Budgeting post-retirement medical expenses

Hi all

I am trying to estimate the budget required per month after retirement.
One area which I have difficulties predicting is medical expenses.

So far, I have included the following items in my budget:
- Neighbourhood doctor visits (Colds, flu, etc), about once in two months.
- Dental (Normal cleaning and scaling, twice a year)
- Yearly medical checkups
- A good shield plan for hospitalization and certain outpatient treatment, such as radiotherapy/chemo etc

Are there other expenses which typically occur when a person ages?
I am concerned about large expenditures that are not typically covered by shield plans.
For example, I know a person who did a expensive dental procedure costing about 60k to replace most of the her teeth due to weaken gums. This particular case is preventable if we brush our teeth regularly, but I think there are other health issues which strike more randomly even if you exercise and try to stay healthy.

Also, do you include the cost of hospice care for the last few years of life?
I think this is more relevant for people with no children, or children who have migrated etc.

Hope to hear your thoughts.

Providing a monetary value for medical needs during retirement can be based on your personal profile, and family genetics.

Most health insurance focus on big ticket expenses and not so much on daily maintenance like blood pressure tablets, diabetes medication, cholesterol, lipids etc.

These medications are for life and they add up to quiet a bit. For example, blood pressure tablets costs $0.70cts per tablet.
Taken daily,multiply that for 30 days and its $21 per month, $252 per year... for life.

Lucky if you require only this type!.. it is quite often other medications are required too. Blood lipid screenings can cost $85 to $150 per test. These are done almost annually.

As for long term care, a useful proxy measure is to factor the cost of a domestic maid. Salary+levies+incidentals:
Salary=$500, Levies=$200, Medical checks+food =$200

Overall, I would use $1,500 per month as a basic sum. Its almost the same amount for having a car.

In US, lawyers helped old folks 'planned' their estate to qualify for Medicare means-testing.
If the Govt continue to subsidize medical costs even more (like broadening of CAHS), people
will do more patterns to bypass mean-testing.

(06-05-2014, 09:36 AM)Porkbelly Wrote: Providing a monetary value for medical needs during retirement can be based on your personal profile, and family genetics.

Most health insurance focus on big ticket expenses and not so much on daily maintenance like blood pressure tablets, diabetes medication, cholesterol, lipids etc.

These medications are for life and they add up to quiet a bit. For example, blood pressure tablets costs $0.70cts per tablet.
Taken daily,multiply that for 30 days and its $21 per month, $252 per year... for life.

Lucky if you require only this type!.. it is quite often other medications are required too. Blood lipid screenings can cost $85 to $150 per test. These are done almost annually.

As for long term care, a useful proxy measure is to factor the cost of a domestic maid. Salary+levies+incidentals:
Salary=$500, Levies=$200, Medical checks+food =$200

Overall, I would use $1,500 per month as a basic sum. Its almost the same amount for having a car.

My estimation of maid expense is around $1K per month, which not too far from yours.

A cost of 1.5K per month for outpatient care (w/ maid) seems reasonable. Please don't forget the inflation, if the retirement is years ahead.

Hmm, so need to budget $150k to generate $1k passive income to cater for medical expenses

if req constant medication and on a budget can go thailand, they have high class medical there at low price after thai bhat - sgd conversion


http://www.bbc.com/travel/feature/201208...in-bangkok

www.thailandmedtourism.com

To further add dun need to stay hospital if not require, I once had a pretty lady in spore ask me when I went there for holiday to tom pang help buy her a whole list of medicine from common pharmacy I thought they were vitamins aft I bot the medicine there and read the medication label I saw some of it says for cold sores treatment - At that time I thought wow the pharmacist didn't even ask me a single questions at all and I also don't speak thai well enough to answer medical jargon I just gave the list paid and no questions, I think in spore they will demand for doctor referral letter and not sell you from pharmacy. Money really talks in thailand man.

(06-05-2014, 11:33 AM)sgd Wrote: To further add dun need to stay hospital if not require, I once had a pretty lady in spore ask me when I went there for holiday to tom pang help buy her a whole list of medicine from common pharmacy I thought they were vitamins aft I bot the medicine there and read the medication label I saw some of it says for cold sores treatment - At that time I thought wow the pharmacist didn't even ask me a single questions at all and I also don't speak thai well enough to answer medical jargon I just gave the list paid and no questions, I think in spore they will demand for doctor referral letter and not sell you from pharmacy. Money really talks in thailand man.

Cold sores medicine doesn't need doctor referral letter in Singapore too, you can get it from pharmacies of Watson etc, IIRC

(06-05-2014, 11:47 AM)CityFarmer Wrote:

(06-05-2014, 11:33 AM)sgd Wrote: To further add dun need to stay hospital if not require, I once had a pretty lady in spore ask me when I went there for holiday to tom pang help buy her a whole list of medicine from common pharmacy I thought they were vitamins aft I bot the medicine there and read the medication label I saw some of it says for cold sores treatment - At that time I thought wow the pharmacist didn't even ask me a single questions at all and I also don't speak thai well enough to answer medical jargon I just gave the list paid and no questions, I think in spore they will demand for doctor referral letter and not sell you from pharmacy. Money really talks in thailand man.

Cold sores medicine doesn't need doctor referral letter in Singapore too, you can get it from pharmacies of Watson etc, IIRC

I bought a whole bag of assorted "vitamins" for her no questions asked. I always wondered for her or her husband?

I tried asking pharmacy here for sleeping pills once they won't sell me a thing everything also want doctor referral letter crap man these people. I believe they want people to go thru official channels like go see doctor so there's a record on paper somewhere transparency to insurance company.

But it gave me the impression that thailand is a very tolerant society whatever your medical condition they will not discriminate you.

(06-05-2014, 12:06 PM)sgd Wrote:

(06-05-2014, 11:47 AM)CityFarmer Wrote:

(06-05-2014, 11:33 AM)sgd Wrote: To further add dun need to stay hospital if not require, I once had a pretty lady in spore ask me when I went there for holiday to tom pang help buy her a whole list of medicine from common pharmacy I thought they were vitamins aft I bot the medicine there and read the medication label I saw some of it says for cold sores treatment - At that time I thought wow the pharmacist didn't even ask me a single questions at all and I also don't speak thai well enough to answer medical jargon I just gave the list paid and no questions, I think in spore they will demand for doctor referral letter and not sell you from pharmacy. Money really talks in thailand man.

Cold sores medicine doesn't need doctor referral letter in Singapore too, you can get it from pharmacies of Watson etc, IIRC

I bought a whole bag of assorted "vitamins" for her no questions asked. I always wondered for her or her husband?

I tried asking pharmacy here for sleeping pills once they won't sell me a thing everything also want doctor referral letter crap man these people. I believe they want people to go thru official channels like go see doctor so there's a record on paper somewhere transparency to insurance company.

But it gave me the impression that thailand is a very tolerant society whatever your medical condition they will not discriminate you.

You can get addicted to sleeping pills or pain medication. Heck, you can even get addicted to cough medicine (the codeine based ones). That's why they are regulated and require a doctors prescription.