80 and out rule

[Ms.PacMan]

Have you ever gone through the Medicaid application process? You basically have to be living in a box on the side of the road to qualify.

My father's health was failing and he was unable to stay in his own home. My brother and I got him in to a nursing home and worked together to get him signed up for Medicaid. They do a 5 year look back to make sure that we didn't move any of his assets to our names. He was allowed one car and less than $500 in cash on hand.

We were fortunate in that we are able to legally protect a substantial portion of his assets and still qualify him for Medicaid.

5 yr look back? I think you're talking about Medicare.

I'm going to try and find where I read that assets don't count for Medicaid.

 

[Ms.PacMan]

Bye-Bye Medicaid Asset Test* | The Incidental Economist

 

[Ms.PacMan]

Obamacare premium subsidies go to millionaires

Assets also don't count for Obamacare. So if a person can live off dividends or if the taxable portion of an IRA is under the income guidelines for the ACA he/she can get subsidized health care.

 

[UpstateNYUPSer(Ret)]

5 yr look back? I think you're talking about Medicare.

I'm going to try and find where I read that assets don't count for Medicaid.

Medicare is automatic once your turn 65.

Medicaid is for poor people.

Google "MAPP"---Medicaid Asset Protection Program. It is a product put out by a company from Oregon to guide people through the application process. It was $300 when I bought it; expensive, but well worth it.

 

[cosmo1]

Medicare is automatic once your turn 65.

Medicaid is for poor people.

Google "MAPP"---Medicaid Asset Protection Program. It is a product put out by a company from Oregon to guide people through the application process. It was $300 when I bought it; expensive, but well worth it.

Medicare to cover nursing home expenses is different than Medicaid.

 

[UpstateNYUPSer(Ret)]

Medicare to cover nursing home expenses is different than Medicaid.

No .

 

[cosmo1]

No .

Maybe, to clarify your statement, I should have pointed out that nursing home coverage is not automatic at 65.

Better, dude?

 

[UpstateNYUPSer(Ret)]

Maybe, to clarify your statement, I should have pointed out that nursing home coverage is not automatic at 65.

Better, dude?

Much.

My brother and I had a crash course in Medicaid 101.

It's hard to imagine why there is so much fraud as they were very thorough with our father's application. Very thorough.

 

[Ms.PacMan]

Much.

My brother and I had a crash course in Medicaid 101.

It's hard to imagine why there is so much fraud as they were very thorough with our father's application. Very thorough.

There's Medicaid fraud with the the elderly?

 

[UpstateNYUPSer(Ret)]

There's Medicaid fraud with the the elderly?

Rampant.

 

[cosmo1]

Much.

My brother and I had a crash course in Medicaid 101.

It's hard to imagine why there is so much fraud as they were very thorough with our father's application. Very thorough.

We hired an elder care attorney for my stepfather. First, to establish a trust to protect his assets, and second to do the Medicare application for the nursing home.

Due to him 'gifting', he is still self-pay for two more years.

 

[UpstateNYUPSer(Ret)]

We hired an elder care attorney for my stepfather. First, to establish a trust to protect his assets, and second to do the Medicare application for the nursing home.

Due to him 'gifting', he is still self-pay for two more years.

My father's assets did not require such an investment. My brother and I were able to make our way through the application process with the help of the program that I mentioned above.

One of the keys, which may seem trivial, is the date of application. The 5 year look back starts from that date and, much like with your step-father, you can be penalized for any "transfer of assets" which in their eyes were done to get under the caps.

We were fortunate in that we were able to shelter most of what little that he did have.

 

[Coldworld]

You won't like my advice but I am going to give it anyway.

With an eligibility date of 12/23, it may actually make more sense for you to work at least day in 2017 as you would get all of your 2017 vacation time and some of your personal and sick days. That would be a nice chunk of change to start your retirement with.

That would be a nice chunk of change....

 

[Coldworld]

First off, what area/region did this driver do this from?

I guess the thing I am having trouble with in this thread is " he quit" and "he was eligible right at the end of peak" .

I left at 49. I have some experience in this in my region only tho.

To my knowledge when you quit you lose access to the medical benefits from UPS. In my case I had to be employed and in good standing with the çompany and meet the minimum age requirement "50" to step from employee to retiree under the peer 80 program. Although I was 49 years and 9 months old, I had saved a boat load of time And I was paid by the company all my saved up time past my 50th birthday.

Maybe in your region the medical benefits are from your teamster pkg when you meet the points for retirement?

Did you carry over vacations ??

 

[Coldworld]

yes , it's possible that he quit early and then waited for his birthday to qualify for peer 80. that example is actually in the Teamsters Benefit Trust retirement booklet.

my concern would be the medical benefits. he would have had to go on Cobra which for us would be about 500 a month the last time I checked.

I agree with you about going out as soon as able. why leave 4000 dollars on the table every month? if you kept working at UPS you would only be working for half wages . I know some guys keep working for some good reasons. pay off the mortgage, kids in college, waiting for spouse to retire, etc , etc.

but we planned for retirement 20 years ago. paid off house in half the time, maxed out the 401k and IRA's. saved, saved , saved.

it was well WORTH IT.

Don't forget the 25 year lock in ....you leave after your 25 year you still get your full pension,

 

[Dr.Brownz]

WTH ... I was 98 and out!
58 years old
40 years at UPS

Another reason I wish the loser rating existed!

 

[Boulevard859710]

Another reason I wish the loser rating existed!

That's my sup here in Az and he still wants to go a couple more years.

 

[Boulevard859710]

Regarding the 98 and out, 58 years old, 40 years at UPS post. Sorry

 

[Junkguy]

I was talking with a retiree. He started early and and got out early. Age 50! He said he planned for it and couldn't see himself doing this job at 62-65. I agreed with him. He also said he did something I've never heard of. He QUIT! He's a X-mas baby so he was eligible right at the end of peak. He quit in Sept. Didn't collect a check all fall. He said there was no way he was going through another peak so he went hunting and fishing all fall. So I get the 500 min hours counts as a year of service but I always thought you had to work till the final bell. then go if you could afford to. I thought if you quit you screwed up your pension. I didn't ask if he got paid for his personal time, sick time etc but he made it sound like he did. Ever heard of anyone else doing this? The reason I ask is I'm a X-mas baby as well. I've been saving and planning for retirement my whole adult life. I should be able to afford to go on the 1st day I'm eligible. Dec 23 age 58. He's got a point though. Who wants to go through an extra peak if they don't have to? Plus I love to hunt and fish!

Your pension credits are given by minimum days worked per week or per month depending on which fund you're in and since vacation and sick days aren't payable in December this just isn't possible in my opinion. I think he held something back from you or just lied. I retired at 47 myself but I had to work at least 5 days the last month which is all I actually worked.

 

[onestoptogo]

Your pension credits are given by minimum days worked per week or per month depending on which fund you're in and since vacation and sick days aren't payable in December this just isn't possible in my opinion. I think he held something back from you or just lied. I retired at 47 myself but I had to work at least 5 days the last month which is all I actually worked.

Since he is talking 500 hours he is in the Western Conference. If he has 78 points going into the new year of his birth and completes his 500 hours around March to get his 79 point he can then quit. If his birthday is in December his first pension check will on January 1st. By the way, we can take vacation the week after Christmas and we do get paid if we are sick in December. 2 points are earned each year: One for 500 hours worked and one for your birthday. 80 points and you can collect your pension.