Originally Posted by
Andy
Biff, sorry that I didn't post a Tricare for Life link. This should explain it:
https://www.tricare.mil/LifeEvents/Medicare
I wasn't aware of the fact that we have to pay medicare Part B to have Tricare For Life until a couple of years ago. It caught me by surprise and because of the premiums involved, I decided to max out my 401k as fast as possible to get the 16% contribution to spill into my VEBA RHA.
In addition, I want to make sure I have the ability to pay for a nursing home for at least a couple of years before tapping into savings.
Just went through this with my father. It all depends on which state you're in, but importantly two facts to consider. First, if you end up in a nursing home most states have a plan that allows you to put the cost on them, BUT you need to have a careful plan to protect your assets. The best advice is to seek the help of an estate planner.