Announcement

Collapse
No announcement yet.

Bankrolling Myself

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Bankrolling Myself

    I met with the family attorney today. At some point in the near future I may want to go off some of my benefits (IHSS, Medi-Cal or LA Care, Etc.). Moving forward, there are some pluses to paying my own way. However, I really want to keep my Medicare. I am not 65 years old, but I'll be there soon. Is there a way I can keep my Medicare, if I decide to bankroll myself?

    One other consideration, I may not want to live in the United States, but I will leave this for another day.
    The test of success is not what you do when you are on top. Success is how high you bounce when you hit the bottom
    --General George Patton

    Complex problems need to be solved collectively.
    ––Paul Nussbaum
    usc87.blogspot.com

  • #2
    good luck with that there is a 5 year look back that is all i know and once you lose it it is very hard to get back on it! my advice seek advice from medicare itself or someone who knows way more than us on here IE lawyers or insurance people who know all the ins and outs around it as you will need their advice both on deciding on what to do but when and if to do it.
    T6 Incomplete due to a Spinal cord infarction July 2009

    Comment


    • #3
      In my case, I owned an auto repair shop that paid rent to me because I also owned the building.
      So, in my case, it was easy enough to cut back my salary to ~$250/wk and continue receiving SS and Medicare. Apparently rental income is not included in the calculus.
      I was also astonished when I remarried and rented out my old house! Now I see why real estate is profitable: I could depreciate the whole property 100% in ten years? taking a big income tax reduction.
      As a shop owner, I had to match me and my employees SS deductions which is like half of their pay; rental income? Nada! Sweet! And with all the write offs, not much taxable income but good income
      69yo male T12 complete since 1995
      NW NJ

      Comment


      • #4
        If your on SSD, you lose it at 65 and go on regular SS = about $500 a month less than SSD.
        Attack life, it's going to kill you anyway
        Steve Mcqueen (Mr Cool)

        Comment


        • #5
          Originally posted by Gearhead View Post
          If your on SSD, you lose it at 65 and go on regular SS = about $500 a month less than SSD.
          Wow, that sucks. Does the government assume as you get older somehow you're becoming less disabled? Or that your expenses are somehow dropping now that you're "retiring" from being disabled?

          Comment


          • #6
            Originally posted by PN View Post
            I met with the family attorney today. At some point in the near future I may want to go off some of my benefits (IHSS, Medi-Cal or LA Care, Etc.). Moving forward, there are some pluses to paying my own way. However, I really want to keep my Medicare. I am not 65 years old, but I'll be there soon. Is there a way I can keep my Medicare, if I decide to bankroll myself?

            One other consideration, I may not want to live in the United States, but I will leave this for another day.
            I was under the impression you can opt to keep medicare as long as you want, so long as you pay for it, regardless of your income or whatever is going on in your life. Obviously Medicare isn't going to do you much good if you're not living in the United States.

            What are you considering doing that might cause you to lose medicare?

            Comment


            • #7
              Originally posted by pfcs49 View Post
              In my case, I owned an auto repair shop that paid rent to me because I also owned the building.
              So, in my case, it was easy enough to cut back my salary to ~$250/wk and continue receiving SS and Medicare. Apparently rental income is not included in the calculus.
              I was also astonished when I remarried and rented out my old house! Now I see why real estate is profitable: I could depreciate the whole property 100% in ten years? taking a big income tax reduction.
              As a shop owner, I had to match me and my employees SS deductions which is like half of their pay; rental income? Nada! Sweet! And with all the write offs, not much taxable income but good income
              rental as long as you had good renters I just sold my last 1 and never again taking my property manager to court as she really stiffed me but now owner finace that's a good deal 5 to 10% down contract yes I have 3 of those out and 2 years so far good I even have my son in 1 I payrf hos house of he pays me its a good retirement and it 4$$ stayes in family

              Comment


              • #8
                Medicare does not pay for any expensive for health care outside of the USA. Hope you are planning to move someplace where there is universal health care and you can buy into their system. This is the case in many countries such as Costa Rica.

                (KLD)
                The SCI-Nurses are advanced practice nurses specializing in SCI/D care. They are available to answer questions, provide education, and make suggestions which you should always discuss with your physician/primary health care provider before implementing. Medical diagnosis is not provided, nor do the SCI-Nurses provide nursing or medical care through their responses on the CareCure forums.

                Comment


                • #9
                  Originally posted by Gearhead View Post
                  If your on SSD, you lose it at 65 and go on regular SS = about $500 a month less than SSD.
                  Forgive me for forgetting. I think I’m on SSDI? The one you get after working enough. Does that revert to regular Social Security at age 65? It seems unlikely, unfair and nonsensical, but I would need to prepare for it.

                  Comment


                  • #10
                    you can make I believe up to 8500 on ssdi you can look it up when I turned 65 I lost ssdi and went to ss I really did not notice a difference in $$$

                    Comment


                    • #11
                      Originally posted by Random View Post
                      Forgive me for forgetting. I think I’m on SSDI? The one you get after working enough. Does that revert to regular Social Security at age 65? It seems unlikely, unfair and nonsensical, but I would need to prepare for it.
                      Yes, SSDI covers you if you are disabled prior to the age of 65. Once you turn your designated SS retirement age, you automatically convert to regular retirement SS. You can see that age in the URL below. I don't believe your income goes down though. In addition, once this conversion occurs, there is no longer a restriction on income you can make annually through other sources, as there was under SSDI.

                      If you don't have a MySocialSecurity account yet, I would suggest creating one. This can be used to calculate how much money you will get when your go onto SS.

                      https://www.disability-benefits-help...-retirement-65

                      (KLD)
                      The SCI-Nurses are advanced practice nurses specializing in SCI/D care. They are available to answer questions, provide education, and make suggestions which you should always discuss with your physician/primary health care provider before implementing. Medical diagnosis is not provided, nor do the SCI-Nurses provide nursing or medical care through their responses on the CareCure forums.

                      Comment


                      • #12
                        Originally posted by Gearhead View Post
                        If your on SSD, you lose it at 65 and go on regular SS = about $500 a month less than SSD.
                        That is rarely the case. Did that actually happen to you, or is this just what you heard? See this page on the SS website:

                        https://www.disability-benefits-help...-retirement-65

                        (KLD)
                        The SCI-Nurses are advanced practice nurses specializing in SCI/D care. They are available to answer questions, provide education, and make suggestions which you should always discuss with your physician/primary health care provider before implementing. Medical diagnosis is not provided, nor do the SCI-Nurses provide nursing or medical care through their responses on the CareCure forums.

                        Comment


                        • #13
                          Originally posted by Random View Post
                          Forgive me for forgetting. I think I’m on SSDI? The one you get after working enough. Does that revert to regular Social Security at age 65? It seems unlikely, unfair and nonsensical, but I would need to prepare for it.
                          I get the max SSD $ because I worked al my life and now have no other income.
                          Long time since I studied it but I think SSI supplements your income and is less $ than SSD.
                          The Medicare Handbook is available online.
                          Create an account in "MyMedicare. gov" and they'll send you emails (only a few each year and not spam) that tells you of procedures/check ups your eligible for that year.
                          Can access your claim reports and the handbook which is updated each year.
                          Very useful website.
                          Last edited by Gearhead; 01-30-2020, 05:34 PM.
                          Attack life, it's going to kill you anyway
                          Steve Mcqueen (Mr Cool)

                          Comment


                          • #14
                            Originally posted by SCI-Nurse View Post
                            That is rarely the case. Did that actually happen to you, or is this just what you heard? See this page on the SS website:

                            https://www.disability-benefits-help...-retirement-65

                            (KLD)
                            That explains it better than the Medicare Handbook
                            Attack life, it's going to kill you anyway
                            Steve Mcqueen (Mr Cool)

                            Comment


                            • #15
                              A little off topic but still about $.
                              Not sure if this is regional (county or state) or national but you can be exempt from property tax on the residence in your name, at age 65 or if your 100% disabled. Instead of a tax bill each year, you get a letter to confirm your still disabled and reside at that address. Check a few boxes and send it back to them. This has saved me thousands of $. Check with your county courthouse if your not aware of this perk.
                              Hopefully available in your area.
                              Attack life, it's going to kill you anyway
                              Steve Mcqueen (Mr Cool)

                              Comment

                              Working...
                              X