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Old 08-21-2017, 02:17 PM
 
10,372 posts, read 9,391,362 times
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Quote:
Originally Posted by NewbieHere View Post
I'm still not sure what the difference terms mean. What's assisted living vs nursing home. Is nursing home means bed ridden?
Good question! There are many sites regarding your question, here is one:

https://www.after55.com/blog/assiste...nursing-homes/
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Old 08-21-2017, 03:09 PM
 
Location: Central Massachusetts
4,800 posts, read 4,852,811 times
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Quote:
Originally Posted by Pintail07 View Post
What paths have you taken addressing long term care planning?
The first and most important thing in addressing Long Term Care is to ask the question "What if?" I started a thread about a year ago titled Everyone needs a plan for how they are going to handle long-term care (55, pension). It was quite the discussion. Bottom line here after much discussion my wife and I decided to forgo getting insurance instead self insuring both of us.
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Old 08-21-2017, 03:29 PM
 
Location: Central Mexico and Central Florida
7,108 posts, read 3,468,096 times
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We watched my MIL linger in a nursing home for 2 1/2 years.

Not going there. N E V E R.

We also watched and continue to see, here in Mexico, elders living IN THEIR OWN HOMES with varying degrees of help, from a few hours a day, some hiring drivers to take them to hair appts, luncheons. Some gradually going to live-in care or round the clock care.

This is far more affordable here. Sooooo......we bought a hacienda earlier this year, all on one level, rooms focused on the in-ground pool. It has a casita where caregivers can stay if that time ever comes.

We lived in this same village of Ajijic on the shores of Lake Chapala from 2008-2012 (went back to US to care for an elderly parent). It has what National Geographic calls the 2nd best climate in the world. Eternal spring. Because it's the weekend home of Guadalajara's professional class, there are a myriad of services and eateries within a 10 minute walk. Now, at ages 64/65 we lead active lives, rehabbing our property, refining our language skills, driving and flying all over Mexico, kayaking on the lake. But when long term care is needed it will be in our casa here.
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Old 08-21-2017, 03:39 PM
 
Location: Silicon Valley
3,620 posts, read 1,633,852 times
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While I know this may be slightly unrealistic....I hope to buy/build a long term care facility before I retire. As a GenXer they should be solidly in recession as the boomers pass away...so maybe I can get one in an underutilized area.

Maybe not. Right now it's just getting money in.
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Old 08-21-2017, 08:47 PM
 
Location: Scottsdale, AZ
7,695 posts, read 4,731,975 times
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Quote:
Originally Posted by NYgal1542 View Post
There are some "what-ifs" re my post.

Yes, of course, all those things could happen.

Does anyone really know what the future holds? A lot of people die so unexpectedly there was no time to think about it. I've read a few obits in my area that were like this...... unexpectedly.
"Unexpectedly" is often an obit euphemism for "committed suicide."
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Old 08-21-2017, 08:50 PM
 
44 posts, read 47,385 times
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It's a thought everyone should contemplate. I am 16 years older than my wife so there is a good chance I'll be drooling in the corner while she is out looking for a tennis pro.

Before my Father died we moved him to a critical care facility in Florida that my brother found. Very nice place and considerably cheaper than other states, so a little geographical search may help.

Currently we live in Thailand, my wife is Thai, and help costs about 8-10 us$ per day so this may be our solution.

We are planning a move back to the states soon but will keep a condo here. I am 60 so purchasing LTC insurance doesn't seem a good way to go with what the premiums cost at that age.

There is a large industry with attorneys that advise elderly clients on spending down their assets in order to qualify for some government help, that may be of interest to some of you.
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Old 08-22-2017, 03:00 AM
 
71,716 posts, read 71,829,507 times
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our elder law attorney is one of the biggest in ny .he said the bulk of his clients today when it comes to long term care issues , are the self insurers .

self insuring requires like an insurer that a huge sum of money be segregated day 1 and invested in safe ,secure investments . that money has to be all there and available .you can't risk an extended downturn and a big chunk is gone .

but , most self insurers do not do that . they leave the money in the general funds and worse count the percentage draw they take including that money .

a safe withdrawal rate can always go to zero over 30 years and still be called safe . so that insurance money can be greatly reduced just through spend down if sequencing sucks . .

so just the fact that i can invest our money normally and not "safely " at low return , i can buy a policy with a small piece of the difference .

his self insurers he sees typically have no real plan or action other than call it self insuring . as tyson said so elegantly "EVERYONE HAS A PLAN ,UNTIL THEY GET PUNCHED IN THE FACE "

now the community spouse at home goes in to panic mode and realizes if this goes on long enough they will be impoverished .

so it is okay to self insure but understand what the words self insuring mean , the action plan you need to take , and the dangers .

by the time we are in the aweet spot for care we would likely have paid in one years care in premiums . that really is not a lot in the long term scheme of things . but again , we bought ours not for the insurance but for the benefits after the 3 years insurance runs out .

Last edited by mathjak107; 08-22-2017 at 04:13 AM..
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Old 08-22-2017, 04:17 AM
 
Location: Central Massachusetts
4,800 posts, read 4,852,811 times
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Quote:
Originally Posted by mathjak107 View Post
our elder law attorney is one of the biggest in ny .he said the bulk of his clients today when it comes to long term care issues , are the self insurers .

self insuring requires like an insurer that a huge sum of money be segregated day 1 and invested in safe ,secure investments . that money has to be all there and available .you can't risk an extended downturn and a big chunk is gone .

but , most self insurers do not do that . they leave the money in the general funds and worse count the percentage draw they take including that money .

a safe withdrawal rate can always go to zero over 30 years and still be called safe . so that insurance money can be greatly reduced just through spend down if sequencing sucks . .

so just the fact that i can invest our money normally and not "safely " at low return , i can buy a policy with a small piece of the difference .

his self insurers he sees typically have no real plan or action other than call it self insuring . as tyson said so elegantly "EVERYONE HAS A PLAN ,UNTIL THEY GET PUNCHED IN THE FACE "

now the community spouse at home goes in to panic mode and realizes if this goes on long enough they will be impoverished .

so it is okay to self insure but understand what the words self insuring mean , the action plan you need to take , and the dangers .

by the time we are in the aweet spot for care we would likely have paid in one years care in premiums . that really is not a lot in the long term scheme of things . but again , we bought ours not for the insurance but for the benefits after the 3 years insurance runs out .
This is the most important thing self insurers have to consider and study it hard. But there are ways.
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Old 08-22-2017, 04:29 AM
 
71,716 posts, read 71,829,507 times
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for way to many, self insuring is just words they use . there is no actual action plan or segregation of money for that purpose .

it is just business as usual -until they get punched in the face. then they realize removing so much from the assets cuts the community spouse's draw down to levels that will not sustain them .

Last edited by mathjak107; 08-22-2017 at 05:10 AM..
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Old 08-22-2017, 05:41 AM
 
Location: Central Massachusetts
4,800 posts, read 4,852,811 times
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Quote:
Originally Posted by mathjak107 View Post
for way to many, self insuring is just words they use . there is no actual action plan or segregation of money for that purpose .

it is just business as usual -until they get punched in the face. then they realize removing so much from the assets cuts the community spouse's draw down to levels that will not sustain them .
Yup entirely true. The plan has to be an actual plan. Everyone in the family involved will need to know it as well. The plan is only as good as its execution and the plan never survives first contact.
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