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re: How much money do people need to retire?
Posted on 2/28/24 at 12:32 pm to DCtiger1
Posted on 2/28/24 at 12:32 pm to DCtiger1
quote:
There are ways to plan for mitigation against being wiped out by your health care costs, but this board doesn’t want to hear that
Please share
My wife and i don’t have kids, are considered high earning, and have recently decided we will probably move out of the country to retire. A large reason being you can access quality healthcare in other places that won’t affect your lifestyle in retirement.
2
Posted on 2/28/24 at 1:56 pm to cas4t
Two things:
1) Med supp plans for both you and your spouse once you turn 65. The most comprehensive plans limit out of pocket expenses for even the most extended hospital or skilled nursing stays, and also provide 50k in care for international travel. These are not Med advantage plans, In Fl they are around 200/month.
2) Long-term care or Life insurance with a Flexible care benefit rider. for example, you can purchase a Universal life policy with a FCB rider, and if you need care due to a disability, a terminal illness etc the policy will pay 2% of the face amount monthly until exhausted. For example, if you had a 500k policy, you could receive 10k/month for your care. Long term care plans are great too, but they are use it or lose it whereas Life policies will build cash value and still pay a death benefit.
1) Med supp plans for both you and your spouse once you turn 65. The most comprehensive plans limit out of pocket expenses for even the most extended hospital or skilled nursing stays, and also provide 50k in care for international travel. These are not Med advantage plans, In Fl they are around 200/month.
2) Long-term care or Life insurance with a Flexible care benefit rider. for example, you can purchase a Universal life policy with a FCB rider, and if you need care due to a disability, a terminal illness etc the policy will pay 2% of the face amount monthly until exhausted. For example, if you had a 500k policy, you could receive 10k/month for your care. Long term care plans are great too, but they are use it or lose it whereas Life policies will build cash value and still pay a death benefit.
Posted on 2/28/24 at 2:26 pm to cas4t
quote:
A large reason being you can access quality healthcare in other places that won’t affect your lifestyle in retirement.
Greatly depends where and how far from home to the definitive care facility. I've lived in Costa Rica, in Mexico, etc and as a provider I'll say quality of medical care was spotty at best. As stated distance is important, 1-2hour to a facility when one is having a STEMI or CVA will likely result in a bad outcome.
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