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Thread: Bankrolling Myself

  1. #1

    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
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  2. #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

  3. #3
    Senior Member pfcs49's Avatar
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    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

  4. #4
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    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)

  5. #5
    Quote 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?

  6. #6
    Quote 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?

  7. #7
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    Quote 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

  8. #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.

  9. #9
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    Quote 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.

  10. #10
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    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 $$$

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