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Inflation Watch: Retiree Health-Care Costs Are Soaring
Despite 'promises' of lower healthcare costs (from President Obama) and 'promises' of a comfortable retirement (if only you invest all your savings in stocks), Bloomberg reports the average 65-year-old couple retiring this year will face health-care costs of $245,000 in the years ahead, up 11% from 2014.
The higher number stems in part from a change in assumptions about how long we'll live. In the wake of updated mortality tables put out by the Society of Actuaries last year, Fidelity Investments raised life expectancies in its annual Retiree Health Care Cost Estimate. For 2015, it assumes that a 65-year-old man will live to 85, and a 65-year-old woman to 87. In 2014, the estimate was 82 for a man and 85 for a woman.
The estimated annual increase in medical and prescription expenses stands at 4 percent to 5 percent, about the same as last year. Prescription costs are trending higher than medical, at slightly above 7 percent, said Sunit Patel, senior vice president of Fidelity's Benefits Consulting group. Prescription drug costs account for 23 percent of that $245,000 figure. Money spent on deductibles and cost-sharing with an insurer make up 43 percent, and 34 percent goes to Medicare Part B and D premiums.
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No wonder the older generation is staying at work longer... that's alarming if you're 65, and maybe more alarming if you're 25 - imagine what the cost will be when you're ready to retire.
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My plan is to continue taking care of myself by not being a fat fuck and making sure I'm getting proper nutrients, and avoiding the sickcare system as much as possible. At some point when I'm comfortable with the cost/benefit/risk equation,I suspect I'll just forego insurance.
Go ahead, .Gov, fucking fine someone with zero income that's retired and has no recognizable assets.
It should be working when people can apply for health care or other things like best fat burner 2016 campaigns...
Seniors should just say no.
The Stats are skewed, male to 76 or so...
All in favor of de Guvnor.
Bring back the Bastille.
Shit. No Ferrari for Mrs K next week.
Couldn't be the TPP increasing the time drug companies have a monopoly on their formula.
You can't even go to mexico to get cheap drugs folks!
(USA Today) For seven in 10 Medicare beneficiaries 2016 will be much like 2015. They will pay $104.90 per month for their Medicare Part B premium just as they did in 2015.
But 2016 might not be anything like 2015 for some 30% of Medicare beneficiaries — roughly 7 million or so Americans ($85K Single/$170K Joint, my add). That’s because premiums for individuals could increase a jaw-dropping 52% to $159.30 per month ($318.60 for married couples). And for individuals whose incomes exceed certain thresholds, premiums could rise to anywhere from $223.00 per month up to $509.80 (or $446 to $1,019.60 for married couples), depending on their incomes.
What gives? Blame the “hold harmless” provision in the law that addresses cost-of-living adjustments (COLA) for Social Security benefits.
I'm a US citizen, not resident in The Homeland; I turn 65 in two days, and have been looking into Medicare options.
We all know that the US health and insurance "system" is a scam for those of working age, made even worse by Obamacare. After running the numbers for myself re premiums for part B, part D and medi-gap coverage, I was surprised to discover just how mediocre-cum-bad Medicare coverage actually is for US seniors. If you are low-income, Medicare is a sort-of-OK deal, similar overall to what you might get in one of the "socialised medicine" systems (i.e. adequate care for a not too bad price), but if you have any significant income (as per two hoots' numbers) you can find yourself paying a very significant premium for mediocre coverage.
Gadfly economist Gonzalo Lira wrote that if you grow old in the USA it's a virtual certainty that you ultimately will be bankrupted by health care expenses, with or without Medicare. I've come to see that he's right. One more reason not to retire in the States. One more reason not to bother with maintaining US citizenship.
The only winning move is not to play.
No worries! Medicare wants funding to provide "end of life counseling ". Failing that, I assume it's off the Emm Effers ad hoc.
FORWARD SOVIET
Obamacare may turn out to be the biggest bait and switch ever.
Anything the Magic Negro touches turns to shit.
On a long enough timeline…
An awful lot of today's seniors just chortle in their coffee at how smart they are to have won the generational lottery...and how they damn well deserve every bit of everything they could want, because they damn well EARNED it.
Then they razz their adult kids about how there'll be nothing left when the kids' time comes.
And they're right. But they're assholes to gloat about it and rub it in.
I'm not gloating and I don't know anyother else gloating. Like most parents I want my kids to be better off than I was. I'm sad and ashamed of what is happening.
My aunt did just what you did. Thin, ate right, took darn good care of herself with all the herbs, lotions, and potions. Died of cancer at 58 and broke.
My aunt did just what you did. Thin, ate right, took darn good care of herself with all the herbs, lotions, and potions. Died of cancer at 58 and broke.
Anyone on the 50 year plan did NOT take darn good care of themselves, they got mislead and were probably in denial about it until they died of cancer, butt that's okay because it seems everyone's friends are dying of cancer so this is just the new normal.
Everyone below a Kennedy level dies broke. That last week in the ICU is the sucking sound.
There are no certainties in this life. My Grandfather smoked, drank and ate pork and lived to 90 years. And best of all he never lost his mind, it was still intact but his body failed. Now they keep your body alive while they make you demented and suck your bank account. Fuck this world.
My grandfather smoked unfiltered cigarettes for almost 70 years. He died at 81, of a heart attack while working in his garden, something he enjoyed.
If I have my druthers, I'd rather go out like that, than after some long protracted illness that depletes everything I've accumulated and puts a huge burden on family.
Nowadays, American men have a 50+% chance of getting cancer. So who knows?
I just think that the fastest way to bring healthcare costs under control is to find out who the administrators of the healthcare system are and execute them one at a time, kinda like reverse healthcare....you want to fuck me out of everthiing I have worked for to save my life.....fuck you, bye motherfucker! BOOM BOOM BOOM! Who gives a fuck about living in this fucking sewer! I don't know whay the blacks haven't risen up wholesale and started killing pig....er......cops as a matter of course.......Those motherfuckers need to leave the station in an armored Bradley vehicle as far as I'm concerened! and I'm white! Time for a payback motherfuckers!
They did that with Pablo Escobar.
Compassionate politicians will filnd a final solution to this.
Hollow-point prescriptions.......
I call it the Smith & Wesson retirement plan....
Do you mean 'since they live longer then the rest of us'?
I'm with A-Lun.
Beware!
Anyone that shows up and says "I'm from the government, and I'm here to help"
Run in the other direction!
or i love you...
How true! Compassionate politicians provide us with a moral compass.
How many of those boomers wanted Obamacare.. and voted for dear leader.. Now eat your utopia.
"How many of those boomers wanted Obamacare.. and voted for dear leader.. Now eat your utopia"
They are Dumb Ass, grey haired pony tail idiots!
Any form of redistribution comes at a higher cost then the advantages.
Just as the people of venezuela!
It always fails.
In Belgium we now have another new problem, taxes are up and taxincome goes down.
They can't seem to figure how that's possible but it's easy: we've reached the point where government can't increase it's revenue and austerity is the only sollution to make sure we don't become Greece in 5 years.
Now the math says... once we crossed that line of taxincome, it's the point of no return.
Greece up then, just make certain he uses protection, oh you can't afford condoms you say, that too bad, have fun either way.
Sure glad the Republicans repealed ObieCare and deported all the illegals.
I can't believe he was RE-elected.
I believe 'Re-installed' is more accurate. No offense.
They didn't vote for Obama or Obamacare. They voted against Mitt Romney.
Same thing with 2008. They had to vote for Obama because they were scared shitless of what 'one heartbeat away from the presidency' Sarah Palin might do.
....so we got one heartbeat away from the presidency joe "two blasts" biden.
Soon to be elected POUTUS, the dems have to throw something against the wall that will stick.
Common people only want reasonable healthcare like EVERY OTHER FUCKING INDUSTRIALIZED COUNTRY IN THE WORLD< COCKSUCKER! SUCK MY FUCKING DICK you fucking PUNK!
Common people only want reasonable healthcare like EVERY OTHER FUCKING INDUSTRIALIZED COUNTRY IN THE WORLD< COCKSUCKER! SUCK MY FUCKING DICK you fucking PUNK!
I'm glad that you were incomprehensible twice.
Two downers in a row. Booyah!
If you are outside the US for 330+ days per year you don't need to sign up for Obamacare.
Our healthcare for two (in our sixties) is about $700 USD per year (including meds).
Where is that?
Getting the hell out of the US looks like a better idea by the day...
Dont fall for it. That buffoon isn't getting healthcare that's worth a shit for a few hunned bucks a year. He's scamming some euro socialist country out of services he ain't paying the taxes for.
I got got laid off a few months ago. My profession is usually contract-to-hire so I'm on contract right now. My contract co offers "health insurance" they specifically offered as the "get out of obamacare fines healthcare plan".
it covers exactly fucking NOTHING. It covers a few preventative things like mammograms and physicals but NOTHING else. It's worthless and it's NOT healthcare.
no matter how you or i slice it, insurance is someone not using it paying for someone using it.
in the case of health ins., a bazillion laws to "insure" grotesque profit and charges, all insulated by 3rd party administrative(insurance provider)payor system.
the competitive part of soliciting services has been removed.
unless uninsured and paying cash(me)...
case in point: herinia op. 6500 cash, 12200 thru insur(on the bills).
by not being on my wifes policy(500/month for 9 months/yr for over 5 years now), i have saved thousands and set it aside for such inconviences.
other part is all organic, gmo free, and growth hormone free healthy food, exercise, and essential oils, ect.
and i'm no fucking libtardo green ass, tree fucking weirdo, ha...
So you're saying that this guy who has healthcare arrangements outside the US is not getting anything "worth a shit".
Next you say your US healthcare arrangements "covers exactly fucking NOTHING".
So you're in a right pickle, there is no healthcare anywhere?
Examine your nationality, therein lies the answer to your lack of knowledge, brainwashed pickled grey matter.
The boy needs to get out into the real world a bit more.
What would he say if I told him I get 3.71% (before taxes) on a 1 year CD - issued by the government.
Hear! Hear! Pickleton!
Worthless...soon everyone will know..
Drug costs are obscene! I picked up an Advair (asthma medicine) for my friend the other day. The cost of a 30 day supply is very close to $500.00. Her cost at the pharmacy was $186 this month. Plan D picked up the rest. But even having a drug plan, as the year winds down each month becomes more expensive than the last.
When I was much younger I had asthma but generally not too severe. I used an over the counter generic (I think you may need a prescription now) called Tedral. It did make me feel uncomfortable with raised pulse but cleared up the constriction very well. I think one of the ingredients was phenobarbital and ephedrine. I wonder why they stopped making it? Perhaps it was replaced by far more expensive drugs? I think in the 70's you could get 50 tabs for around $10. Even at 5 a day your talking $30 a month in 70s dollars so say today it would be $100.
I used tedral in the late sixties and seventies as well.
its a combination of Ventolen and coladil, a mix so to speak.
it fell out of favour with doctors as it was a "blunt Stick" to use in asthma therapy.
Doctors moved to a sparate caladil/ventolin regiem and even to stroid sprays and such.
if you were lucky enough to repond to intal, which I was, your asthma basically disappeared in about 1975. that spinhaler do-hicky made it possibel for me to finally play outside at the farm.
Mind you, I'm from Canada and there is no drug/medical monopoly to feed. Oh sure, Canada has the government-health-care monopoly which is expensive (via taxes) and shitty 9via service) but the drugs are not paid for and are basically free enterprise so that part of it works.
Not sure if any of you have been watch the skyrocketing prices of "eppi-pens". 2 year ago they were 10 bucks, they are not 500 bucks.
That is fucking criminal but its going on and the AG is doing NOTHING about it.
Squid
Are you some sort of big word salad tossing faggott?
I dont know if you are an asthmatic lunger, or a mechanic working on a slant six deuce and a quarter in a late 70's plymouth volare...
This is zerohedge. The vast majority of forum members don;t care about their fellowman or woman; just their guns, gold, and ammo.
There's a huge difference between caring for others and believing that we're responsible for others and using the force of govt to enfore that idiotic belief under the rubric of 'rights'. That's bullshit and you're an idiot for uttering it.
I rest my case.
Do you need your flea meds didems?
US - UK comparison
ADVAIR in the US is marketed as SERETIDE in the UK by GlaxoSmithKline: https://en.wikipedia.org/wiki/Fluticasone/salmeterol
Cost of 1 year of SERETIDE in the UK to the National Health Service is £218 = $335.
http://gmmmg.nhs.uk/docs/cost_comparison_charts.pdf
Using your figures your friend pays $186 x 12 = $2232 per year
In the UK that would cost the consumer (not the NHS) 13 prescriptions (28 days) @ £8.20 each, total £106.60 = $164 per year
(http://www.nhs.uk/NHSEngland/Healthcosts/Pages/Prescriptioncosts.aspx)
I need 7 prescription drugs, 91 prescriptions per year. It is cheaper for me to buy a Prescription Prepayment Certificate for £104 = $159 per year which covers all 91 of them for less than your friend pays for 1 month for 1 drug. It really is a sick joke how you are being ripped off over there.
Who is making the vast profits on this ripoff?
Yeah I know we pay more tax, or do we? My "Health Insurance" is included in my taxes. People here don't go bankrupt if they get ill and if they are ill, they go to a doctor, for free. Oh.... and we live longer than you too.
Of course...
http://www.theblaze.com/stories/2010/11/23/govt-health-care-lack-of-water-forces-patients-to-drink-from-vases-at-uk-hospital/
Of course...
Thank you for proving my point. We can make Brits live even longer than Americans simply by giving them water to drink.
You may live longer for a while, but eventually you'll have to convert and wear a Burqa.
But still...good points..thumbs up. Americans are stuuuuuuuuuuuuupid
"The cost of a 30 day supply is very close to $500.00."
Your subsidizing the people in China, India, Philippines and elsewhere that have taken away American jobs.
I think Big Pharma make profits everywhere. They simply vary the profit margin according to the ability of the suckers to pay a "going rate".
See pharmacychecker com, for instance: Advair HFA 230/21mcg (brand version) = $123/120 doses
Yeah, Plan D which sucks ~$130/month really offers a deal, doesn't it........
Sadly no equivalent generic exists. Medicare cut a deal with Big Pharma: Govt NEVER sets prices, so the PharmaKing gets what it wants.
Pharma puts the Vikings to shame as far as plundering goes.
Just say no to the retirement industrial complex.
Good luck.
And no one will do anything about this. Nothing. No one. People will die on the vine. That's what the .Gov wants to happen to you, Dear Boomers.
Those that voted for Obama desereve what they get.
We who live in red states and did not vote for Obama do not deserve what we are getting.
Indeed.
That 65M or so Americans that voted for him have really screwed the pooch for the remaining 265M of us.
How did they do that?
Sad thing is you Americans have NO idea how truly fucked up your medical system is. None. And I'm talking BEFORE obamacare. After is just too messed up to believe.
https://www.youtube.com/watch?v=JXv6dakT1Pk
Forget Supply & Demand... The ultimate extortion: PAY if you want to live!
" Prescription drug costs account for 23 percent of that $245,000 figure."
A for instance: Currently Benicar a BP med: Cost $170/month retail, on Medicare = ~85/month. (what a deal, eh?)
Imported from a reputable world pharma supplier from India or Maylasia (and yes their FDA is as strong or better than the USA, pills are in sealed packets not poured out, and sneezed upon and put into a non-airtight bottle) = $22/month.
Oops.... the TPP just passed....forget that. No more generics, sorry, Big Pharma has won.
Future price for retirees now that TPP is passed........ $120/month.
Change that 85 year old age of death back to 78....
Kyle Bass had some good news with his strategy to fight spurious pharma patents while shorting the stocks.
I am absolutely loving this.
http://www.businessinsider.com/kyle-bass-gets-institution-for-lialda-ipr...
As Seek said.in America if you want to live go to the gym and be moderate of habits. All this susidy will end but between now and a decade out your on your own. Its a pig through a python.
Duh, you only have to pay the extra money if you want to live to the new life expectancy. And spend the last few years drooling on yourself and having a nurse's aid wiping your behind for you.
If you refuse all the expensive treatments you will die younger but all you miss out on is those last few expensive years when the health care industrial complex is making your life miserable while soaking up whatever assets you have left so you can go on Medicaid and they can continue to suck the taxpayers dry.
This isn't rocket science. Just say no! Die before your quality of life declines and leave something behind for your kids.
Insanity is hereditary, you get it from your kids.