Glenn's split RETIREMENT

[gbaglo]

There are three rates. One is for Canada ( another province visit ). Then there is World Wide ( excluding the U.S. ). And the top rate for insurance is World Wide ( including the U.S. ). For a visit to the U.S. you pay the highest rate and that is to cover the cost of hospitalization in the U.S. The greatest increase in premium occurs when you add U.S.

[float5]

Of course it would be highest before high medical costs are factored in simply because there would be far more Canadian visits with far more claims from those visits. No telling the effect of costs or what insurance companies are making when they have a sure thing whether claims or not. Insurance companies are known here for very high profits. Do Canadian insurance companies do extremely well? Despite high medical costs in the U.S.?

[Brian B-P]

I suggest that anyone interested in international comparison of health care costs (which determine travel insurance rates) might try a Google search for "medical cost comparison by country", and just read the first few hits. On the other hand, since the roads through Central and South America are quite challenging and it's prohibitively expensive for most people to ship their Escape across an ocean to travel with it on any other continent, it might not be very relevant to the discussion of retirement with an Escape - Canada, the U.S., and Mexico (or only one or two of those) are the extent of practical travel with our own RVs for most of us.

Also, any discussion of health care costs becomes a political discussion pretty quickly, and we don't do politics here, right?

[Donna D.]

Originally Posted by Brian B-P

Also, any discussion of health care costs becomes a political discussion pretty quickly, and we don't do politics here, right?

Brian, you're correct we don't do politics here on the EscapeForum. But talking about insurance for travelers and if it's helpful to members... share. Just keep politics out of the discussion, please.

[Brian B-P]

Originally Posted by Floating Cloud

Of course it would be highest before high medical costs are factored in simply because there would be far more Canadian visits with far more claims from those visits. No telling the effect of costs or what insurance companies are making when they have a sure thing whether claims or not.

More visits and thus claims also mean more premiums. The premium per visit day will depend on the expenditure that the insurer is risking per visit day. This is true of medical or any other kind of insurance. For instance, in a bigger country there are more cars and thus more collisions, so the total cost of collision repair is higher, but the cost (and therefore insurance premium) per car doesn't need to be any higher.

[rbryan4]

Originally Posted by Not so Big Al

The U.S. is the most expensive place in the world, that I know of, to visit.

Do you mean 'that you've visited' Al? America doesn't even make the top 20 as far as most expensive countries to visit. Most expensive are Scandinavia, mainland Europe, and some Asian countries like Singapore.

With the US Dollar currently up and the Canadian Dollar down, you're going to find the US more expensive than historical norms, but its not even close to 'most expensive'.

[gbaglo]

The number of Canadians who travel to the U.S. is not relevant. It's the cost of health care in the U.S. that determines the premium that the insurance company charges.
A certain number of people who are insured will have claims ( and that same number will have paid premiums ). If those claims are because they incurred the expense for health care in the U.S. the costs are higher, thus the premiums are higher.
And, insurance companies here are not noted for charity either.

[gbaglo]

Not so big Al was referring to the cost of travel medical being the highest to be covered in the U.S.

[float5]

Millions of Canadians drive into the U.S. with their cars and motorhomes. Canadians going to Europe fly. Europe has a great public train system all over. Ours is very limited. Of course, there are buses both places.

While there are no doubt many Canadans who fly into a U.S. city and rent a car and many who do the same in Europe, I am supposing that a far higher percentage visiting the U.S. are driving themselves than are driving themselves in Europe due to excellent and fast European public transport. That fact alone would mean far more likely accidents that would necessitate medical care in the U.S. and of a critical nature in emergency rooms in many cases. Of course, I could be wrong on that. I don't know that the two places can be compared well as they are perhaps basically different situations.

[gbaglo]

The insurance companies have no problem making comparisons. That's how they make their money. Assess risk and costs and then charge enough to cover that and return a profit.
Most unnerving part of retirement was having to determine how my pension is paid out. Having to guess how long I'm going to live. Should I take more guaranteed for only 10 years or less guaranteed for life? Actually had eight options and had to place my bet.
So far, I made the right choice.

[Loren & Cathy]

Originally Posted by gbaglo

The insurance companies have no problem making comparisons. That's how they make their money. Assess risk and costs and then charge enough to cover that and return a profit.
Most unnerving part of retirement was having to determine how my pension is paid out. Having to guess how long I'm going to live. Should I take more guaranteed for only 10 years or less guaranteed for life? Actually had eight options and had to place my bet.
So far, I made the right choice.

That had to be a tough call to make. I don't envy you on that one. When we get close to or into retirement, there are a lot of different choices to be made. For example, choosing a trailer with good resale value. We might use it for a lot of years or just a few. Overall, just be an optimist. Loren

[Brian B-P]

Originally Posted by gbaglo

Most unnerving part of retirement was having to determine how my pension is paid out. Having to guess how long I'm going to live.

Trying to guess better than the companies which do it for a living? Yeah, that's tough.

May you outlive the statistics, but not the funding.

[gbaglo]

Originally Posted by Loren & Cathy

That had to be a tough call to make.

I went with the option that most choose. A lower amount, but at 100 per cent for my lifetime and my spouse gets 60 per cent after my death for her lifetime.
A buddy who had had cancer and heart disease chose to take the highest amount for the shortest time. He also opted to retire much earlier than I and we still enjoy a few beers together in the backyard.

He also relied on his credit card travel medical, but lucky for him, never had to make a claim. Upon turning 65, I believe, that minimal coverage expired.

[Jim Bennett]

I will definitely outlive my pension....I don't have one.

For now, I don't consider getting medical insurance when travelling, though something to consider when I get old I guess.

Maybe I will just park my trailer in the backwoods, and live like a hermit.

[Dave Walter]

My company travel insurance currently covers my immediate family and I while out of the country. When my kids have travelled on their own, we have had them purchase short term insurance. When I retire and am no longer under the company umbrella, my first line of defense is going to be to continue to eat properly, exercise, and try to stay healthy. When we do travel, I guess we may be forced to buy our own protection or take the chances of getting soaked.

[Brian B-P]

Originally Posted by Jim Bennett

I will definitely outlive my pension....I don't have one.

There's still the problem of outliving one's retirement savings (or leaving a pile of cash for beneficiaries instead of enjoying it yourself) - same thing as with a pension plan, just less structured.

[Jim Bennett]

*looks around for that BIG pile of cash laying about*



I know, I have been planning on being active until 90, then maybe kick my feet up 'til the end in some kind of retirement home, and pass off any savings left (if any) to the kids.

Still, need to make that pile big enough so I can find the darn thing.

[PGDriver]

Originally Posted by Jim Bennett

*looks around for that BIG pile of cash laying about*



I know, I have been planning on being active until 90, then maybe kick my feet up 'til the end in some kind of retirement home, and pass off any savings left (if any) to the kids.

Still, need to make that pile big enough so I can find the darn thing.

Hey Jim as a side note, I have discovered its cheaper to live in an all inclusive Mexican resort then a Canadian retirement home.

Cheers
Doug

[Jim Bennett]

Originally Posted by PGDriver

Hey Jim as a side note, I have discovered its cheaper to live in an all inclusive Mexican resort then a Canadian retirement home.

Cheers
Doug

No doubt. Not sure about the health care though. That, and my Spanish is pretty much limited to two phrases "Dos cervezas por favor" and "Donde esta el bano?".

[rbryan4]

Originally Posted by Jim Bennett

No doubt. Not sure about the health care though. That, and my Spanish is pretty much limited to two phrases "Dos cervezas por favor" and "Donde esta el bano?".

No hay problema Jim. Usted aprenderá español. El problema va a ser tu piel de fusión.