Someone please blow a hole in this idea

[schmalts]

Complex answer. For primary/routine care, they have got it going on. For more complex things, many wind up coming down for better/more timely care.

Related kind of, Healthcare tourism is getting bigger every year because prices here are out of control. A person can go on vacation to a different country and get a procedure and save enough money to pay for the vacation. I was in Asia for 17 days last month. Did the research and found a highly rated dentist in Vietnam and had a crown on a molar and a whitening. All for a whopping 300.00 out the door. I looked at the saving alone paid for my week there on vacation including hotel, food, and round trip from Bangkok. I have dental insurance and my copay would have been more than double on the crown alone. Whitening here would have been 500.00 at my dentist. Talked to someone who paid out of pocket for a hip replacement in Thailand. 6500.00 cash. Bangkok hospital is rated in the top 50 in the world.

 

[Treeshark]

Healthcare tourism is getting bigger every year because prices here are out of control.

That’s true, but it is a two-way thing.

Early in my career I went to hospitals all over the country. One of my busiest accounts was in Buffalo, with a lot of the patients coming in from Canada. These were complex spine surgeries, so a fairly niche thing.

 

[Pucky Freak]

I wonder how many Canadians have to worry about health coverage?

I priced out my own mental health treatment on Canada’s single-payer system and it is $10k more expensive than what I pay now through BCBS. Bottom line, their list of what is considered necessary care is a lot shorter than some of the better private plans in the US.

 

[BuzzH]

I priced out my own mental health treatment on Canada’s single-payer system and it is $10k more expensive than what I pay now through BCBS. Bottom line, their list of what is considered necessary care is a lot shorter than some of the better private plans in the US.

For Canadian citizens?

 

[Pucky Freak]

For Canadian citizens?

Correct.

 

[Rainer]

You can't lump everything into "Canadian Healthcare" umbrella. Healthcare is run by the provinces and each province is different.

 

[Pucky Freak]

You can't lump everything into "Canadian Healthcare" umbrella. Healthcare is run by the provinces and each province is different.

Good to know. My reference was Alberta.

 

[Rainer]

Ya, health care professionals are fleeing Alberta and Saskatchewan in droves.

 

[JAG]

Here's an article that evaluates converting Traditional IRA's to Roths. I realize your situation is slightly different with a pension, but it is worth noting that the tax that applies on a conversion is on the amount you contributed to the Traditional Ira.

So the lesson from this article that translates to your planning would be to ask what portion of the pension would be taxed? 100% or is it possible that a smaller amount gets taxed such as only on the amount your employer contributed to the pension, but no tax on its gains? If that's the case, it would be worth exploring a conversion to a Roth Ira.

Roth's don't have RMD's and your withdrawals from Roths are tax and penalty-free after 5 years. If you are older than 59.5, you get taxed on withdrawals as income, but you are exempt from the 10% early withdrawal penalty.

Sorry, I forgot - you all are talking about Canadian healthcare. Is any of this Traditional vs. Roth stuff even applicable in Canada?

 

[Wind Gypsy]

I’ve interviewed 3 locally so far. When I get into the finer points of tax shelters they glaze over. I’m wondering if I would have better luck interviewing CPA’s instead.

I’ve been very disappointed in doing the same. The unicorn I’ve always wanted was a financial advisor that is as well versed on taxes and how I should best navigate them as the avg financial advisor is at funneling my money to them. Probably just need to focus more on finding the right cpa.