Retired Life (3 Viewers)

[Taghkanic]

Lou is a retired United States service veteran. As such he gets medical care at any base hospital as does his wife. The service is staffed with many top notch physicians. It is the least our country can do for his lifetime dedication to us.

Good for him, and if the V.A. has improved since I worked on a 20/20 expose of how it was failing veterans in the 1980s, even better. (The director was himself a Vietnam vet.)

But that doesn’t address the shockingly expensive and unresponsive system most of the rest of us wrestle with.

I have supposedly the best PCP in my rural area. I like him as a doctor. But dealing with his office, and the hospital with which he’s affiliated, and the insurance system is awful from top to bottom. Just getting my annual routine blood test is a production.

(Another small example: I don’t even bother trying to call my doctor’s office, since I don’t care to wait on hold for 40 minutes, just to reach someone who is less skilled and motivated than your average fast food drive thru worker. From hard experience, I learned to just show up at his office in person to arrange any help. Luckily I have few major needs… For now.)

 

[Budha]

Low income taxes do not equal low total taxes.

Texas is an attractive place to live for wealthy people due to no income taxes. But the property tax rate is high and so are sale taxes. The overall cost of living in Texas is relatively lower. Quality of life is a matter of opinion.

The calculation isn't as easy as looking at a tax table and picking the lowest income taxes for most of us. < though if I were selling billions of dollars of stocks like Bezos , I too would move to a no income tax state at least for a year or two.>

Actually, I wouldn’t consider the cost of living in TX low anymore. It was, but not anymore - at least in the N Dallas area.

I moved to TX from VA about 5 years ago and at first is was about a net/net even. Cost of housing was much lower here (not really anymore). Now, we are paying more, a decent chunk more compared to VA.

No income tax is nice if you’re pulling 7 figures annually, but they get you on ALL the other taxes. Property and sales tax are ludicrous (compared to VA) and now insurance is absolutely ridiculous as it’s been so long abused in this area. I’ve never seen anything like it. (People abuse insurance here like nothing I’ve ever experienced) A couple of bad winters resulting in lots of legitimate claims and our rates doubled (we’ve NEVER made a home owners claim in over 30 yrs of owning homes, and didn’t make any claims as a result of the freezes, didn’t matter - we’re paying for everyone else’s claims). Insurance companies are starting to pull out of TX, similar to FL and CA.

My home owners is $6k+ annually and cars are over $4k.

As soon as the kids graduate, we’re moving back to VA - lol.

Edit: BTW, I 100% agree with your post and point. Was just trying to further illustrate your point by saying TX isn’t really low cost when you add it all up (at least in my area).

 

[louBdub]

What is this “Full Medical Coverage ” you speak of?

I have Tricare Prime, United Concordia Dental and Aetna vision. For my entire family.

Military Retiree Tricare Prime (Humana) for family of four, same setup as active, stay in network, civilian or military providers, etc:
$181 per quarter

United Concordia for all four, no copay, stay in network, local in town dentist:
$60 a month

Aetna Vision for family, local civilian provider:
$20 a month

Why is my cost awesome? Because I did things for it…. Definitely was a high risk = high reward game. It was available to all who wanted it….. If you were willing.

——

My knee surgery was completed by the US Olympic ski team orthopedic surgeon…. And my spinal surgery was done by one of the top spine surgeons in Alabama (we have the best medical in the country, see UAB)


————

Good for him, and if the V.A. has improved since I worked on a 20/20 expose of how it was failing veterans in the 1980s, even better. (The director was himself a Vietnam vet.)

I do not rely on the VA for medical. The department of Veterans Affairs and the Department of Defense are two separate entities. I am a 20 year retiree - large difference in benefits.

As for the VA failing veterans, that’s an entirely different topic. Let’s just say if someone sucks while in, they probably suck while out. We fired people too, it’s a bar from continuing service…. They get kicked out, or did their one contract, and blame the VA for sucking, but in reality would have been fired at Walmart too…. An entirely different discussion thread is needed for that….

 

[DrStrange]

Clean Medicare is good insurance. Clean means you didn't sign up for a Part C Medicare Advantage plan - you took traditional Medicare.

You are charged rates before market price, reflecting you paid into Medicare for all of your working life (in most cases) Medicare insurance is worth hundreds of thousands of dollars in +EV over your lifetime even considering the Medicare taxes you paid while working and the fees you pay after age 65. Much more so if you are demographically likely to enjoy favorable longevity.

There is the question of how this will be paid for - losing six figures for every retiree in the USA seems like a pretty extravagant entitlement. But the political difficulties in taking away our elder's health insurance are nearly impossible.

Somehow I expect the younger generations are going to pay the price for all this -=- DrStrange

 

[Taghkanic]

As for the VA failing veterans, that’s an entirely different topic. Let’s just say if someone sucks while in, they probably suck while out. We fired people too, it’s a bar from continuing service…. They get kicked out, or did their one contract, and blame the VA for sucking, but in reality would have been fired at Walmart too…. An entirely different discussion thread is needed for that….

The ABC News documentary was about veterans, primarily Vietnam era vets, being treated very shabbily by the VA. (My boss, the producer, was himself a Vietnam combat vet, as is my best friend.)

We interviewed vets who served their time honorably, often living with terrible disabilities related to their service, who were getting endlessly waitlisted, denied, or provided substandard assistance.

Not sure what is being implied here about “people sucking while they were in,” but nice that you got yours. (Is there a reason other vet shouldn’t? IDGI)

The spotlight on scandals in the 80s sadly did not fix things; there was another major scandal about 10 years ago.

… Just found the segment on YouTube. (Incredible it’s out there still!) First story of that week’s broadcast.

The first vet highlighted served three tours and won multiple Purple Hearts and Bronze stars.

The VA denied his claims, cut his benefits, then falsely told him he owed *them* money and would be cut off entirely—leading to his suicide.

Only after his death did they admit the mistake, conceding that he should have had full benefits, and that they in fact had owed him over $12,000. Help he earned, and would have saved his life.
Another segment dealt with WWII heros exposed to radiation in Nevada and at Hiroshima, retaliated against by the VA.

These were just a few of countless tragedies caused by bureaucratic ineptitude or falsification of records to cover their asses:

 

[louBdub]

The ABC News documentary was about veterans, primarily Vietnam era vets, being treated very shabbily by the VA. (My boss, the producer, was himself a Vietnam combat vet, as is my best friend.)

We interviewed vets who served their time honorably, often living with terrible disabilities related to their service, who were getting endlessly waitlisted, denied, or provided substandard assistance.

Not sure what is being implied here about “people sucking while they were in,” but nice that you got yours. (Is there a reason others shouldn’t?)

The spotlight on scandals in the 80s sadly did not fix things; there was another major scandal about 10 years ago.

I found the segment on YouTube. First one of that week’s broadcast. The first vet highlighted served three tours and won multiple Purple Hearts and Bronze stars.

I don’t want to turn this into a debate about military service. Just know that if things are done right, veterans are taken care of exceptionally well. Like EXCEPTIONALLY well. Media misses the mark on this, by a long shot. But media is about heart strings and views…. Rarely about reality.

I’ve spent literally half of my life in the military and know a thing or two about the large volume of those who get out, some not by choice, and then complain about their situation that they themselves created.

That said, this thread is about retirees and what we can learn from one another in this lifes chapter. The above topic is not, I’d be very much willing to talk it further in PM my good Sir.

 

[Taghkanic]

I don’t want to turn this into a debate about military service. Just know that if things are done right, veterans are taken care of exceptionally well. Like EXCEPTIONALLY well. Media misses the mark on this, by a long shot. But media is about heart strings and views…. Rarely about reality.

I’ve spent literally half of my life in the military and know a thing or two about the large volume of those who get out, some not by choice, and then complain about their situation that they themselves created.

That said, this thread is about retirees and what we can learn from one another in this lifes chapter. The above topic is not, I’d be very much willing to talk it further in PM my good Sir.

Since there seems to be bashing of both vets and “the media,” I won’t let this be hidden in PMs.

But I’ll leave it at this: watch the segment. No way to do so and deny the historical problems.

We did our homework at 20/20, and courts agreed with many charges against the VA (which among other things attempted to destroy evidence once they came under public scrutiny).

One might say it’s old news, but there was more of the same two decades later:

https://www.usatoday.com/story/news...healthcare-scandal-shinseki-timeline/9373227/

Anyway, the relevance to retirement is what I raised initially: Most Americans can’t get reliable health care in retirement without jumping through hoops and fighting our atrocious system.

 

[louBdub]

Watch the segment.

I scanned it. I can’t speak on the 80/90s adults, I was a child then. I’m 39.

But as for my generation, I absolutely without a single doubt can promise you it’s exceptional for retiree’s.

 

[DrStrange]

Perhaps the lesson to be taken, is be prepared for the unexpected. More so if the consequences might be severe.

Medical disasters are not only physically debilitating but also financially destructive. If one is planning on early retirement in the USA - defending against the financial consequences of a weird medical emergency should be at the top of list of things to worry about / plan for. No matter what your insurance status is, it isn't hard to find examples of things going horribly wrong. Perhaps rare events. Even so, worthy of some thought and perhaps a little hedging.

It would seem prudent to have a few hundred thousand dollars ear-marked " in case of crisis". Remembering crisis can be both a threat and opportunity. Just in case medical insurance doesn't cover what happens to you. < and yes, I do mean you too. There are all sorts of medical procedures not covered by your insurance >

Doesn't have to be a tragedy. Perhaps somehow a couple of new kids end up in your care. Maybe the retirement plan didn't include the costs of your new family members.

Or perhaps you end up taking on a new passion. Watch some TV show about blacksmithing and somehow you end up with a 2,000 sqft forge and blacksmith shop. These things happen.

The best laid plans don't always prepare for what actually happens. If you retire early, build in a contingency for " just in case" -=- DrStrange

 

[Taghkanic]

Perhaps the lesson to be taken, is be prepared for the unexpected. More so if the consequences might be severe.

Medical disasters are not only physically debilitating but also financially destructive. If one is planning on early retirement in the USA - defending against the financial consequences of a weird medical emergency should be at the top of list of things to worry about / plan for. No matter what your insurance status is, it isn't hard to find examples of things going horribly wrong. Perhaps rare events. Even so, worthy of some thought and perhaps a little hedging.

It would seem prudent to have a few hundred thousand dollars ear-marked " in case of crisis". Remembering crisis can be both a threat and opportunity. Just in case medical insurance doesn't cover what happens to you. < and yes, I do mean you too. There are all sorts of medical procedures not covered by your insurance >

Doesn't have to be a tragedy. Perhaps somehow a couple of new kids end up in your care. Maybe the retirement plan didn't include the costs of your new family members.

Or perhaps you end up taking on a new passion. Watch some TV show about blacksmithing and somehow you end up with a 2,000 sqft forge and blacksmith shop. These things happen.

The best laid plans don't always prepare for what actually happens. If you retire early, build in a contingency for " just in case" -=- DrStrange

It’s not just one-off events that can decimate your finances. Chronic conditions like Alzheimer’s, Parkinson’s, and the like can require full-time institutional care that runs $10K/month+ for a long time. And much of that care is not covered until the person is bankrupted and finally qualifies for Medicaid. At which point people wind up in a super-low end facility.

 

[DrStrange]

This is sadly true. My mother spent her last two years in high end hospice care running at $20,000 per month. Ended up a bit more than a half million dollars - she had the money. She spent more money on medical care her last two years of life than in the 80+ years prior.

Long term care insurance is expensive and is not trustworthy. Meaning you could pay the premiums and find the insurance company will not pay. Or you find the monthly payment rises so high as you age that it becomes unaffordable. There aren't good financial options should this befall your family.