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 09-21-2017, 08:39 PM
 
6,437 posts, read 3,065,752 times
Reputation: 5848

Advertisements

Quote:
Originally Posted by GeoffD View Post
All that will do is jack up nursing home costs as nursing homes pass on their jacked up liability insurance premiums. Poor people sue at the drop of the hat. It's like winning the lottery if the nursing home kills off granny.

All you have to do is look at the Baby Boomer demographics and census data about their household net worth. Every state in the union is going to be facing a Medicaid crisis as long term care for the elderly jumps from 1/3 of their Medicaid budget to well more than half. For example, in Massachusetts, Medicaid is now 25% of the state budget. Then layer on the demand for elderly housing that doesn't exist for all those Boomers and all the services they will be demanding beyond housing and nursing homes. Medicaid nursing home quality is going to be awful.
Sorry that's ridiculous.

No other nursing homes in FL that I am aware of had residents dropping like flies dues to lack of a generator when the power was out.

The power was out in the state of FL during IRMA from 12 hours to a week or more depending where you were. Sorry, but what happened in this particular nursing home was unacceptable and avoidable.

Whatever damages are paid are no reason to jack up cost for other nursing homes.

That is simply BS.
Reply With Quote Quick reply to this message

 
Old 09-22-2017, 06:25 AM
 
Location: Loudon, TN
5,768 posts, read 4,822,990 times
Reputation: 19387
Quote:
Originally Posted by ocnjgirl View Post
Just FYI, the majority of people don't have pensions of any sort, large or small.
Yes I am well aware of that. I was replying to this statement which I was disagreeing with:

"It's well known these days that a couple needs a minimum of 2 to 2.5 million in addition to their home to have some sort of financial stability."

Intending to show, by my own example,that there are many ways to be financially stable, and be able to afford LTC, without $2 million and a paid off house. Many people have retirement investment accounts, rental properties, annuities, inheritances, etc, but far less than $2 million, and with SS and LTCi can manage LTC.
Reply With Quote Quick reply to this message
 
Old 09-22-2017, 09:42 AM
 
29,764 posts, read 34,848,700 times
Reputation: 11675
Quote:
Originally Posted by ocnjgirl View Post
Just FYI, the majority of people don't have pensions of any sort, large or small.
And for those who do it is our story and we enjoy others sharing about theirs.
Reply With Quote Quick reply to this message
 
Old 09-22-2017, 10:15 AM
 
20,521 posts, read 16,599,446 times
Reputation: 38519
Quote:
Originally Posted by TuborgP View Post
And for those who do it is our story and we enjoy others sharing about theirs.
Not sure what that means in context of the thread, I was pointing it out because the poster seemed like she thought it was a common thing.
Reply With Quote Quick reply to this message
 
Old 09-22-2017, 10:59 AM
 
29,764 posts, read 34,848,700 times
Reputation: 11675
Quote:
Originally Posted by ocnjgirl View Post
Not sure what that means in context of the thread, I was pointing it out because the poster seemed like she thought it was a common thing.
I understand and it is far more common then some realize as pension distribution is higher in some areas etc. In the context of the thread it is very relevant as all of this is a sum of the varying moving parts we have. Pensions along with SS or in some cases alone can cover the cost of LTC. In the case of a married couple each with pensions and SS this is often the case after one dies. On top of that LTCi along with pensions provides a level of stability for one spouse if the other needs LTC. Those two things enough might be enough for those who have to be comfortable with their LTC needs. If they have a portfolio on top of that they may feel comfortable spending down their portfolio during their senior years feeling they have LTC covered. I do know a few in that situation. Probably more than most would know.

Might point about sharing is that discussions like this when these thoughts are shared can help a younger person with similar resources available plan for their future. I know it was discussions like this over the years that were a tremendous help for me. I am sure your realize this. If a person works their career with the same employer and they have a pension, most of the people they work with probably do also and that becomes much of their reality.
Reply With Quote Quick reply to this message
 
Old 09-22-2017, 02:35 PM
 
1,185 posts, read 661,897 times
Reputation: 4104
The big problem facing baby boomers is if companies feel there will not be a profit, skilled nursing homes will not be built in enough volume. Sure, some non-profits are involved but their costs are spiraling out of control, too. There is already going to be a shortage of senior care housing and cutting Medicaid will be a big blow.

It is already very difficult for finding a placement in skilled nursing when you are entering with just Medicaid in many areas of the country. I heard the upsetting stories from many, many friends all over who could not find a spot for their parent on Medicaid for weeks and months - one waited over 2 years and died 3 months later. A very respected poster here called dozens and dozens of skilled nursing facilities for her husband and only found 2 openings with Medicaid. It will only get worse.

As for what will people do, it will be the only choice that there is now when there is no available place - take the parent home, cobble together care (expensive), and deal with the situation as best you can. That will not work out with many families but the logistics are not looking favorable.

My parents told me their lawyers were all for gifting away assets in the 1990s when the estate tax kicked in back then around $650k and said just go on Medicaid. It was considered "estate planning" and good advice - thank heavens my parents didn't listen to them.
Reply With Quote Quick reply to this message
 
Old 09-22-2017, 02:58 PM
 
29,764 posts, read 34,848,700 times
Reputation: 11675
Quote:
Originally Posted by shamrock4 View Post
The big problem facing baby boomers is if companies feel there will not be a profit, skilled nursing homes will not be built in enough volume. Sure, some non-profits are involved but their costs are spiraling out of control, too. There is already going to be a shortage of senior care housing and cutting Medicaid will be a big blow.

It is already very difficult for finding a placement in skilled nursing when you are entering with just Medicaid in many areas of the country. I heard the upsetting stories from many, many friends all over who could not find a spot for their parent on Medicaid for weeks and months - one waited over 2 years and died 3 months later. A very respected poster here called dozens and dozens of skilled nursing facilities for her husband and only found 2 openings with Medicaid. It will only get worse.

As for what will people do, it will be the only choice that there is now when there is no available place - take the parent home, cobble together care (expensive), and deal with the situation as best you can. That will not work out with many families but the logistics are not looking favorable.

My parents told me their lawyers were all for gifting away assets in the 1990s when the estate tax kicked in back then around $650k and said just go on Medicaid. It was considered "estate planning" and good advice - thank heavens my parents didn't listen to them.
Very true, we have begun the process of evaluating our options for post age 80. As I have said previously we are looking at and evaluating the CCRC route. That is where the higher quality LTC facilities are often located and there is a very definite effort by the industry to shield themselves from Medicaid patients. I have been told that they will not in some cases not accept or retain Medicaid patients and their admission policies are designed to minimize or present that. They often have their own LTCi that the purchase for is part of the program admissions cost. One very nice facility it was 53K per person and that was in addition to the buy in and monthly fees. In addition to the money for the buy in they may require a sizable remaining balance in your portfolio along with a monthly income well above their monthly fee.

Depending on the area they are targeting a specific crowd and financial profile. It may be easier for a surviving spouse to financially qualify than a married couple. There is a world where the surviving spouse is financially better off than when married. We are in good shape but the surviving spouse is golden.
Reply With Quote Quick reply to this message
 
Old 09-22-2017, 03:09 PM
 
29,764 posts, read 34,848,700 times
Reputation: 11675
Quote:
Originally Posted by shamrock4 View Post
The big problem facing baby boomers is if companies feel there will not be a profit, skilled nursing homes will not be built in enough volume. Sure, some non-profits are involved but their costs are spiraling out of control, too. There is already going to be a shortage of senior care housing and cutting Medicaid will be a big blow.

It is already very difficult for finding a placement in skilled nursing when you are entering with just Medicaid in many areas of the country. I heard the upsetting stories from many, many friends all over who could not find a spot for their parent on Medicaid for weeks and months - one waited over 2 years and died 3 months later. A very respected poster here called dozens and dozens of skilled nursing facilities for her husband and only found 2 openings with Medicaid. It will only get worse.

As for what will people do, it will be the only choice that there is now when there is no available place - take the parent home, cobble together care (expensive), and deal with the situation as best you can. That will not work out with many families but the logistics are not looking favorable.

My parents told me their lawyers were all for gifting away assets in the 1990s when the estate tax kicked in back then around $650k and said just go on Medicaid. It was considered "estate planning" and good advice - thank heavens my parents didn't listen to them.
BADABADABADABADABING- Yes Searstone along with some others but specifically Searstone in my comment.
Reply With Quote Quick reply to this message
 
Old 09-22-2017, 11:24 PM
 
2,952 posts, read 1,634,675 times
Reputation: 5292
In Florida if you have lived to the average age statisticians predict and will die you can't sue.My father was misdiagnosed for esophageal stomach cancer and he died at 74 and it was due to neglect in Florida which was discovered at

A very reputable Midwest hospital. We checked into suing the facility in Florida because he had lived is the average lifespan of 74 years old we did not have a case.
Reply With Quote Quick reply to this message
 
Old 09-23-2017, 08:30 AM
 
Location: R.I.
970 posts, read 602,748 times
Reputation: 4165
Quote:
Originally Posted by TuborgP View Post
Pensions along with SS or in some cases alone can cover the cost of LTC.
Since you seem to know quite a bit about this topic maybe you can answer this question for me. Aside from those who receive military disability pensions which are not taxed at the Federal and State level, the rest of us who are or will receive pensions from private sector and various levels of government tax wise these pensions are treated as regular income Federally as well as in several states including mine. From what I have been researching regarding tax deductions for LTC, those services provided in a LTC facility deemed a medical necessity can be tax deducted, but other services not considered a medical necessity can't and I would guess food, lodging, hygiene assistance and other non skilled services would fall into the category. So, this leads to my question since with my 3 legged stool retirement income of a FERS pension, TSP/401K withdrawals, and at age 70 when I claim my higher social security benefit those 3 streams of income will trigger a fairly large combined Federal and State tax liability taking the standard deduction. Obviously anyone with any type of taxable retirement income that would go towards funding LTC would be itemizing their deductions in the hopes that there will be more to go towards paying the bill, but if someone is in basically a custodial status at a LTC facility that cost $100,000 annually, realistically how much of that $100,000 is going towards medical necessity care that can actually be tax deducted ? And doesn't something like $7,500 out-of-pocket for medical expenses have to be paid out first then anything above that then can be tax deducted ?

You and anyone else who can enlighten me on taxes as they relate to LTC would be appreciated.
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
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