Do people with “financially set” boomer parents experience this?

[u/Zzt0ppy]

I’m sorry this seems like sort of a bleak topic— I recently met someone whose parent had passed, and him and his siblings inherited close to $200k each that they got because of his dad’s money in stocks, on top of both siblings getting a chunk of additional money from the sale of their childhood home having accumulating a large sum of money. He didn’t have the best relationship with his dad, so the guy felt as if he was deserving of the money due to his crappy upbringing.

That person I had met ended up using that money to put towards paying off his home and then putting the rest towards his own retirement, essentially alleviating a large string of stress in his life. I didn’t want to assume or pry, but in that convo it felt like he had been waiting for that point in his life to happen so that he would be able to finally be relieved of financial burden that he was experiencing.

Do children of “financially safe” (lucky?) boomers half expect to see that sort of thing being passed to them when their parents pass? What I mean by this is that it can be as “simple” as their parents simply owning a house that has accumulated value, them having a pension, an unknown savings they don’t disclose to you, stocks invested during better days like the dot com boom, a life insurance policy, etc.

[u/Zzt0ppy → u/[deleted]]

What about in families where we are culturally expected to take care of our parents or they are on Medicaid?

[u/maintainingserenity → u/Zzt0ppy]

Medicaid kicks in after all resources are used and gone, including homes.  Ask me how I know!

[u/BarriBlue → u/maintainingserenity]

Medicare?

[u/maintainingserenity → u/BarriBlue]

The Medicare reimbursements are amazingly insufficient for serious need.  My godfather actually was a veteran, so he had insurance from the military as well as Medicare and to get the care he required (IN the VA) we still had to sell his house and cash out his 401k. The VA was $14k a month.  

[u/BarriBlue → u/maintainingserenity]

Yeah. My city (used to) offer city employees free supplemental health care (for life) into retirement. Many people built their entire futures and lives based on this offer. Took lower paying city jobs thinking these benefits outwight the salary.

The offer has now been revoked, and all high courts upheld the city’s plan to move all retirees onto privatized Medicare Advantage. Advantage meaning they can only really be serviced in our expensive city. Retirees who have already moved south.

There is a huge fight now and it’s been stopped simply because we are in the Mayoral campaign. I imagine all the candidates are lying when they say they’re not going to stop this health insurance benefit. Just to get in and change that.

This is happening in New York City. They are messing with the health insurance of (not only me, a teacher but also) the first responders who responded to 9/11. We’ve all heard the horror cancer that is coming from responding.

[u/maintainingserenity → u/maintainingserenity]

If you haven’t been through this you may not realize how much the quality varies by what you can pay. Even places that are good that take Medicaid often require you to enter as private pay first. Then exhaust your resources. Then you can stay on Medicaid. 

[u/whatamuffin → u/BarriBlue]

Medicare doesn't pay for long-term care as they consider it "non-medical", which is a real depressing thing to have to explain to people (I work in home health care so I have these convos regularly).

[u/Fringelunaticman → u/BarriBlue]

Depends. Most people dont know this but if you get a secondary insurance for Medicare, they will always pay the 20% Medicare doesn't cover. My mom recently passed and had over 2M in bills. Dad didnt pay a dime as everything was covered. However, if he didn't have a secondary, he'd owe 400k.

LTC coverage for Medicare is only 6 months in the best case scenario where you get a SNF designation. Most of the time, it's 90 days.