Is bringing my father financially possible?

[Martin 0]

Hi all,

I'm planning to bring my father to the USA in a couple of years. But before doing that I want to be sure is something financially possible.

By that time he will be around 60 years old. He is in a good shape so working won't be a problem (Let's say for 5 to 7 years).

He has bachelor degree in management and he has been working as an independent on the stock market of my country for more than 10 years.

Starting from there I think he may can get a job of US$ 30,000 as salary.(Is this realistic for his age?)

On the other hand, I'm not sure how the retirement plan works in his case because he will be only working for 5 years. I'm guessing he won't receive any retirement money, right?.

And what about health insurance. If he gets a job probably they will pay for it. But what about when he retires?. Private Health insurance are SUPER expensive. What about Medicare? How can he get those benefits?.

Thanks for your help.

[TayRivers 4]

Hi all,

I'm planning to bring my father to the USA in a couple of years. But before doing that I want to be sure is something financially possible.

By that time he will be around 60 years old. He is in a good shape so working won't be a problem (Let's say for 5 to 7 years).

He has bachelor degree in management and he has been working as an independent on the stock market of my country for more than 10 years.

Starting from there I think he may can get a job of US$ 30,000 as salary.(Is this realistic for his age?)

On the other hand, I'm not sure how the retirement plan works in his case because he will be only working for 5 years. I'm guessing he won't receive any retirement money, right?.

And what about health insurance. If he gets a job probably they will pay for it. But what about when he retires?. Private Health insurance are SUPER expensive. What about Medicare? How can he get those benefits?.

Thanks for your help.

I can not say if the amount he could be paid is realistic because that depends on where you live and exactly what job he would be doing.

To get Medicare he would have to have earned 40 quarters of SS credits (10 years work). He would only get retirement money if he paid into a retirement plan or again had 40 quarters of SS credits.

If he did not have enough credits to get medicare he could buy into medicare part A and then get supplamental insurance for part B & D, This will still work out expensive. The other option is private health insurance and that is expensive it costs my parents $1156.00 per month for their health insurance. If he has pre-existing conditions then it is going to be very hard to find anyone who will offer health insurance.

[aaron2020 11,651]

Hi all,

I'm planning to bring my father to the USA in a couple of years. But before doing that I want to be sure is something financially possible.

By that time he will be around 60 years old. He is in a good shape so working won't be a problem (Let's say for 5 to 7 years).

He has bachelor degree in management and he has been working as an independent on the stock market of my country for more than 10 years.

Starting from there I think he may can get a job of US$ 30,000 as salary.(Is this realistic for his age?)

On the other hand, I'm not sure how the retirement plan works in his case because he will be only working for 5 years. I'm guessing he won't receive any retirement money, right?.

And what about health insurance. If he gets a job probably they will pay for it. But what about when he retires?. Private Health insurance are SUPER expensive. What about Medicare? How can he get those benefits?.

Thanks for your help.

I am not trying to discourage you. I am pointing out a potential problem.

It may not be that easy for your father to get a job. One would think that an experienced employee would be a good thing, but lots of businesses don't see it that way. Age discrimination is prevalent in my opinion. My father had to dye his hair black until he retired just so he would look younger at work. While age discrimination is illegal, it happens and the businesses often will cite something else in order not to hire the older worker. If your father is not fluent in English, it also may be another problem.

[Martin 0]

hmm ... thanks for your help guys. So basically he will have to work for at least 10 years to receive a minimum pension. And the health insurance will always be a LOT of money. Probably that much, that he wouldn't be able to pay for it with his job.

Seems to me that only parents with LOTS of money can move to US because being able to start here from scratch is almost impossible.

His english is ok, he can have an almost fluent conversation, and he can perfectly read it. And YEAH ... he would have to dye his hair.

[TayRivers 4]

hmm ... thanks for your help guys. So basically he will have to work for at least 10 years to receive a minimum pension. And the health insurance will always be a LOT of money. Probably that much, that he wouldn't be able to pay for it with his job.

Seems to me that only parents with LOTS of money can move to US because being able to start here from scratch is almost impossible.

His english is ok, he can have an almost fluent conversation, and he can perfectly read it. And YEAH ... he would have to dye his hair.

The bottom line is that your parent would have to have enough money to fund their health insurance at least until they could become a citizen. Once they are a citizen they could qualify for subsidized healthcare from your state, that would make it more affordable, but still not cheap.

As for working, well my Father has a degree in engineering from the Uk, he is in his early/mid 60's and has been told that the chance of him getting employment in his field is zero... now if he want to work part time in a local store then they employ seniors all the time.. Minnimum wage, part time hours, no health insurance and little or no benefits. Not what you would hope for a parent that has worked hard all their life.

My parents had a home that was mortgage free so they were able to use that money from the sale to pay for their health insurance and invest the rest to give a yearly income that will help pay for the future years insurance.

The only other option you have is for your parent to not have medical insurance and hope that they never need treatment, as the sponsor you would have to pay for any financial aid they were given. Here in Massachusetts it is compulsory to have health insurance so my parents did not have a choice.

[Martin 0]

Thanks for the information !