Boomers and the Dow: We Need a Reserve for Medical Bills
Things are going our way again on the Dow, Boomers.
But just as we might be considering enjoying our investment proceeds (instead of holding off on withdrawals) we should consider that even with Medicare/Medicare Advantage Plans we could bump up against the burden of medical bills.
For example, I recently changed my United Healthcare Medicare Advantage program to a state further east where I will be relocating. Co-pays have increased. Consulting with a specialist is about $50 versus $35. Urgent care is $40, not free as in this state. A night in the hospital is about $380 (just for the bed) and that will be billed for five days. The ER is $125.
So, we do need a reserve in our checking accounts.
Of course, those co-pays I cited are small stuff. About 18 months ago I was in a serious accident and hospitalized. The overall bill came in at six figures. I was blessed. Much of that was taken care of by Medicare, Medicare Advantage and State Farm. But not all. I needed a reserve.
Our preoccupation is not outliving our investments. But to increase the odds of remaining financially solvent we probably can't shift from frugal to letting the good times roll again when the Dow is booming.
That phase of our time here on planet earth doing exactly what we want with our money may be over.
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