Posts Tagged ‘care’

Result Attained

Posted: October 26, 2019 in Thought for the Day
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“If you care enough for a result, you will most certainly attain it.” -William James

Nervous Time

Posted: October 14, 2018 in Thought for the Day
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“I’m nervous all the time. It makes me care.” -Shawn Mendes

“Confession: I care what people think of me. I care too much! So much ‘self-help’ is about not caring what people think of you. Blaze your own path! Go the road less traveled! Be a unique voice! But my brain rebels against that. I want to be liked. When I was a kid I was very unpopular. It’s hard to get rid of the need to be popular.” -James Altucher

“A recent survey showed that more than 40% of Baby Boomers (those born between 1946 and 1964) have less than $100,000 in retirement savings. That means those right at the retirement window won’t be able to maintain the lifestyle they want once they retire. You might think Social Security will help. Think again – the average monthly Social Security check in 2018 is just $1,404….

Reverse Mortgage Recap:

In a typical mortgage, you obtain a loan for the purchased real estate and then slowly, over the life of the loan, pay it back to the bank. The reverse mortgage works exactly the opposite… We get the bank to pay us while our health is good, and we don’t have to pay it back until we die or move out of the home.

Once approved, you can receive your loan money in several ways. You can take the money as a lump sum, a stream of payments, a line of credit, or a combination of the three.

Reverse Mortgage Precautions:

Depending on how you receive your reverse mortgage payment or payments, you could risk losing your eligibility for Medicaid.

Maybe you aren’t thinking about Medicaid just yet. After all, Medicare covers a wide range of health services. Here’s the kicker: Medicare only covers short-term care in a skilled nursing facility or rehabilitation care in a nursing facility. Medicare will not cover any long-term care, including care at a nursing home.

That’s where Medicaid comes in. Medicaid is the primary payer for nursing-home care in the U.S.

That means if you take out a reverse mortgage now and suffer a stroke two months later, you might not qualify for Medicaid and will have to pay out-of-pocket for all your nursing-home care.

Taking a lump sum payment or getting monthly payments that you don’t exhaust each month (meaning you’re building up your savings account) triggers something called the spend-down rule.

Basically, you only qualify for Medicaid if you meet the financial requirements. In other words, if you have too much money in your bank account, Medicaid expects you to spend that on your care before you qualify for assistance. You have to “spend down” what you have to reach that point.

And keep in mind, nursing-home care runs up the bill. In 2016, the national average for a shared room in a nursing home was $225 per day. That’s more than $82,000 a year.

The second consideration for taking out a reverse mortgage is the possibility of moving. If you don’t live in your home for at least one year (for instance, if you’re in a long-term care facility) or if you sell the home, the loan would come due. That means paying it back in full….

Also, if the housing market drops or your home loses value for any reason, you might not be able to sell it for the full amount of the loan. In that case, you’d have to make up the difference….”

-Dr. David Eifrig

Trust Yourself

Posted: November 27, 2017 in Thought for the Day
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“You can’t trust the government to take care of you.” -Dr. David Eifrig

“My self-esteem was such a difficult burden for me to carry around I had to constantly let others take care of it for me. That’s a bad mistake.  Sooner or later, they can’t carry your self-esteem for you and you fall apart.” -James Altucher

Healthy Wealth

Posted: January 19, 2016 in Money Matters
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“No one will ever care about your health and wealth as much as you do.” -David Eifrig