June 2015. How will YOU pay for healthcare when you need it most at age 62, 67 or
70? I know it's difficult to relate to being that age, but like it or
not, you can count on the fact that you are going to need some sort of
healthcare in your old age.
Health care costs are not budget friendly and out-of-pocket even with
Medicare are high including the cost of supplemental insurance
premiums.
Will you have Medicare in 20 years or will you need to pay for your own healthcare insurance premium?
Medicare is a government sponsored and mandated health care program for
Americans 65 years and older. Medicare was enacted 50 years ago in
1965.
In 2010, Medicare provided health insurance to 48 million Americans—40
million people age 65 and older and eight million younger people with
disabilities.
In 2011, Medicare provided health care for 44 million seniors and that number grew to 52.3 million in 2013.
According to every known source -- in fiscal 2019 -- only FOUR years
from now - the Medicare Hospital Insurance Trust Fund will become
insolvent . Empty. Vacant. Zero. There is no backup plan in the law to
ensure that hospitals continue to be paid when the fund is depleted.
This means YOUNG people should NOT count on Medicare, because even if you have Medicare, it will be more limited than it is now.
US News reports, "We are seeing people [who have Medicare] with a 20
percent co-pay requirement who are not able to pay the 20 percent for a
hospital stay or a series of doctors' bills for a serious illness ...
It's often already a choice of either food or medicine."
Without Medicare -- even with limited Medicare -- you need to add
insurance premiums to your budget. According to the ‘Cost &
Benefits of Individual and Family Health Insurance Plans’ report,
released today by eHealth, Inc, the average premium paid for individual
health insurance coverage in the United States in 2011 was $2,196 per
year ( $183 per month ); couples paid an average annual premium of
$4,968 ( $414 per month ).
The report also found that the average deductible for
individually-purchased health insurance plans in 2011 was $2,935 for
individuals and $3,879 for couples.
When you do the math on what you are going to need to live on in the
last 20 and 30 years of your life… ADD a big premium for health
insurance -- and savings to cover the deductible. I could cry.
Every American must have a realistic plan for the future and must absolutely stick with it.
You want self employment to give you extra money for now and later.
