Blogger of Gloom and Doom

I was interviewed last week by a reporter doing a story on planning for health care expenses during retirement. As I ticked off the various items to consider I was getting pretty depressed. After all:

  • Medicare premiums are rising –up 13% next year
  • The new Medicare drug benefit is unsustainable: it will get more expensive and be cut back
  • Employers are dropping retiree coverage
  • It will be harder for most people to shed assets to qualify for Medicaid-based nursing home coverage. Meanwhile long term care insurance is generally unaffordable and poorly structured to protect upper middle class assets
  • Income taxes are likely to rise to pay for the increasing deficit, which is partly caused by health care spending

My advice was:

  • Save as much as possible
  • Don’t retire before qualifying for Medicare, because private insurance for someone in late middle age is usually costly and hard to get
  • Eat well and stay in shape
  • Consider moving to Costa Rica where everything is cheaper
September 25, 2005

One thought on “Blogger of Gloom and Doom”

  1. I like your advice on health care after retirement. Have you thought about blogging on how recent college grads can get good health care if their employer doesn’t provide it? I have a good friend of mine in that predicament.

    Anyway, nice blog. I’ll be bookmarking it. Thanks

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