National health spending reached a whopping $3.3 trillion in 2016, or $10,348 per person. Few patients are immune to rising prices and surprise bills. Today’s edition features a teacher who got billed $109,000 for a heart attack, even with the health insurance provided by his school district! This same scenario could happen to an early retiree who buys individual insurance before the Medicare eligibility age of 65. And while the out-of-network charges that bedeviled the teacher don’t come into play with original Medicare (as long as patients stick to doctors who accept it), beneficiaries can still get stuck with high out-of-pocket costs unless they buy a supplemental plan. Read this cautionary tale and take stock of potential gaps in your own health coverage.
On a different note, we're voting today for our September Retire with Money book club selection! Please make your choice by 3pm ET today in the Facebook page, or email me (details below) if you're not on FB.
Best wishes for a safe and happy long weekend!
Elizabeth
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It’s time to vote on our September Retire with Money book club selection! We had many good candidates from the first one, so we’ll vote on those runner ups. We’re conducting a poll in our Facebook group, but people not on Facebook can send in their choice to me at retirewithmoney@moneymail.com. The deadline is quickly approaching--today at 3pm ET. I’ll declare the winner ahead of the holiday weekend in the FB group and in next Tuesday's newsletter.
Here are the contenders:
All the News I Need by Joan Frank
Rock Retirement by Roger Whitney
Control Your Retirement Destiny by Dana Anspach
The Truth About Your Future by Ric Edelman
Allie and Bea by Catherine Ryan Hyde
How to Retire Happy, Wild and Free by Ernie J. Zelinski
The Wall Street Journal Complete Retirement Guidebook by Glenn Ruffenach
Being Mortal by Atul Gawande
RETIREMENT NEWS FROM AROUND THE WEB
Even a Small Amount of Medical Debt Can Trigger Headaches
Over half of the annual medical collections were for less than $600, according to a recent study. ASSOCIATED PRESS
Hit Me With Your Best Shot: The Four Vaccines Every Grown up Needs
The Centers for Disease Control and Prevention Recommends Adults 50-plus get four separate vaccines. CONSIDERABLE
Combating Loneliness in Older Adults
Ride sharing and other innovations are chipping away at a big societal problem. THE COMMONWEALTH FUND
Here’s Why So Many People Can’t Save for Retirement
Elizabeth O'Brien is a senior writer at MONEY, covering retirement and health care. You can email her at elizabeth.o'brien@moneymail.com and follow her on Twitter at @elizobrien.
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