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You can' t say that as an across the board statement. Before we took our ltc plan we stopped in to the best places in our area. They all had the same policy. As long as we came in as paying patiants for at least 2 years they would take medicaid assignment years diwn the road.
Our partnership plan has an agreement with the state to have medicaid pay the bills once the insurance was up so seeing who took assignment was important
You can' t say that as an across the board statement. Before we took our ltc plan we stopped in to the best places in our area. They all had the same policy. As long as we came in as paying patiants for at least 2 years they would take medicaid assignment years diwn the road.
Our partnership plan has an agreement with the state to have medicaid pay the bills once the insurance was up so seeing who took assignment was important
It's possible there be some here or there, but if you go on Medicaid, you will have to sell down your assets before Medicaid will pay. Many of the skilled nursing facilities at CCRCs don't accept Medicaid. Some of the nicest nursing homes I've ever seen were part of a CCRC.
We have all assets 100% protected with our partnership plan so there is no spend down ,no look back and no income restrictions on the stay at home spouse. Other states offer a dollar for a dollar protection meaning whatever medicaid spends is protected in assets.
Only us and one other state , i think indiana offer 100% asset protection once medicaid pays the bills. It is a special version of medicaid that was created just for these partnership plans.
We bought our plan just for the perks after the 3 years insurance runs out. It also covers 6 years in home care or assisted living
We have all assets 100% protected with our partnership plan so there is no spend down ,no look back and no income restrictions on the stay at home spouse. Other states offer a dollar for a dollar protection meaning whatever medicaid spens is protected in assets.
Only us and one other state , i think indiana offer 100% asset protection once medicaid pays the bills
I believe the current administration is looking at changes to Medicare and Medicaid. So, the current rules could be altered.
It is sponsered by our state and it will likely not be changed . Especially for existing polcy holders .The courts want it in place .they do not want two impoverished seniors on public assistance when medicaid leaves them broke. The partnership plans are something the states wanted.
Maybe one day they may stop protecting all assets but existing policies are contracts with our state a side from an insurer
Yes, that's the case here. The nursing homes are awful (dirty, poorly staffed). I don't want to live my last years like that if I can help it.
Sure, but you don't need assets and income to private pay for 5+ years of nursing home to get into a good one. Most will happily take the bet that 2 to 3 years worth of private pay is adequate. If you run out of money, they convert you to Medicaid at a much lower compensation rate. My mom is in a high end memory care facility at a CCRC. She'll be out of money in a bit less than 3 years and was at around 3 years when I moved her. She's 2nd priority in their skilled nursing facility behind the CCRC people who wrote the big check so she is assured good care for the rest of her life other than possibly relocating her for a few months in another skilled nursing facility until a bed opens up. You don't need millions to avoid a nasty institutionalized nursing home.
It doesn't help you but men have lower survival rates in assisted living, memory care, and nursing homes. If you've ever set foot in any of those places, it's mostly women.
75% to 80% of the elderly don't have that as an option. They don't have the combination of wealth and income to fund the 2 to 3 years of private pay. The horror story is dementia with no money. Pretty much all assisted living places are 100% private pay. The good memory care facilities require that 2 to 3 years of private pay. What's left are really nasty memory care wings of Medicaid-oriented nursing homes. Double occupancy hospital rooms and not much for a common area. I poked my nose in a few of those. It's awful. You can get dementia patients warehoused in those places for a decade+.
Sure, but you don't need assets and income to private pay for 5+ years of nursing home to get into a good one. Most will happily take the bet that 2 to 3 years worth of private pay is adequate. If you run out of money, they convert you to Medicaid at a much lower compensation rate. My mom is in a high end memory care facility at a CCRC. She'll be out of money in a bit less than 3 years and was at around 3 years when I moved her. She's 2nd priority in their skilled nursing facility behind the CCRC people who wrote the big check so she is assured good care for the rest of her life other than possibly relocating her for a few months in another skilled nursing facility until a bed opens up. You don't need millions to avoid a nasty institutionalized nursing home.
It doesn't help you but men have lower survival rates in assisted living, memory care, and nursing homes. If you've ever set foot in any of those places, it's mostly women.
75% to 80% of the elderly don't have that as an option. They don't have the combination of wealth and income to fund the 2 to 3 years of private pay. The horror story is dementia with no money. Pretty much all assisted living places are 100% private pay. The good memory care facilities require that 2 to 3 years of private pay. What's left are really nasty memory care wings of Medicaid-oriented nursing homes. Double occupancy hospital rooms and not much for a common area. I poked my nose in a few of those. It's awful. You can get dementia patients warehoused in those places for a decade+.
Almost all nursing homes in the South are just awful. Even the best ones aren't good. Some CCRCs have philanthropic divisions that will pay if you run out of money before death.
Actually I think the correct amount to save retirement is $2,538,926.37*
A livable retirement is easy to achieve if you follow the advice of the experts:
Listen to David Bach and stop drinking lattes-this will account for a million or so.
Take the money you're not spending on lattes and invest it with Dave Ramsey endorsed brokers and you'll earn 12% on mutual funds. Be sure to tithe!
Plan to work until you're in your 70's like Suze Orman advises.
Live in shack w/o running water or electricity and live on scraps and all the other Mr. Money Mustache things...live the first 35 yrs of your life like a poor person so you can quit working and spend the rest of your life living like a poor person.
(*Don't scrimp on that $0.37. It could make all the difference.)
Oh hell no don't follow Ramsey's advice of putting money with his ripoff brokers. Put it in Vanguard or Schwab-branded ETFs and don't get ripped off with high fees that his brokers charge. Ramsey has good get out of debt advice but sold his investment soul to the devil ... oh I see what you did, it was sarcasm ...
As others have said, there is no 'blanket' retirement number. The relatively secure income from $1M (deferred) is probably about $50K per year, plus SS at an estimated $20K, leaving one at about $70K before taxes. Given pretty good health and a low or near paid-off mortgage, many can live and retire on that in a low COL area.
If an average year-over-year inflation rate of 2-3% held, it would effectively reduce $70K (pre-tax) in buying power by 20-25-percent to an after inflation rate of $50-$55K over the next 10-years. Still, assuming one's health remains good and one's mortgage is paid-off and one takes no major financial hits, many could probably live on that. At about 10-years, one could probably also feel a little more secure in taking enough regular income out of their principle to offset inflation creep.
This is probably a more rational planning approach to retirement, than depending on some "magic number pulled out of the air by sellers of financial services and products."
You can' t say that as an across the board statement. Before we took our ltc plan we stopped in to the best places in our area. They all had the same policy. As long as we came in as paying patiants for at least 2 years they would take medicaid assignment years diwn the road.
Our partnership plan has an agreement with the state to have medicaid pay the bills once the insurance was up so seeing who took assignment was important
If at all possible, I don't want the federal government (Medicaid) to be in charge of our care in our last years.
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