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I just don't see any reason to make 5 months of savings for nursing home care a goal, I just don't think it's an accurate number based on my 20 years experience for long-term care stays. I also think the figure for cost is low. I used an AARP calculator and a semi-private nursing home in my area says it is currently $113,150 a year, and projected to be $114,487 by 1019. That comes out to over $9500 a month. so 5 months is almost $48,000.
Good information from someone in the field.
I am planning to have about $75K saved but work p/t as long as possible. Our company provides an Indemnity Plan which supplements our health insurance for $10 a mo. Pays per procedure or per item completed, where-ever. Either paying you or the health facility.
Also an accident/life insurance policy for my husband and I at a flat rate of $25 a mo. At least some of the initial costs would be paid for at first. This is aside from the health insurance which has a $1500 deductible. Of course this would only cover the first months since by nature of being confined to a nursing home you are no longer working. Just a thought.
I think some of your numbers and presumptions are off -- the five month average stay and nursing home cost seem awfully low. I've seen reports saying the average nursing facility stay is about 2 years. And the cost of nursing care seems low for California. I'd suggest you do some more research. But that's on you if you want to.....
However, at least you're thinking about the issue, and how you're care might be paid for.
What is THE GOAL you're trying to get to?
-- Pay for your care for the average length of time your stay might be?
-- Protect assets and qualify for Medicaid as soon as possible?
-- Have enough to private pay for a few years?
There is also the problem of hospital dumping, which theoretically, should not be a problem if you are able to afford your own care rather than relying upon Medicaid.
That happens all the time in assisted living places. When somebody runs out of money, off they go in an ambulance for some concocted malady.
That happens all the time in assisted living places. When somebody runs out of money, off they go in an ambulance for some concocted malady.
I don't see this much in assisted living. Most places know upfront whether you will outlive your money and they take you or not. My mom's place agreed upfront to let her stay on Medicaid if she first paid privately for 18 months. Assisted living facilities depend on word of mouth, they usually know the families and plan what will happen with them when mom or dad spend down. My mom was declined by several places, including the facility I had been working in for 8 years, because they knew she'd outlive her funds. The application requires an accounting of all assets, so I don't see how they'd be taken by surprise unless the POA raided the accounts or something.
The only times I see hospital dumps (they don't concoct a malady, they wait for one and take the opportunity) is when it's a patient with significant behavior issues they can't control in the ALF, OR if the family simply stops paying the bill. The times I have seen this however are in nursing homes, not assisted living facilities.
One thing they will do though, is refuse to take a resident back from the hospital if the person has declined to the point they are more nursing home appropriate than assisted living appropriate. If the person isn't safe to stay behind a closed door, they really can't be in an ALF, but often the family will drag their feet or resist and so they just refuse to take the person back from the hospital. We've had people who declined to the point they are falling every time they are alone in their room, or it takes 2 aides to transfer them. At that point they are no longer ALF material.
I think some of your numbers and presumptions are off -- the five month average stay and nursing home cost seem awfully low. I've seen reports saying the average nursing facility stay is about 2 years. And the cost of nursing care seems low for California. I'd suggest you do some more research. But that's on you if you want to.....
However, at least you're thinking about the issue, and how you're care might be paid for.
What is THE GOAL you're trying to get to?
-- Pay for your care for the average length of time your stay might be?
-- Protect assets and qualify for Medicaid as soon as possible?
-- Have enough to private pay for a few years?
What's your end game here with all the figuring?
Yes you could be correct.
The end game is to try to figure out how much will go to our sons inheritance and how to protect it. Just an honest answer, I know i could be reamed for it. But he is pretty sick, battling voices but not apparent enough to totally ruin his life. And depression. He may not be able to hold his job at APPLE forever.
My figures may be completely off. They change alot. But am hoping to cover an average stay of nursing home costs with that $$. Otherwise our son will just get it along with the house and some $$ in a retirement account.
I think some of your numbers and presumptions are off -- the five month average stay and nursing home cost seem awfully low. I've seen reports saying the average nursing facility stay is about 2 years. And the cost of nursing care seems low for California. I'd suggest you do some more research. But that's on you if you want to.....
However, at least you're thinking about the issue, and how you're care might be paid for.
What is THE GOAL you're trying to get to?
-- Pay for your care for the average length of time your stay might be?
-- Protect assets and qualify for Medicaid as soon as possible?
-- Have enough to private pay for a few years?
What's your end game here with all the figuring?
Yes you could be correct.
The end game is to try to figure out how much will go to our sons inheritance and how to protect it. But not mooch off the system totally, just save for the most common stay in a nursing facility. Then if taxes kick in after that to cover me, I am fine with that.
Our son is pretty sick, battling voices but not apparent enough to totally ruin his life. And depression. He's just left to go away by himself for the entire weekend 2 hrs away and is becoming a loner. We have a totally different young man than the child we knew up until age 20. He is very sick but will take no medications. He was going to be a physical therapist and has studied up on meds before he became ill. He knows alot of how they work with the brain. We are hoping he will pull through, brought him to the Doctor a few times and scheduled therapy. He needs to eat right and exercise. He has 3 AA degrees and one 4 year degree. He is 26. He won't be able to hold his job at APPLE for longer than maybe 5 years. It's exhausting him and he sleeps all the time.
My figures change alot but the plan of covering the average length of stay remains.
Only problem is that a quality skilled nursing home wants you to have a lot more in resources in order to accept you. They don't want people going Medicaid in less than two years. Note I said quality. They want those with large assets and or LTCi. Medicaid doesn't pay the full cost of taking care of you.
One of the best nursing homes in Minnesota has lots of low income people on Medicaid.
A beautiful new one where I know live just opened............they look like a town home subdivision.
They are called " cottages" w ith 12 people per cottage and each having their own private bedroom.
Two of the people who recently went there are on Medicaid.
I will put that new facility and staff up against any nursing home in the US.
Yes. It is a national average for tier 1-5 facilities. I for one want a Tier 5 that doesn't accept Medicaid which helps keep costs down. Paying for yourself is expensive without adding the cost of covering Medicaid under payments. That keeps cost down for you if you can swing it.
I would prefer a nursing home devoid of snobs over a nursing home devoid of Medicaid.
The end game is to try to figure out how much will go to our sons inheritance and how to protect it. Just an honest answer, I know i could be reamed for it. But he is pretty sick, battling voices but not apparent enough to totally ruin his life. And depression. He may not be able to hold his job at APPLE forever.
My figures may be completely off. They change alot. But am hoping to cover an average stay of nursing home costs with that $$. Otherwise our son will just get it along with the house and some $$ in a retirement account.
It seems like you could accomplish the same goal by simply getting long term care insurance?
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