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.
our ltc partnership plan only required us to take 3 years insurancce . after the insurance runs out "extended medicaid " pays . you just have to be sure wherever you pick agrees to eventually take medicaid .
our ltc partnership plan only required us to take 3 years insurancce . after the insurance runs out "extended medicaid " pays . you just have to be sure wherever you pick agrees to eventually take medicaid .
So they have to play the odds also; they are probably more willing to agree to eventually take it because they know in most cases they won't have to. I will be getting more educated in LTC in the very near future; I am gathering actual quotes (not just online estimates) and meeting with an agent to get more detailed info.
everything in life that we mitigate damage on , all have very very little odds of happening . everything from life insurance when we are younger ,to fire insurance to long term care insurance .
but we really don't care how small the odds are because we know we only have two outcomes . it happens to us or it doesn't .
all we care about is if it is us on the wrong side of the statistic since it has to happen to someone , how devastating would it be to us or our spouse . then we decide whether it needs mitigating or not .
The tough thing is when you get down to the long odds; there are lots of things that could happen but probably won't and it is unlikely you can afford to mitigate them all. And at what point do you say "Enough! I would like to use some of this money to make my life a little easier or more enjoyable." ?
we decided on 70 for quite a while now . we decided to be less dependent on these markets after we fell the day after i retired a year ago
You seem like you have heavily considered the survivorship benefit. Can you explain a few things to me? Background : I am 48 and my hubbs is 53. I outearn him a little and my benefit at 62 is about 1500 and his is about 1300(haven't calculated in recent years) He will retire at 62 and take his benefit. I plan to keep working to 62 as well, but am not against going a little longer if need be. We have pensions and we have retirement accounts so we could get by with me delaying SS.
So since he is technically taking his early at 62, can I still apply for half benefit of his at 67? Or is that only if the wage earner takes their benefit at full age?
and
What happens if I die at 65 or something? Can he switch his 1300 for my full benefit at anytime after my death? If I make it to 70 it is about 2500. If something happens to either one of us 1300 SS + pension would be kind of tight for him. 2500+pension would be doable.
The reason I am considering this is because as long as we are both alive we have 2 pensions and 2 SS and we are just fine and don't even really need the retirement accounts.
We both reach full retirement age at 67(1963 and 1968). What's the best way to go about me not claiming my benefit (highest wage earner) until 70 so that way we are both covered if the other dies? Should we delay him until 67 and then me claim half of his at 62? Can we even do that considering my benefit at 62 is more than half his?
it is all based on personal experience . having had my dad in a home for 6 years my mitigating includes plans for long term care .
others who have had limited experience may not even think about it . i have already experienced what good statistics do us as humans .
You have to be careful about experience overruling statistics though. In this case, it probably isn't but it definitely happens. People tend to think of something as more likely because it happened to someone they know. Sometimes people go the other way - the "gambler's fallacy" - and think something is less likely to happen because it has already happened to someone in the family or social circle (odds of a series have no effect of odds of each sequential event in a series).
as long as you are at least 62 you can file for your own at any time .
because you missed the cut off date all you can ever get now , is an adder to your own any time after your husband files .
you get the adder if when you take 1/2 your husbands full benefit (even if he filed early ) and subtract out your full. if there is an amount left over that amount gets added to your amount .
at this point you can only claim your own benefit regardless of age .
they ended restricted application and file and suspend with the changes in laws . so you can no longer take a spouses and leave yours alone .
the survivor benefit is based on what you got . as long as your husband is fra he gets your check instead of his .
as long as you are at least 62 you can file for your own at any time .
because you missed the cut off date all you can ever get now , is an adder to your own any time after your husband files .
you get the adder if when you take 1/2 your husbands full benefit (even if he filed early ) and subtract out your full. if there is an amount left over that amount gets added to your amount .
at this point you can only claim your own benefit regardless of age .
they ended restricted application and file and suspend with the changes in laws . so you can no longer take a spouses and leave yours alone .
the survivor benefit is based on what you got . as long as your husband is fra he gets your check instead of his .
That's what I was wondering. They changed that law where a spouse could suspend their own higher benefit in favor of the lesser amount of half their spouses? If that's the case then we might as well take his at 62 because it won't help me at 67 anyway. We are 10+ years out so they could change a whole lot in that time. I went to SS and pulled our numbers and am going to run them. His benefit at 62 is 1353 and mine at 62 is 1552 and 70 is 2825. To me that is worth delaying just to know he won't be trying to get by on 1300(or 1552) if I die. We have individual pensions, but they are not a lot on their own.
So they have to play the odds also; they are probably more willing to agree to eventually take it because they know in most cases they won't have to. I will be getting more educated in LTC in the very near future; I am gathering actual quotes (not just online estimates) and meeting with an agent to get more detailed info.
Unlimited LTCi is now very expensive and some companies don't offer it at all anymore. DH got unlimited more than 12 years ago at a great price - my mistake for not jumping in then as that major company no longer offers his plan for any price.
I believe you are in NC and there is a partnership plan with Medicaid picking up after the purchased amount of time you choose. Actually, I chose this option not for Medicaid benefits, which I doubt I would ever use, but for the fact NC has strong regulations on this type of partnership insurance and I felt a little more protected.
It also covers in-home care, which would be my main interest. My parents lived into their mid-90s with no dementia, but started to become frail.
Good luck - get it before any health issue makes the insurance more expensive or unattainable. It won't cover all the expense, but enough to give a little peace of mind.
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.
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.
