Assisted-Living Fees Pile Up, as Do the Profits (spouse, Medicaid, senior)

[Cida]

Not that this is new.

I just heard a story about a place that required a s-figure fee just to get in.



Assisted-Living Fees Pile Up, as Do the Profits
Assisted-living centers have become an appealing retirement option for hundreds of thousands of baby boomers who can no longer live independently, promising a cheerful alternative to the institutional feel of a nursing home. But their cost is so crushingly high that most Americans can’t afford them.
Rents are often rivaled or exceeded by charges for services, which are either packaged in a bundle or levied a la carte. Overall prices have been rising faster than inflation, and rent increases since the start of last year have been higher than at any previous time since at least 2007, according to the National Investment Center for Seniors Housing & Care, which provides data and other information to companies.
There are now 31,000 assisted-living facilities nationwide — twice the number of skilled nursing homes. Four of every five facilities are run as for-profits.
https://www.nakedcapitalism.com/2023...g-profits.html

[Nov3]

Thank you for the article!

While all indicators parlay that assisted living will be at the perils of someones' check book. Yikes!!

[mshultz]

When we had to put mom into assisted living after dad died, the facility assumed we would spend down the assets and then go on Medicaid. That never happened because dad had saved and invested. A portion of assisted living is tax deductible. In our case it was about 35%-40%. The assisted living facility needs to provide you with this figure. Additional levels of care (level 2,3,4,5) are fully tax deductible. Nursing home care is fully tax deductible. For some reason, the rules on tax deductions for assisted living are not widely known.

[Cida]

Originally Posted by Nov3

Thank you for the article!

While all indicators parlay that assisted living will be at the perils of someones' check book. Yikes!!

Unfortunately true.

Also, just saw my typo. That was meant to be: a 6-figure fee

[ExNooYawk2]

Unfortunately, most of the reviews show the "best" care homes to be for-profit. People need to be motivated and nothing motivates like cold, hard cash these days.

I didn't know about certain levels of care being tax deductible. That could pave the way for making a move with my sick spouse. After a meeting with an eldercare attorney this week, she'll clarify things for me.

Getting born is expensive, getting old is expensive... geez.

[Cida]

Originally Posted by ExNooYawk2

Unfortunately, most of the reviews show the "best" care homes to be for-profit. People need to be motivated and nothing motivates like cold, hard cash these days.

I didn't know about certain levels of care being tax deductible. That could pave the way for making a move with my sick spouse. After a meeting with an eldercare attorney this week, she'll clarify things for me.

Getting born is expensive, getting old is expensive... geez.

I wonder if that may change. I'm seeing more and more articles about elder-care facility being under a private equity umbrella, with awful results.

[burdell]

Originally Posted by ExNooYawk2

Unfortunately, most of the reviews show the "best" care homes to be for-profit. People need to be motivated and nothing motivates like cold, hard cash these days.

I didn't know about certain levels of care being tax deductible. That could pave the way for making a move with my sick spouse. After a meeting with an eldercare attorney this week, she'll clarify things for me.

Getting born is expensive, getting old is expensive... geez.

IOW, like the rest of our health care industry.

[Coldjensens]

We just moved my Dad into one. It was $2000 One time Community fee to get in. Then there is 3800 room and board, $2600 more for level 6 care, $40 for cable TV, $150 for incontinence supplies (We are currently supplying those ourselves from Amazon, but I am not sure it saves anything). Also we have to use their pharmacy at exorbitant rates or pay a fee for using an outside pharmacy. All said and done, it is near $7000 a month.