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Old 09-21-2017, 05:52 AM
 
Location: Philadelphia/South Jersey area
2,886 posts, read 1,416,614 times
Reputation: 10129

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Quote:
Originally Posted by reneeh63 View Post
If you don't think paying for birth control is a good investment then you're crazy - cheap to pay for and saves tens of thousands for each kid not born. But, stick to your guns - I say, an ounce of prevention...
lol,

I have found that usually those are the same people who will then scream about Welfare queens having too many babies.

They don't want the poor to reproduce (my taxes), don't want them to get birth control (my taxes) and they don't want them to have access to abortions.

????
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Old 09-21-2017, 06:11 AM
 
20,745 posts, read 16,738,864 times
Reputation: 38956
Quote:
Originally Posted by lenora View Post
I read the Graham-Cassidy bill. I don't think it will pass but it should serve as a wake up call to those who are relying on Medicaid to cover their future long term care expenses. I can't believe anyone here truly intends to spend down to qualify for a "benefit" that may not even exist in the future but just in case...you might want to reconsider.
I'm more concerned with right now if the bill passes. All the pundits talk about is the Medicaid part of the bill, but my concern is my own premiums. I don't buy off the exchanges, but pay full price for a decent plan. If this bill keeps the provision from earlier versions allowing people over 50 to be charged 5 times more, and my premium is already $600/month. I'm really worried I won't be able to afford insurance at all if this passes. Of course, I can't know for sure since they will just try to pass it without any real knowledge of what it says or what it will do to people.
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Old 09-21-2017, 06:48 AM
 
2,952 posts, read 1,649,546 times
Reputation: 5292
My plan will go to $4595.00 per month at 5 times premium
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Old 09-21-2017, 06:54 AM
 
211 posts, read 152,155 times
Reputation: 633
Quote:
Originally Posted by foundapeanut View Post
My plan will go to $4595.00 per month at 5 times premium

Don't worry, once you get to be Medicare age, you'll get a $45.95 voucher to help pay for that.
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Old 09-21-2017, 07:25 AM
 
29,891 posts, read 34,951,892 times
Reputation: 11793
Quote:
Originally Posted by lenora View Post
I read the Graham-Cassidy bill. I don't think it will pass but it should serve as a wake up call to those who are relying on Medicaid to cover their future long term care expenses. I can't believe anyone here truly intends to spend down to qualify for a "benefit" that may not even exist in the future but just in case...you might want to reconsider.
Bada Bing!

We are building up for and not spending down. It amazes me how some react when you tell them that. Many understand and agree
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Old 09-21-2017, 07:26 AM
 
Location: Loudon, TN
5,837 posts, read 4,877,415 times
Reputation: 19640
Quote:
Originally Posted by EveryLady View Post
The post that craigiri was responding to referred to the financial impact of dementia where costs were already at $800,000 and climbing. Here, financial stability isn't a matter of funding a normal or hoped for retirement but how to fund a long-term illness requiring around the clock care (custodial or otherwise) that lasts many years.

Very few Americans - LTCi or not - can anticipate being able to fully fund dementia care. Most end up depending on spousal care or care from children or Medicaid or a combination of the above. The "safe zone" to self-insure for a couple under the assumption that both are unfortunate enough to develop dementia - IS about $2.0 to 2.5 million for a couple. Nothing left for the heirs, but also no Medicaid bed.

I've seen projections as low as $800,000 minimum in liquid assets (not including real estate or the future value of a pension or social security) for a single to have some "guarantee" of a future free from Medicaid.

Do the math. $100,000 a year for how many years ... Sure, the LTCi that's purchasable *today* may fund *part* of that bill for a few years but the worst-case scenario for many remains unfunded
I was also referring to being financially stable with or without in-home or NH care. LTCi is not a person's ONLY income while they are in NH care. As I mentioned, a pension can provide financial security, and SS is also still going to be paying. So using myself as an example.....I'm going to assume that my DH is still living and in our home, so I won't include the equity in our home, or the money I would receive as a survivor benefit from his pension if he passed first.

I currently receive $3600/month pension (w/COLA). I will someday receive $2000/month SS (or more depending on how long I delay it). I have LTCi which would pay $180/day at today's rate (comes with inflation protection) which would equal $5400/month. So....3600 + 2000 + 5400 = $11,000/month. So a moderate pension + SS + LTCi will pay for most NH costs without my DH even having to spend a dime of his pension or SS, or sell our home. He would sell the home, because it's too much for one person, but he wouldn't HAVE TO if he didn't choose to.

My MIL is currently in AL with dementia, and she receives only a smallish teacher's pension, SS, and VA A&A. This covers her AL costs entirely. When she needs a higher level of care, the VA will also increase her A&A payment up to a point, after which we will dip into her modest retirement savings to pay the balance each month.

There are many ways to achieve financial security and LTC security, and having 2 million bucks in the bank/investments is not the only way. Purchasing rental properties can also provide sufficient additional monthly income to offset costs, or the at-home spouse could sell the home for the equity and move into a modest rental where he could live off SS and retirement savings, and any pension to which they are entitled. So I stand by what I said earlier.

Last edited by TheShadow; 09-21-2017 at 07:56 AM..
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Old 09-21-2017, 07:35 AM
 
29,891 posts, read 34,951,892 times
Reputation: 11793
Quote:
Originally Posted by TheShadow View Post
I was also referring to being financially stable with or without in-home or NH care. LTCi is not a person's ONLY income while they are in NH care. As I mentioned, a pension can provide financial security, and SS is also still going to be paying. So using myself as an example.....I'm going to assume that my DH is still living and in our home, so I won't include the equity in our home, or the money I would receive as a survivor benefit from his pension if he passed first.

I currently receive $3600/month pension (w/COLA). I will someday receive $2000/month SS (or more depending on how long I delay it). I have LTCi which would pay $180/day at today's rate (comes with inflation protection) which would equal $5400/month. So....3600 + 2000 + 5400 = $11,000/month. So a moderate pension + SS + LTCi will pay for most NH costs without my DH even having to spend a dime of his pension or SS, or sell our home. He would sell the home, because it's too much for one person, but he wouldn't HAVE TO if he didn't choose to.

There are many ways to achieve financial security and LTC security, and 2 million bucks is not the only way. Purchasing rental properties can also provide sufficient additional monthly income to offset costs. The at home spouse could sell the home for the equity and move into a modest rental where he could live off SS and retirement savings, and any pension to which they are entitled. So I stand by what I said earlier.
Yes you are very correct. We have a multi tier approach with over kill
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Old 09-21-2017, 11:00 AM
 
28,293 posts, read 39,992,092 times
Reputation: 36820
Think ahead couple here. 20 years ago we bought LTC. One million each and if one dies the other gets the remainder. No spending down here. Instead we are spending on travel. A lot more fun.
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Old 09-21-2017, 11:31 AM
 
8,226 posts, read 10,821,675 times
Reputation: 7622
You guys do realize the nursing home could have taken the residents to the hospital to be under observation,or becauuse it was an emergency?

During Sandy the residents of the nursing homes in Nj were taken to the hospital.
Same iwth kids with breathing tubes,vents,o2,and feeding tubes who were without power in their home during Sandy.
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Old 09-21-2017, 11:40 AM
 
Location: Loudon, TN
5,837 posts, read 4,877,415 times
Reputation: 19640
They (Florida communities) also had special needs hurricane shelters set up just for this possibility, and for those who had special medical needs in the home that required power. There were alternatives that any person in charge with an ounce of common sense could have taken to avoid this tragedy. This was not an unforeseeable situation. This isn't Florida's first hurricane after all. They were warned that there would be lengthy power outages, possibly weeks long. The management of that NH failed to test and service their generator, which was required.
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