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Rich Retirees Are Hoarding Cash Out of Fear

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Re: Rich Retirees Are Hoarding Cash Out of Fear

#251

Post by Spooky23 »

parsnips wrote: post #241
Spooky23 wrote: post #225

Earlier quoted context omitted.

Medicare is hospital and medical coverage. When you get old, if you need skilled nursing care at home or in a nursing home, that's your dime. Typically, you get admitted to a nursing home, spend all of your money, and when you run out go to Medicaid. Your county DSS will liquidate your home and remaining assets and you'll be paid for by that until you die. If you have a surviving spouse, they get to keep some allowan…

I believe you're incorrect, Medicare Part A covers hospice, skilled nursing and in home care. https://www.medicare.gov/what-medicare-covers/part-a/what-pa...

Only in certain conditions. If you are recovering from a surgery, yes. If you need physical therapy at home, yes. If you cannot perform activities of daily living, or need more than 100 days of care, no.

Nursing home: https://www.elderlawanswers.com/medicares-limited-nursing-ho...

Home care: https://www.medicare.gov/coverage/home-health-services.html

Activities of daily living: "Activities of daily living (ADL) are routine activities that people tend do every day without needing assistance. There are six basic ADLs: eating, bathing, dressing, toileting, transferring (walking) and continence."

Re: Rich Retirees Are Hoarding Cash Out of Fear

#252

Post by Consultant32452 »

incompatible wrote: post #220
Consultant32452 wrote: post #200

Earlier quoted context omitted.

This is the result of central planning on the part of government. It allowed the AMA to do insane things like stopping new medical schools from opening for DECADES. It allows the AMA to continue to artificially limit the practitioners in all medical professions to keep wages high. As a specific anecdote of the problem of government in healthcare: in my city a new children's hospital opened up a few years ago. The oth…

Why does the government care what the other hospitals think? Would they stop a new burger bar opening too close to a McDonalds, if McDonalds petitioned them for long enough?

The cynical reason is because the hospitals are massive tax-bases and the owners of the hospitals are political donors.

The other reason is that the government has an interest in maximizing economic growth, among other things, which is why it has zoning power. Citizens in the area, including local businesses such as other hospitals, may raise any number of concerns about building projects. Further, any citizen (or corporation) can hold up just about any project for as long as it's willing to keep paying legal fees to fight projects based on trumped up bullshit about esoteric zoning laws that were written a century ago that they probably broke when building their own hospital.

Re: Rich Retirees Are Hoarding Cash Out of Fear

#253

Post by laughfactory »

martin1975 wrote: post #153
was_boring wrote: post #150

Earlier quoted context omitted.

I'm currently in a similar situation about what to do with an elderly relative with dementia who is currently in limbo after the last relative taking care of him died. The best moral option is to take guardianship and look after him. The best financial decision is to "divorce" from the situation and let the state take care of him so I have a chance of my wife and I being able to retire and saving for the kid's educat…

You know the Golden rule, no? It's as true as 2+2=4.

He who has the gold makes the rules?

Re: Rich Retirees Are Hoarding Cash Out of Fear

#254

Post by Consultant32452 »

Spooky23 wrote: post #221
Consultant32452 wrote: post #200

Earlier quoted context omitted.

This is the result of central planning on the part of government. It allowed the AMA to do insane things like stopping new medical schools from opening for DECADES. It allows the AMA to continue to artificially limit the practitioners in all medical professions to keep wages high. As a specific anecdote of the problem of government in healthcare: in my city a new children's hospital opened up a few years ago. The oth…

There's more to that story. Typically the problem is that there are too many hospital beds, not too few. Outpatient treatment is increasingly more popular and more cost effective. Hospitals often raise costs by introducing massive capital costs that need to be amortized as well as other overheads. With the exception of lower-cost, higher value primary care, there are rarely any meaningful access issues to doctors in…

>Typically the problem is that there are too many hospital beds, not too few.

I'd be interested in a citation for this because it's counter to basic economic theory of supply and demand. If the supply outpaces demand, then the price should be going down, not up.

Re: Rich Retirees Are Hoarding Cash Out of Fear

#255

Post by RangerScience »

blhack wrote: post #102
RangerScience wrote: post #92

Earlier quoted context omitted.

This is pretty brilliant. Definitely part of my stress was my rent; and I never felt bad spending money on groceries. I'm always tempted to do something like this anyway; the minimalist approach really appeals to me.

Don't get too bogged down in being a minimalist, though. You definitely don't have to get rid of everything in your house or anything.

Will do. I feel it as a pull rather than a drive, a nice counterbalance to the hoarding instinct.

It's almost more about making sure everything's in the rest of my life, rather than where I sleep, if that makes any sense?

Re: Rich Retirees Are Hoarding Cash Out of Fear

#257

Post by blhack »

RangerScience wrote: post #255
blhack wrote: post #102

Earlier quoted context omitted.

Don't get too bogged down in being a minimalist, though. You definitely don't have to get rid of everything in your house or anything.

Will do. I feel it as a pull rather than a drive, a nice counterbalance to the hoarding instinct. It's almost more about making sure everything's in the rest of my life, rather than where I sleep, if that makes any sense?

That makes complete sense.

Re: Rich Retirees Are Hoarding Cash Out of Fear

#258

Post by mvindahl »

Maybe some kind of inverse life insurance. Give pile of cash to insurance company and receive monthly paycheck for the remainder of your life. Essentially you are betting on a long life and they are betting on you driving your golf cart off the edge of a cliff. I think products like this exist in my country of residence; I'd be surprised if there is not a similar thing in the US.

On a side note, I read at one point that in France there is a tradition (not sure how widespread) of selling your home with the condition that the buyer must wait for you to move out, whether for health reason or because you die, and that you pay no rent while staying. Of course, the price is adjusted accordingly. Again, both parties are making a bet on the duration of your lifespan.

Re: Rich Retirees Are Hoarding Cash Out of Fear

#259

Post by pvdebbe »

mvindahl wrote: post #258

Maybe some kind of inverse life insurance. Give pile of cash to insurance company and receive monthly paycheck for the remainder of your life. Essentially you are betting on a long life and they are betting on you driving your golf cart off the edge of a cliff. I think products like this exist in my country of residence; I'd be surprised if there is not a similar thing in the US. On a side note, I read at one point t…

Reverse mortgages are a thing in Finland: "sell" your house to the bank/insurance company and receive extra monthly money. When you kick the bucket, the house is the bank's.

Re: Rich Retirees Are Hoarding Cash Out of Fear

#260

Post by Rapzid »

bmelton wrote: post #172
neves wrote: post #163

Earlier quoted context omitted.

Not true. Retirees with generous pensions are a great opportunity for any country. They will bring money to your country without the need to produce anything. They won't consume a lot of public resources (no need of school or of police repression). They will reform a house, eat in your good restaurants, and enjoy all the services you can offer. A lot of countries hunt for wealthy retirees, like Portugal and Australia…

Sure, they'll consume all the services you offer, and especially health care, as the parent suggests. But, yes, you need to have a generous pension, as well as meet another number of requirements that vary from place to place. In order to emigrate and retire in New Zealand[1], for example, you need to a) be healthy b) bring your own insurance c) bring ~$350k in savings and $40k annual income with you The UK imposes a…

Or, in the case of New Zealand at least, already be a permanent resident :D
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