Retiring on $27,000 a Year

[catherine]

My Father did All The Right Things. He owned a home, he and his husband had their social security and a small pension to live off of, and so on.

Their equity in the home was destroyed by the last several years' of my father-in-law's medical costs. After his husband died, Dad sold off everything left, moved up by me with just the goods that fit in his aging car, and eventually found a very very small apartment to live in. He lives now on just his single social security income stream, and is spending down the very small amount of equity he managed to hold onto after a lifetime of middle/upper-middle-class "success".

What is your takeaway, bae?

[bae]

What is your takeaway, bae?

"Life is Uncertain, Have Dessert First".

And/Or

"Make sure you have family that can help as you age"

And/Or

"What a system we have, where two people can work hard their whole lives, be successful, have a comfortable retirement for a while, then be wiped clean by medical costs!"

[pinkytoe]

The entire medical system in this country is a disaster IMO.

[Teacher Terry]

Bae, that also happened to a couple I was close friends with. It’s another reason we need universal HC.

[ApatheticNoMore]

"Life is Uncertain, Have Dessert First".

And/Or

"Make sure you have family that can help as you age"

And/Or

"What a system we have, where two people can work hard their whole lives, be successful, have a comfortable retirement for a while, then be wiped clean by medical costs!"

Agree with all of this. Or maybe do what you can, but you don't have the last word, fate does

[Yppej]

Biden could get through expanded Medicare for the elderly. Even my Trumpster neighbor who vehemently opposes socialized medicine likes that idea. But I only hear Sanders talking about it. Biden is stuck on other things like free college and subsidized daycare that will not get enough support.

[happystuff]

I agree, bae. Regardless of hopes, dreams, preparations, etc - things can change in an instant!

[Teacher Terry]

The other problem is that it varies by state. In Texas you can legally keep your house and a bunch of your money while Medicaid pays for your spouse’s nursing home care. When you die you can leave your estate to whom ever you want versus paying it back for the care. We need a fair medium method.

[iris lilies]

The other problem is that it varies by state. In Texas you can legally keep your house and a bunch of your money while Medicaid pays for your spouse’s nursing home care. When you die you can leave your estate to whom ever you want versus paying it back for the care. We need a fair medium method.

I disagree. I think.

Don’t states have to shoulder some of this Medicaid cost? If so, and if a state is rich enough to forgo clawback of the family home, why ever not let that state decide?

Several years ago when I was poking around nursing home costs laws and regulations, one thing that struck me was that the state of Michigan, while having on their books some clawback regulations, did not actually go after that money. Since then things in Michigan could have changed.

In summary if state money goes towards a social welfare program then I think the states get a say in making their own policy.

[catherine]

You are both right. It's a mixed bag as to how States/Medicaid/managed care payers manage costs and access, but I've heard that states are stepping in more and more to dictate cost and management, limiting the influence of Pharma and managed care payers/PBMs.