No. of Recommendations: 1
So I'd have to pay the first $27,000 (300 * 90). Each month of premium is equal to about 3 days of care. They'll pay lifetime maximum of $547K (300 * 365 * 5).

No, the 90 day exclusion is because Medicare pays for your first 90 days regardless. You would not pay that $27,000.

FWIW, the average Social Security benefit is $1200/mo (minus $100 Medicare premium), so you'd essentially be turning over almost all your SS check to the insurance company.

Yes, but depending on the specifics of that policy, you would also be protecting anywhere from $547,000 to infinity from medicaid spenddown. And, if you are really retiring with $1-2 mil, how significant is SS to your retirement needs?

Shop around, I bet you can get the same policy cheaper than State Farm - who likely is paying an agent a significant portion of that monthly premium.
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement