U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 03-02-2015, 02:13 PM
 
71,584 posts, read 71,751,865 times
Reputation: 49194

Advertisements

be aware anyone even a single can file and suspend at fra and delay with a claim in place to take a lump sum if they turn ill or have an expense .

once a file and suspend is done at fra you can ask for a lump sum check going back to fra if you decide you want your money at any point in time.

I am only waiting until fra to file for ss but I am retiring now at 62.

but the option is there for anyone who wants to hedge their bets of not making it until 70.

70 is really an option for those who just can't afford to retire and can still work or if you have enough money to lay out and want to go for the bigger payment for your spouse ..


a 65 year old man has a 50/50 chance of seeing 83. a 65 year old woman 85 and 65 year old couple has a 50/50 chance of seeing 87.


that is really pretty high odds one of you will be around.



.
Reply With Quote Quick reply to this message

 
Old 03-02-2015, 02:16 PM
 
Location: Near a river
16,042 posts, read 18,978,143 times
Reputation: 15649
Quote:
Originally Posted by mathjak107 View Post
I bet I know the question lol.. no it isn't mooching off Medicaid.

new York has a special form of Medicaid called extended Medicaid. it carry's its own rules and was designed to go hand in hand with their partnership plan for long term care.

you take 3 years insurance and they guarantee you no look back period , no transferring of assets , no income limits for Medicaid purposes on the spouse who stays home and Medicaid will cover the bills once the insurance runs out.

quite a few states now offer partnership programs.
How can one who is wealthy take on a Medicaid program?? Do you mean Medicare?

Can you provide a website link to this program?
Reply With Quote Quick reply to this message
 
Old 03-02-2015, 02:20 PM
 
71,584 posts, read 71,751,865 times
Reputation: 49194
noooo , that is what I explained above. it is called extended Medicaid and that is new yorks states deal they give you if you buy their partnership plan.

they agree to put you on Medicaid after the insurance runs out . but you must have the partnership plan. if you just buy a regular LTC POLICY the state gives you none of the perks. we bought the total asset plan which protects everything you own.

ours is though gensworth.

" The NYS Partnership for Long-Term Care (NYSPLTC) is a unique Department of Health program combining private long-term care insurance and Medicaid Extended Coverage (MEC). Its purpose is to help New Yorkers financially prepare for the possibility of needing nursing home care, home care, or assisted living services someday. The program works by allowing an individual or couple who purchases a Partnership insurance policy and keeps in effect to hold onto all or part of their assets (depending on the type of policy purchased) under the Medicaid program if their long-term care needs extend beyond the period covered by their policy."

http://www.nyspltc.org/
Reply With Quote Quick reply to this message
 
Old 03-02-2015, 02:27 PM
 
71,584 posts, read 71,751,865 times
Reputation: 49194
Many states offer partnership plans now.

I guess they realized most of those with assets manipulate them anyway and they end up on medicaid . So they figured they may as well get in the insurance business , partner up and at least make money on the deal.
Reply With Quote Quick reply to this message
 
Old 03-02-2015, 02:36 PM
 
2,421 posts, read 3,724,705 times
Reputation: 3455
First I'd like to clarify a small point. Just because a person arrives at retirement age without enough funds for a "comfortable" retirement does not mean they do not own a computer and can't afford internet.
Such analogies have no real bases.

Secondly, retirees with ample savings, pensions or whatever, certainly do not have to conceal their status. As for being braggarts, I don't agree with this as a stereotype either. I can think of but one or two braggarts on this board. The point was that from reading so many posts about "Do I have enough?" that it is apparent most (but not all) of the posters appear to be financially secure. This doesn't fly with the real world statistics out there, so then the question still remains, do we not get a good representation of these people on this board - or are they just not speaking. (or like a few have said, too busy working)

I think there is validity in the statement made on here that sometimes when people admit to their lower funded circumstances they are sometimes met with less than constructive advice. I think it would be more advantages (after the fact) for that poster to hear from people who are in the same boat but found their way to still make a life for themselves.

Why beat up the chicken that got out of the coop. What purpose does that serve? If I were in that camp, I'd want to hear more from those in similar situations, and how they are doing it. I wouldn't want to be told, I should have planned better. That might be true, and it might not be, but either way, some encouraging words can go a long way sometimes.
Reply With Quote Quick reply to this message
 
Old 03-02-2015, 02:44 PM
 
Location: Idaho
1,454 posts, read 1,155,024 times
Reputation: 5492
Here is the link to information on what states have the partnership for long term care programs & state reciprocity

Partnership for long term care State maps

The NY premium paid by mathjak107 may be reasonable in comparison with the private LTC insurance by I don't think it is affordable to many people.

Although it is frequently stated that LTC is critical for estate planning, I have not been convinced that it is worth it. I may take a closer look at the offers and run the numbers for our situation to decide whether to consider these plans.
Reply With Quote Quick reply to this message
 
Old 03-02-2015, 02:49 PM
 
Location: Near a river
16,042 posts, read 18,978,143 times
Reputation: 15649
Quote:
Originally Posted by mathjak107 View Post
noooo , that is what I explained above. it is called extended Medicaid and that is new yorks states deal they give you if you buy their partnership plan.

they agree to put you on Medicaid after the insurance runs out . but you must have the partnership plan. if you just buy a regular LTC POLICY the state gives you none of the perks. we bought the total asset plan which protects everything you own.

ours is though gensworth.

" The NYS Partnership for Long-Term Care (NYSPLTC) is a unique Department of Health program combining private long-term care insurance and Medicaid Extended Coverage (MEC). Its purpose is to help New Yorkers financially prepare for the possibility of needing nursing home care, home care, or assisted living services someday. The program works by allowing an individual or couple who purchases a Partnership insurance policy and keeps in effect to hold onto all or part of their assets (depending on the type of policy purchased) under the Medicaid program if their long-term care needs extend beyond the period covered by their policy."

Long Term Care Insurance - New York State Partnership for Long-Term Care
Question answered by Bella, just above. This thread is moving fast!
Reply With Quote Quick reply to this message
 
Old 03-02-2015, 02:52 PM
 
Location: Near a river
16,042 posts, read 18,978,143 times
Reputation: 15649
Quote:
Originally Posted by BellaDL View Post
Here is the link to information on what states have the partnership for long term care programs & state reciprocity

Partnership for long term care State maps

The NY premium paid by mathjak107 may be reasonable in comparison with the private LTC insurance by I don't think it is affordable to many people.

Although it is frequently stated that LTC is critical for estate planning, I have not been convinced that it is worth it. I may take a closer look at the offers and run the numbers for our situation to decide whether to consider these plans.
What does the red ("state documents available") mean?
Reply With Quote Quick reply to this message
 
Old 03-02-2015, 03:02 PM
 
Location: Idaho
1,454 posts, read 1,155,024 times
Reputation: 5492
My guess is that the documents are available but the states may have not implemented the program. One may need to find access to the documents to know the schedules.

The thread is moving fast but it may have meandered away from the original topic. One thing that I wanted to add is that the folks who could not afford to retire are likely to focus more on working and their day-to-day problems than retirement possibilities. One of my relatives is 70 years old and is still working. She has told us more than once that she does not think that she could ever afford to retire!
Reply With Quote Quick reply to this message
 
Old 03-02-2015, 03:16 PM
 
Location: SW US
2,218 posts, read 2,035,670 times
Reputation: 3824
Quote:
Originally Posted by modhatter View Post
When anyone typically posts anything about having enough to retire on, it appears everyone on this board has enough, whether through pensions, double social security checks or larger portfolios. Yet statistically, many more people do not have enough to retire.

So how is it we never hear from them? Does the subject matter of this forum "Retirement" only attract people who are in a position to retire? Are there not people on here who would like to retire, but feel they can't? Are they afraid to speak up, or are they just not interested in the subject matter so they never come on this forum?

A couple of years ago I tried to create a Retirement forum for people who were disabled and needed help and advice. It was taken over and basically destroyed by those who seemingly felt that people on disability were leeches at the public trough. It got bitter and was not a supportive forum for disabled people with little money who really needed help. Discussions like that probably belong on other sites with closed groups. It's not so much fear as simply recognizing that it's a waste of limited energy and time to try to do it on City-Data.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top