I agree that it is unlikely when you exclude LTC needs from the discussion.That's correct. The cap I was talking about refers to the maximum amount, per year or in a lifetime, that the insured must pay. There is no cap on how much the insurance company must pay. This makes it very unlikely that a well prepared retiree would run out of money in retirement because of medical expenses.There are no annual or lifetime limits to what the insurance company must payI'm a little confused by this. Doesn't the Affordable Care Act require that there be a cap on out of pocket medical expenses, beyond which the insurance company must pay 100% of all medical expenses? My recollection is that there is both an annual cap and a lifetime cap. I'm not an expert on this, but I'm pretty sure I remember that.The only ones I have heard about are medical related. The medical expenses get much higher than expected is typical. They develop a medical condition that they didn't expect. The other is they have a kid that ends up with a health condition that requires 24/7 care. I know someone in this case that had enough to retire but kept working because of the medical costs related to their kid/adult. They wanted more than enough for after they passed to help with the continued care of their kid.
https://www.hhs.gov/healthcare/about-th ... index.html
The most you can spend in healthcare in any given year is your premium + max OOP.
But not impossible. There may be treatments that aren’t covered covered by an insurer because they are considered unproven or experimental. It isn’t unknown for someone with otherwise good insurance to send $100,000s on such treatments for a life-threatening illness.
And, of course, a married couple can find themselves in a situation where both spouses have high bills simultaneously.
Statistics: Posted by delamer — Tue Mar 19, 2024 10:03 am — Replies 98 — Views 11247
