How to afford senior living communities (child, parent, spouse, money)

[long101]

Hey all, I didnt find many straight forward responses from the financial end, so figured I would start a thread. I need to find living arrangements for my 78yo grandma asap. Her daughter sold her house that she was living in and she needs to be out within 2 weeks. She is not currently on medicad as she is still working pt, but will have to soon stop as she cannot physically do it. She currently has very limited assets and income (pension+ss) maybe 1400 a month tops with next to nothing in the bank. Most of the communities I have seen are priced at $2500+ a month which I cant believe. I will be helping as much as possible, but am currently financially strapped as I just purchased a new home.
I messed up by not researching our options years ago as the time would have come eventually, so the blame belongs with me. So what options do seniors have on a strict budget? Thanks in advance, Im freaking out given the time restraints.

[Zenstyle]

How did YOU mess up? Why are you, a grandchild, responsible for making these arrangements? Does your mother no longer have any living siblings or children?

[StealthRabbit]

Senior Housing Coop.

BTW; I have cared for my own grandparents (and Parents) as well as many other folks grandparents and parents. NO ONE has time to do this, you just have to do what needs to be done. (after doing 32 yrs of elder care for a disabled parent, I ended up with a sick spouse...) Lifetime responsibility (while working 3 jobs and running a farm). Life is not fair

I was a tad 'miffed' when spending a summer caring for an elder couple while ther kids cruised Alaska on their own yacht... Plenty of those 'kids' out there

[yellowsnow]

Use the money from the sale of the house to finance her living arrangements. It should last long enough to get her Medicaid funding. BTW, her daughter will NOT be allowed to keep that money. They look back for transfers of assets for years.

Whatever you do, don't sign anything to guarantee payment or you will be up the creek. At the very least, get some good legal advice.

[Tek_Freek]

Was the house that she sold your grandmothers or her daughters? That will make a difference in the responses you get.

What kind of loan can you get for $1400 a month? Build an addition on your house...

You didn't mess up unless you were tasked with getting things set up for her.

Edit: Try posting in the Retirement Forum. There are a lot of knowledgeable people there. Mod snip

[old_cold]

Find her an assisted living place she/you likes as a private pay (as mentioned, with the proceeds from the house)and then transition to Medicaid when /if her funds run out.
Make sure first that the place will keep her if she has to go on Medicaid.
If she stays working , she'll have to rent, just like anybody else .(or find somebody to live with)

I just re-read your post and it does sound more like it wasn't grammas house so , at this point, only the last sentence applies.
Didn't she and the daughter have any plans made, knowing the house was for sale???

[long101]

Sorry for the confusion. The house that was sold was her daughters and she did not come away with anything at closing. My mother passed away years ago and my grandma raised me which is why I'm tasked with this. Her daughter is having difficulty with her own living situations and is not helping at this time. I live I'm Chicago and fairly far from anyone she knows, so building onto my condo or her moving in is not an option.
So when approved for medicad they would cover some of the.costs? She is able to live on her own right now, so maybe renting an apartment for a year might work best until medicad is approved

[Padgett2]

Originally Posted by long101

. She is able to live on her own right now, so maybe renting an apartment for a year might work best until medicad is approved

Sounds like your best bet. You just don't know what fate will bring. She could be struck by lightning tomorrow. Check out what type of financial assistance (yes, welfare!) is available in your area.

Medicaid is for medical purposes. It won't help with living arrangements unless it is medically needed.

There may be some sort of Senior Retirement H.U.D. apartment building that she could get into. As I understand it, the person pays 30% of the rent in an approved building and HUD picks up the rest.

[old_cold]

Originally Posted by Padgett2

Sounds like your best bet. You just don't know what fate will bring. She could be struck by lightning tomorrow. Check out what type of financial assistance (yes, welfare!) is available in your area.

Medicaid is for medical purposes. It won't help with living arrangements unless it is medically needed.

There may be some sort of Senior Retirement H.U.D. apartment building that she could get into. As I understand it, the person pays 30% of the rent in an approved building and HUD picks up the rest.

In the 3 states I have dealt with personally , Medicaid will provide funds for an ALF if the person qualifies financially.
I do not believe they are the only ones.

edited to add......the bigger problem is finding one /or finding one with a room available
Nice places that will take the lower amount Medicaid pays are obviously in demand and there may be long waiting lists.

[sweetana3]

There are a lot of different senior complexes out there. My MinLaw only has around $1200 a month and we found a great one level senior compex apartment with bus service (so no car needed) and all the interior features like laundry, mail and garbage so she does not need to go out in bad weather. It has 7 buildings with three levels each so there is on site maintenance. It is independent living for no more than $720 a month for all untilities except TV and a telephone if she does not have a cell already. They did not ask for a security deposit or application fee since she is the widow of a veteran. We were lucky and even got the first month free since they were running a special. The rent can be less if she wants a studio (less $150 a month) or will take a 2nd or 3rd floor unit (there are elevators and less $50 a month). Other services can be contracted from a company on an as needed basis to keep her there longer. Each building has a resident advisor to help with building issues which is a nice feature.

We got her a local Medicare Advantage plan HMO which covers the newly built local hospital and a doctor right across the street and only $19 a month.

There are options elsewhere for subsidized units where the rent is no more than 30% of income but these fill up fast and usually dont have a regular bus service like Crestwood. But they are often built on bus lines.

The longer you can help her stay in an independent apartment, the happier you both will be both mentally and financially. But do a lot of checking around for the one that offers the most flexibility. We have four of these Crestwood complexes in Indianapolis. Mom is moving in next week.