and your options before you turned 65. It's still WELL below what insurance would cost if you had to buy it on the open market and your premium payment plus out of pocket should be less than it was before 65.

[+ MasssageGuy]

Medicare is a god send for Seniors. Thanks to LBJ for enabling Seniors to get health care. Imagine where we would be without it.

 

As JustSayin said, you may want to check "Medicare Advantage". Be careful, however, because it has limitations. I call it Medicare DISAdvantage.

 

Depending upon your income and assets, you may qualify for Medicaid along with Medicare. In that case all the insurance premiums are paid for and you have 100% coverage with not out of pocket. It's call Supplemental Security Income (SSI). As I said, there are very restrictive income and asset requirements to qualify.

 

Depending upon how much coverage you want in the Medigap Insurance, the premiums will vary.

[Kenny]

You also might want to ponder what would happen should the Dumpster win in November and Paul Ryan, the biggest fraud in Congress, gets his way: Forget Obamacare, wave goodbye to Medicare-expansion and Medicare as we know it. Ryan, fulfilling his Ayn Rand wet-dream, wants to privatize it and change it to a voucher program.

 

http://www.esquire.com/news-politics/politics/news/a49378/paul-ryan-budget-plan/

 

As MassageGuy says, imagine where we'll be without it. Happy birthday!

[jjkrkwood]

FYI Medicare when it started was traditional 80/20 insurance, meaning it paid 80% of the expenses. It was just that back then reimbursement rates were decent and doctors would often accept the 80% as payment in full. Now they can't afford to do that (and may not be allowed to). You should have been getting stuff in the mail telling you about Medicare and your options before you turned 65. It's still WELL below what insurance would cost if you had to buy it on the open market and your premium payment plus out of pocket should be less than it was before 65.

 

Yes sniper, I did get piles of stuff in the mail, but it became too overwhelming and often hard to decipher. I was hoping to speak with someone who already went thru the enrollment process for the "Medicare for Dummies" cliff notes. Golden Years ? bah-humbug !

[+ WilliamM]

Medicare is a god send for Seniors. Thanks to LBJ for enabling Seniors to get health care. Imagine where we would be without it.

 

LBJ signing the Medicare Act at the Truman Library, w/ President Truman, Lady Bird Johnson, Vice President Humphrey and Bess Truman.

 

JJ, I was confused too at first. There are costs, but it all sound worse than it actually is in practice.

[+ sync]

JJkrkwood, you're preaching to the choir. Like you, I thought when I retired on a fixed income, the income would be fixed, ha! After enrolling in Medicare I enrolled in a supplemental plan to cover what Medicare doesn't. I opted for the most expansive coverage because of my fear of something catastrophic with unmanageable co-payments. Now my payments for medical care are way more than when I was working. So much for my golden years, or as I have come to dub them, my "fool's golden" years. FYI, while there are little or no COLA increases, there is always a noticeable increase in the Medicare premium, ergo, every year your Social Security distribution will become less. However, as others have stated, we seniors who depend on it would be so much worse off without Medicare.

 

Is this a good time for Julie Andrews singing Getting to Know You?

[jjkrkwood]

Well, guess i'll have to get a part time job ? Perhaps I can become an escort ?

[jjkrkwood]

@jjkrkwood if you ever need a young male nurse to aid you in any way possible let me know ;)We all know a senior citizen shouldn't be wandering alone especially in these dark cold nights

 

Forgot about any medication or pills, I'll come over in jockstrap bend over and clean your apartment and those hard to reach places and any other ahem difficult tasks for u

 

Dom, that would only increase my chances of a massive heart attack. But not before you have guided my hand to sign "beneficiary papers" naming you I am sure.... But I cant think of a better way to die than with my tongue in a hot jockstrapped ass. Food for thought !

[jjkrkwood]

And I was hoping to use my IRA money for THIS, not medical insurance !

 

http://66.media.tumblr.com/848c2a3d8adc1a15d0d78318c89650c9/tumblr_ob0x1rDSDR1tum44uo1_500.jpg

[Bart]

Dear JJ:

I am sorry to hear that you felt blindsided on your expectations of medicare. BUT being 61-1/2 myself I do know for a fact that Social Security has contacted by age 59. You should have registered on line and have been receiving information regarding your social security and medicare. You join a large group of Americans who complete uniformed about what they can expect in retirement. I find it surprising that so many people do not understand this given all the information out there and ads from investment firms and even in-house 401k providers. Anyone beginning at age 59-1/2 when you can start drawing on IRA or 401k savings should sit down and discuss a plan for retirement which would include your medicare. Once you begin receiving Social Security your medicare payments will come directly out of your social security.

 

Now I know the following statement will anger most of you either receiving benefits or expecting benefits in the coming years but Social Security system and medicare will need to be adjusted. These programs were put in place to help seniors but not meant to be 100%. One I don't believe medicare should begin until you reach your social security age which in my case is 66-1/2. I have every intention of working until I am 68 not because I have to but because I feel productive and not working just does not seem right. I see no reason why the age and benefit cant continue to raise up eligibility age and social security benefits go down a bit and I do not believe people should be retiring at age 62 who are still healthy and able to work. There are so many avenues to save money a build your own retirement fund that would allow you plenty to continue entertainment needs. I also believe these funds should remain untouched and people who keep drawing down on retirement funds or taking loans out on them will rue the day when they did and will be the first whining to the government with their hands out. While we can lambast Paul Ryan for proposing changes, what I don't understand is why groups like AARP do not come back with a counter proposal.

The reality is these programs will have severe issues in the future without significant changes but something as simple and gradually raising the age a person can first retire from 62 to 63 for people 55 and younger then to 64 for people 50 and under and finally to 65 for 45 and under would extend benefits for decades. Same thing with medicare just a gradually raising of the age would help immensely. I personally would love to have the ability to take 50% of my social security benefit and have it invested by me or put into target date funds rather than letting the government have my money "for my protection."

 

Again JJ I am sorry to hear your story. Honestly that should not have occurred but to everyone else if you are 55 or older and you have not sat down with a retirement specialist yet, many companies have free access to advisors through their 401k programs, do so immediately. All of your benefits and timelines can be laid out for you so there can not be this kind of confusion again for anyone else. Your local social security office can also be of great help to you as well. JJ you should if you have not done so, fill out your Medical Directive signed and witness and designated advocate. Your will and personal rep forms should be done as well and do not forget your funeral arrangements. Waiting until you are ill is too late.

[+ WilliamM]

I have every intention of working until I am 68 not because I have to but because I feel productive and not working just does not seem right. I see no reason why the age and benefit cant continue to raise up eligibility age and social security benefits go down a bit and I do not believe people should be retiring at age 62 who are still healthy and able to work.

 

I gladly retired at age 62, because, with the exception of my maternal grandfather, men do not live long lives in my family. I am including my paternal grandfather. my dad and five uncles. ( I am not counting any of the men my five aunts married). My brother, who is six years younger, had open heart surgery last fall. @Bart, I do understand less smoking in my generation made a difference and advances in medicine.

[body2body]

JJ- I turned 65 in January. I went with a Medicare Advantage plan through the same provider I used pre-Medicare. Yes have to pay a Medicare premium of $116 per month billed quarterly. My previous insurance through the same carrier was $742 per month. My co-pays used to be $45, now they are $5. The advantage plan covers everything including prescriptions, physical therapy, etc. Almost every major carrier (United Healthcare, Humana, Cigna, etc.) have Advantage plans. I opted for an "advantage plus" plan and for $20 per month, they include vision, dental, and membership in a health club. The downside is I have to work within network for all services. Since I have used this network for over 20 years it was not a problem for me. Check with your Doctor, assuming you have one you like, and find out if he or she is part of any carrier's network, and that may be the key to keeping your costs reasonable. I have a friend who could not find an advantage plan that he liked so he has chosen a supplemental plan through AARP to cover the additional costs, and allow him to keep the Doctors he likes, and not be restricted by a "network". From now until December 10th is open enrollment for all plans, after that you are stuck with what you have for the next year.

[+ quoththeraven]

Medicare is a god send for Seniors. Thanks to LBJ for enabling Seniors to get health care. Imagine where we would be without it.

 

Depending upon your income and assets, you may qualify for Medicaid along with Medicare. In that case all the insurance premiums are paid for and you have 100% coverage with not out of pocket. It's call Supplemental Security Income (SSI). As I said, there are very restrictive income and asset requirements to qualify.

 

Just to clarify: SSI is a later means-tested addition to the Social Security Act. Qualifying for SSI automatically qualifies you for Medicaid, which is cost-free to the recipient but may have a more restricted provider panel.

[bigvalboy]

Dear JJ:

Now I know the following statement will anger most of you either receiving benefits or expecting benefits in the coming years but Social Security system and medicare will need to be adjusted. These programs were put in place to help seniors but not meant to be 100%. One I don't believe medicare should begin until you reach your social security age which in my case is 66-1/2. I have every intention of working until I am 68 not because I have to but because I feel productive and not working just does not seem right. I see no reason why the age and benefit cant continue to raise up eligibility age and social security benefits go down a bit and I do not believe people should be retiring at age 62 who are still healthy and able to work.

 

Your statement didn't anger me, but I do disagree with you. I started working when I was 16 and never stopped until I was 60. A good portion of that time I worked two jobs. I put in my time and paid into the system like a good soldier should, and as such I'm entitled to all the benefits afforded to me. I had full retirement at 58, but waited till I was 60, then started collecting SS at 63. Retirement is wonderful and there is more than enough to fill my days and make me feel productive. Why on earth would I continue to work another 8 years. My motto is that "Life is short" go out and enjoy the golden years. This life is not a dress rehearsal...this is it folks.

 

And just as a reminder, there are millions of Americans out there who worked their ass off their entire life, and often due to circumstances beyond their control, found themselves in their retirement years with little money and no real assets to speak of. Very often collecting SS early and medicare are life savers. I am blessed, but I don't think we should judge others. Everyone has a story...

[+ MasssageGuy]

Just to clarify: SSI is a later means-tested addition to the Social Security Act. Qualifying for SSI automatically qualifies you for Medicaid, which is cost-free to the recipient but may have a more restricted provider panel.

 

That is correct.

 

In addition, if you become disabled before 65 and have enough work credits you may be eligible for SSDI (Social Security Disability Income). Medical (Medicaid) coverage is included as part of SSDI. The monthly benefit is about $800 per month. As you can imagine, not easy to live on this amount of money. It also has means tests in addition to being certified as disabled.

[+ MasssageGuy]

And just as a reminder, there are millions of Americans out there who worked their ass off their entire life, and often due to circumstances beyond their control, found themselves in their retirement years with little money and no real assets to speak of.

 

"In a recent survey, 56.3% of Americans admitted to having less than $1,000 combined in their checking and savings account. Over half the country is living “paycheck to paycheck.” In an emergency, 56.3% of Americans would need to borrow in order to survive. Rather than focusing on building wealth, the primary focus of a majority of American families is to get through the month."

 

"Most Americans are one paycheck away from the street"

http://www.marketwatch.com/story/most-americans-are-one-paycheck-away-from-the-street-2015-01-07

[jjkrkwood]

I really do thank everyone who has replied and provided valuable information. YES, I blame myself for not being more pro-active and doing my homework. I just couldnt wrap my head around all of it, but ignorance is no excuse. I am hoping for a crash course now. Both my parents died at a younger age than I am now. I decided to retire at 65 out of fear that I may not get to an older age and be able to experience the retirement I've been saving my pennies for. And as I approach my 65th, I am also facing heart surgery which is a bit scary, but I have survived Cancer so I am hoping I can survive this as well. But I have learned in the past few months, it is important to be informed and know your entitlements. And I am starting to see that medical insurance is a PRIORITY, at any cost. I hope I make the right decisions.

[+ sniper]

That is correct.

 

In addition, if you become disabled before 65 and have enough work credits you may be eligible for SSDI (Social Security Disability Income). Medical (Medicaid) coverage is included as part of SSDI. The monthly benefit is about $800 per month. As you can imagine, not easy to live on this amount of money. It also has means tests in addition to being certified as disabled.

 

The amount you get as disability is based on your earnings - it's not $800/month for everyone, some get more, some get less. Everybody gets SS benefit estimates in the mail every other year or so that contains your earnings record and what you would receive if you became disabled today. My sister and brother-in-law are both disabled and both were fairly high earners while they paid in, and they get about $1800 and $2200 a month.

[+ sniper]

In recent years people are living MUCH longer, to the extent it is becoming a serious issue for private pension plans- and already is a crisis for the public plans that were never adequately funded in the first place. People love to bitch about medical care, but they really can do so much more for many conditions now that people are living considerably longer. And most of the biggest gains have been in heart care, so try not to stress out about the surgery. My uncle had a heart attach at 55 30 years ago, has had several valve replacements, pacemakers, and still going strong at 85(was still working 3 days a week at 80 when that finally became too much for him commuting an hour each way). And neither of his parents made it to 70. And there are some major advances coming down the pike in the next 10-20 years. I'm not saying don't enjoy your life, but realize you may have many more years than you estimate. If your 401(k) balance is something you assume you're going to draw down in 5 years you may want to consider part-time work just to reduce the amount you need to draw down retirement accounts(and some part-time gigs have health insurance).

[bigvalboy]

I really do thank everyone who has replied and provided valuable information. YES, I blame myself for not being more pro-active and doing my homework. I just couldnt wrap my head around all of it, but ignorance is no excuse. I am hoping for a crash course now. Both my parents died at a younger age than I am now. I decided to retire at 65 out of fear that I may not get to an older age and be able to experience the retirement I've been saving my pennies for. And as I approach my 65th, I am also facing heart surgery which is a bit scary, but I have survived Cancer so I am hoping I can survive this as well. But I have learned in the past few months, it is important to be informed and know your entitlements. And I am starting to see that medical insurance is a PRIORITY, at any cost. I hope I make the right decisions.

 

Wishing you luck with your surgery JJ...

[jjkrkwood]

Wishing you luck with your surgery JJ...

 

 

Thanks Annie....I'm thinking "positive".....

 

[Epigonos]

First I need to state clearly that I am NOT complaining I am just explaining.

 

I worked for thirty-six (36) years as a secondary educator in California. During each of those thirty-six (36) years I paid 8% of my gross salary, which my school district matched with an additional 8%, into the California State Teachers retirement system. For the above I have ALWAYS been less than sympathetic with teachers and their unions in places like Wisconsin and Illinois who resent and fight making ANY contribution to their retirement plans.

 

I retired at 61½ with an excellent pension. My father who never worked for a company which provided a pension preached to me constantly about working where I would get a pension in addition to or in the place of social security. Fortunately or luckily I followed his advice.

Now as to my retirement medical expenses they are as follows on a monthly basis:

 

Medicare B $170.50

Medicare D $126.35

Medicare D Supplemental $12.70

Anthem Blue Cross Supplemental $273.39

Concierge Physician Program $150.00

 

Monthly Total $732.94

 

If I wanted to save a considerable amount of money I could join a HMO plan but I would be at the mercy of the plan administrators regarding what physicians I could see as well as what medical services I could receive and when I could receive them. Therefore I have preferred to remain on a PPO plan, pay the cost and be free to picks my own physicians and in “consultation” with those physicians build a wellness plan to meet my needs not one to meet the income needs of the HMO’s CEO.

 

We all make choices and I have been fortunate to be financially able to make the one I have.