Gen Z have 86% less purchasing power compared to baby boomers in their twenties • Hacker News Board

Re: Gen Z have 86% less purchasing power compared to baby boomers in their twenties

#311

Post by buildartefact » Thu, Aug 18, 2022, 7:21 AM UTC

notch656a wrote: post #267

nightski wrote: post #204

Earlier quoted context omitted.

A lot of those things are based on life circumstances. If you have a large family in a major metropolitan area making the median income then yeah you might be worse off. If you are a tech worker in a small city or town then it can be quite lucrative. You have a lot of control over these variables, especially when younger.

>Less so after you correct for all of the things which we have to pay for out of pocket: health insurance, copays, drugs, etc. but also things like education, childcare, retirement, transportation, and often housing. You end up paying for those things in other countries where you're provided them but not directly charged for it. The difference is in the USA for most of those if you don't pay you simply don't get the…

But that’s the point: you’re already paying more in taxes for healthcare than anyone else in the world, and then you’re paying again to an insurance company. You’re literally paying twice.

Re: Gen Z have 86% less purchasing power compared to baby boomers in their twenties

#312

Post by curo » Tue, Aug 23, 2022, 5:09 AM UTC

MattPalmer1086 wrote: post #264

collegeburner wrote: post #260

Earlier quoted context omitted.

no. but i would rather good healthcare tied to employment then mediocre healthcare that's not. it doesn't seem like other countries have been able to achieve good healthcare not tied to employment so i think it's better to focus on liberalizing the market. btw it was the ridiculous wage and price controls that led to employers adding healthcare as a benefit... so doesnt seem like more government gonna fix it.

I have both in the UK. There's the NHS when I need it, but I also have private medical insurance to top it up. I don't worry if I lose my job, I just won't have the shiniest hospitals with flowers in reception, and I'll have longer waiting times. The quality of the medical care itself (once you get it - there are long waiting lists in the NHS now due to Covid) is really about the same.

We looked at Bupa. Is that what you have to supplement? We're earnestly interested in coming back to the UK. But our fear is having more children. It didn't seem like private made a difference in that case.

I had an inexplicable leg I couldn't walk on. I paid for all my x-rays and MRIs after waiting for the NHS for 6 months. If some 500 GBP supplement fixes these problems, that'd be great. As I understand, private health care in the UK is more for bedside manner and responsive GP phone calls than for anything substantial. But I'm selfishly interested in being wrong.

Re: Gen Z have 86% less purchasing power compared to baby boomers in their twenties

#313

Post by curo » Tue, Aug 23, 2022, 5:10 AM UTC

teamonkey wrote: post #268

cameronh90 wrote: post #207

Earlier quoted context omitted.

IHS is £624/yr, and what do you mean by NHS-specific tax? Overall, I probably pay more towards the NHS than I would for healthcare in the US, because I'm a comparatively high earner, and that's the nature of progressive taxation. The NHS seems fairly good value for money, however, although I think that may be due to how much we underpay nurses and doctors. I'm sorry you had a bad experience. Many people do, and the s…

I assume they mean National Insurance, which gives the impression that it’s a NHS-specific tax, but isn’t.

Yep NI, thanks for clarifying I didn't know NI != NHS

Re: Gen Z have 86% less purchasing power compared to baby boomers in their twenties

#314

Post by curo » Tue, Aug 23, 2022, 5:14 AM UTC

Bilal_io wrote: post #181

curo wrote: post #153

Earlier quoted context omitted.

I've heard this so often yet we left the UK for no other reason than the healthcare. My wife was pregnant and the experience from 0-7 months was so terrible, we flew to the US to have the child. Post-operative outcomes and survival rates in the US are far better than in the UK and many European countries. Statistics about better birth outcomes or higher longevity is best attributed to healthier lifestyles in Europe/U…

You're very lucky! Where can I find a plan that costs $1k/mo in the US for 2 people and I assume you got kids as well. Is it paid fully by you or does your employer contribute to it? If your employer contributes, how much would it cost you if you leave the job? I assume the $1k/mo is only premiums. How much do you pay for deductibles and copays? Does your insurance cover 100% of your medical bills when you meet your…

Really it's $1.2k for two of us. $600 a piece. CO. I pull $80k out of a C-Corp and my wife is unemployed so there's a small tax refund. Deductible is $500 for me, $0 for my wife. Our kid has changed that equation.

To answer your last question, if we can no longer pay monthly premiums, then Medicaid exists. The difficulties likely mirror the difficulties with the NHS.

You bring up great points but having experienced both, I'd still go with US healthcare 10 times of 10. It really is *that bad* -- maybe NHS was great back in the day but when we got back stateside US care felt like an oasis in the desert.