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I was feeling sorry for myself recently. Connie’s health issues prevent us from traveling, even going to our Cape house for the time being. I said to myself, time really is running out.
We seem to be surrounded by illness. Two of our neighbors now in Florida have been taken seriously ill and can’t get home. My brother in law fell on ice and broke his wrist and arm. Connie, my cousin and a close friend are all undergoing cancer treatments.
This retirement thing seems to be going down hill.
No, that’s not true at all. We are, in fact, experiencing life in older age. Nothing is really a surprise even though we may wish things to be a bit different. And then there is this overriding fact, no matter what, someone is dealing with far worse situations – like our friends in Florida.
We can afford and receive the health care we need, our out of pocket costs are minimal because of Medicare. That isn’t true for most Americans
I look back on our sixteen years of retirement with great joy. We visited 45 countries, saw and did amazing things, took several cruises, visited all the states and many national parks. Remodeled our vacation home. Bought my dream car (twice).
We’ve had the joy of watching our grandchildren grow up, spending lots of time with them and have the privilege of helping fund their college costs.
I chose when I retired. When we decided a three story house was no longer feasible, we found the ideal 55+ condo less than a mile away – no disruption to our lives.
Our financial situation is not what I ever expected it to be. It took decades to achieve – along with good fortune. I read the stories of retirees dependent on SS (like my parents were) and wonder how that happens after a lifetime of work.
I see media posts from people who claim Social Security is a scam, Medicare is a scam, saving now and only getting a few years in retirement is a scam. Nothing that doesn’t provide immediate gratification seems to be a scam to some people.
One fellow today asked why he should invest $50 and wait for it to grow the next forty years and then have only a few years in retirement when he could enjoy spending it now. Asking that question reflects a too common point of view.
It’s been one heck of a journey. Life throws things at people over which they have no control, sometimes bad things, but also opportunities. The goal it seems to me is to try and overcome the obstacles, grab hold of every opportunity and keep one eye always on the future – and never give up.
Too many people do or don’t do things that cause them harm now or in the future, but life is not a scam.
Dick – Thank you very much for your thoughtful posts over the years. I have been reading all the HumbleDollar forum posts for over 3 years now and this is my first post. As a first generation immigrant to this wonderful country, I like a lot of things about this country, except for the costs for healthcare and education. You are being naive (I am not being arrogant, but using the term carefully) about the waste that is happening in our healthcare system. Just this week, I was looking at the claim paid by my Insurance company for a colonoscopy. The surgical center billed the insurance $8600 and the insurance company paid $640. Don’t you think this is outrageous in both the sense of how much was claimed and how little was paid? The main people who are profiting from our healthcare system are the middle brokers. In India, where I grew up – you can get healthcare for as little as $5 or as much as $2000 and the quality of care is based on how much you can pay. I would rather prefer that than the thousands of people who cannot afford healthcare in our country.
Trust me, I am not naive about the health care system. I designed and managed healthcare plans for nearly fifty years. I was on the boards of several plans years ago.
Not sure who you mean by middle brokers. If you mean insurance companies, your assessment is not correct.
The fundamental problem is multiple systems paying different amount for the same service and shifting costs from one to another.
A provider will be paid differently by Medicaid, Medicare, private insurance, self-funded employer coverage and self-pay. Neither Medicaid nor Medicare pay at levels sufficient to sustain the care we need so other payers must pay more. The system isn’t fair to anyone.
Insurance companies facilitate protection just like any insurance (although we have warped the purpose of insurance) Their profits are not excessive and they don’t make money from high healthcare costs. Growing profits are from growing customers, not higher premiums. Their net profit margins are among the lowest of any industry.
Thank you for replying to my comment. You capture the essence of the problem in your statement – “The fundamental problem is multiple systems paying different amount for the same service and shifting costs from one to another.”
I have not understood why need to allow employability to be the factor that decides your insurance premiums. I am sure given your years of experience of leadership in designing healthcare plans, we can come up with better systems and surely enough companies and providers might have thought about it. What I meant by middle brokers are the vested interests, who do not want change and are somehow within the lifecycle of the medical system. Do we really need healthcare to be based on insurance?
I am not experienced in this industry, but I retired early (at 60) and suddenly I pay more than $25000 a year for a couple insurance with sky high deductibles. We can do better.
Excellent post. The saddest part of our system is the only people that would have to pay the ridiculous inflated list price is those who can least afford it, the uninsured. The insurance reimbursement is a close reflection of the actual cost of the procedure.
Reading about the system you grew up in, would you still prefer it if you were among those who could only afford the $5 care?
Michael – No. My point of writing that example is that a system has to support different types of affordability. Actually the person who can pay $2000 gets top class care in India with excellent hospital and care systems. Actually the medical tourism from countries in the Gulf is a great way how doctors and hospitals support even taking care of a $5 patient.
Michael1 — your comment sparked a tangential thought. You spend a lot of time outside the US, so out of curiosity, how do you handle healthcare costs when you’re in the UK (or elsewhere)? Do you pay the yearly supplement to access the NHS or private insurance?
No, we rely on our U.S. insurance and our wallet.
Our primary is insurance from my former employer, but when outside the U.S. this will only cover acute care needs – sprain an ankle, get the flu, get shot. (Soon I will have Medicare, which I understand covers nothing outside the US.)
We have Tricare as a secondary, and it will cover what the primary insurance doesn’t, whether acute or routine, minus deductible.
It’s likely we’d need to pay out of pocket and then seek reimbursement. There might be an exception if near a U.S. military installation where providers deal with Tricare, but that’s rarely the case in our travels. (Tricare is the insurance for current and retired military.)
Michael1 I know our Medigap policy covers up to 50K lifetime for foreign medical expenses. Not sure of the details of the coverage though, and hope I don’t have to. It is well known that medical care is significantly less expensive than in the US so that money would go further abroad (pun intended).
I don’t know anything about Medigap, but suspect you’d have to pay yourself and seek reimbursement there as well.
Nope, Medicare spins off to Medigap and Medigap pays provider. You don’t have to do anything.
Sorry this is wrong, i misread the international aspect of question.
Dick, the Quinn’s are in our thoughts as you and Connie navigate life’s challenges. Thanks for reminding us that life would be so much harder without things like Medicare, enabling good care when the needs arise. There are lots of people in the world who have little or no access to such a program. To be sure, these programs are expensive, and there were those who were convinced that we were on the road to communism when Social Security and Medicare were enacted, but I can’t imagine life without them.
We truly are experiencing life. So far, our challenges have been manageable, thanks for reminding us to stay positive.
Each chemo treatment costs about $24,000 between the chemicals and all related services involved. Of course Medicare does not allow it all, but the majority. Incredible.
We all have to deal with what life throws at us and just try to make the best of it. It sounds like you and Connie have a wonderful family and have had a wonderful, fulfilling life so far. I wish you both the best in the future as you are a very caring person who has concern and empathy for others.
Thank you
Very thoughtful post Dick. I think your situation can be described as trying to accept that you are well past your go go years in which you traveled the world, and that maybe you are nearing the end of go slow years (going back and forth between NJ and the cape), and are facing the possibility of soon entering the no go years.
That is a prospect I don’t want to face. I am not ready, nor do I expect ever ready, to accept no go. I have accepted everything up to this point, but not that. Time will tell.
I don’t think we’ve any option other than to eventually accept that outcome.
Of course that’s true, but I’m going kicking and screaming. Up until two years ago I played golf with a 92 year old. Just last year he decided it was too much as it’s hilly where we play, but he and his 96 year old wife still go to Florida each year and ship down two cars so they both can do what they want to. That’s where they are now. He says he plays golf there because it’s flat.
One heck of a journey, and one heck of a thouughtful reflection. Beautiful, RDQ.
Well said, Dick. While you are indeed fortunate to have been able to travel so extensively with your partner and best friend, it’s clear that the blessings you cherish above all are the time and experiences with your family. Although I’m starting to travel in the company of strangers who become friends while we’re together, the best trips are the short or longer ones to see family members. And it’s always good to come home and resume my routines, shared with church and neighborhood friends. Life is good, but never taken for granted.
I have a cousin in her early 70s now who travels solo, like two-three trips a year. Right now she is in Lisbon for a month. She is on her own, but meets up with others for part of the time. She says she wants to live like a local. I wrote about her adventures previously on HD. I envy her.
Yes, you did, and told me which company she went to Morocco with (OAT). I chose a different company but hope to travel with them at some point. But I’m not sure about being away from home for a whole month. We’ll see.
I retired at 66. The Lord has blessed us beyond measure. I was worried about having enough money to retire comfortably. In retrospect, I should have retired sooner. We would have had more than enough. As it is, our kids will get a great inheritance.
Dick, I’m so sorry to hear about the people close to you having troubles. I hope Connie comes back to better health soon.
To the guy who asked why should I invest when I can enjoy spending everything today—that was your choice, sir.
That comment is a clear example of someone who can not picture their future self.
Thank you for sharing this with us. Like Jonathan, you are a living example on how to live the joys and meet the challenges of growing older. Peace to you and your family.
You must feel a real sense of contentment and deep satisfaction with everything you’ve experienced since retiring. If I’m candid, one of the main things that drove me to retire at a relatively young age was the very situation you’re facing now — a profound awareness that tomorrow is never promised and a desire to squeeze as much out of life as possible. As for the cynics and doubters? Let them eat dust while you go and enjoy life to the fullest.
We try to live for today and hope for tomorrow. You can’t dwell on the negative possibilities or you will forever be depressed. I few prayers occasionally help too.
Perhaps all those who think Social Security and Medicare are scams also believe that about spending less than you earn and the power of compound interest! It appears they live by the motto “don’t confuse me with the truth!”
I agree. There seems to be a lot of that going around these days.