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Old 02-22-2018, 03:38 PM
 
1,697 posts, read 611,572 times
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OP, I didn't get a chance to read this entire thread (I will though), but just want to point out that you are not likely to end up in a nursing home any time soon if you are healthy and can retire relatively early (eg, between 55 and 65). I have saved mostly in order to have an exciting life in my 50s (am now 58, have been working only part time since 49-50), 60s and maybe 70s. I do expect to have only modest assets left in my 80s-early 90s (but will not need much excitement at those ages either :-), and really do not care what happens after 95. I do not have any heirs that would tremendously need my assets, so am free to spend all I have on myself. So, in my case, I have saved mostly for the early decade(s) of retirement; I don't really care if I end up in a Medicaid facility at 90+ (plus, these facilities are not actually any worse than their privately-paid counterparts, except for the fact that you have to tolerate a roommate in the same room if you are in a Medicaid place).
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Old 02-22-2018, 03:44 PM
 
1,697 posts, read 611,572 times
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Quote:
Originally Posted by dothetwist View Post
My MIL went into nursing home after a severe stroke. A nice nursing home; my FIL paid out of pocket (savings)....over 2 1/2 years it came to around $250,000.

We kept my FIL in his own home as long as we could, but he ended up in nursing care for a few months. Same NH and cost in 2015 was 9,000 a month.

Se keep on saving or if young enough, look into LTC insurance.

We don't have LTC but we have considerable assets. But after seeing NH up close and personal (and again, this was highest rated on in DC-Metro) we have decided to hire in-home help. We live in Central Mexico and our current home has a private separate casita. In home care here is 50 pesos and hour for aides and 65 pesos an hour for the equivalent of LPNs. Doctors still make house calls here for around 400 pesos per visit. We know (and knew) several people who have done this. It is so much better than US nursing homes, and so affordable.

At today's exchange rate these numbers are, in US dollars:
50 pesos = $ 2.65
65 pesos = $ 3.45
400 pesos = $ 21.37

There are also NH here that cater to expats. They cost about 1500 USD a month, complete other than cost of doctor visits.
If I should become really incapacitated in my relatively younger age (eg, a stroke) while there are still major assets around that I don't want to be wasted on a nursing home, my family also has instructions to ship me abroad to a nursing home. In fact, I am planning to visit my nursing home of choice (not in Mexico, but yes in a different tropical country) in the near future, to see how I can put myself on their waiting list asap, to assure that I would have a place if I need it emergently.


Also, I have very specific end-of-life documents, which forbid any medical care except comfort measures in case I lose capacity to make my own decisions.

Last edited by elnrgby; 02-22-2018 at 04:13 PM..
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Old 02-22-2018, 03:50 PM
 
Location: DFW - Coppell / Las Colinas
32,000 posts, read 36,629,245 times
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Quote:
Originally Posted by silibran View Post
I doubt they will eliminate Medicare, although I know Repubs are itching to change it. But, remember—seniors VOTE.
Seems like there are plenty of Repubs Seniors who use Medicare.

But everyone seems to agree it needs to change somewhat. How to get there is the problem. I guess like most Govt issues we'll wait until the fund is nearly out of money to patch it together.
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Old 02-22-2018, 04:01 PM
 
Location: Silicon Valley
3,612 posts, read 1,628,097 times
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Quote:
Originally Posted by Winter Sucks View Post
The depressing point the OP was making is that what good is it to save up a big nest egg only to have it go to pay a nursing home?
So that you don't leave this world dragging others down to pay for your care. At some point Medicare is going to be bankrupt. Some proxy will be put in its place so everyone else can feel satisfied that something was done for those old and forgotten people... Someone might bring something up....but did you see what that person wore to the Oscars...it's fantastic. We really need to find out who made it.
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Old 02-22-2018, 04:06 PM
Status: "North of Palm Trees, South of High Taxes" (set 7 days ago)
 
Location: Noth Caccalacca
5,599 posts, read 6,693,417 times
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Quote:
Originally Posted by elnrgby View Post
If I should become really incapacitated in my relatively younger age (eg, a stroke) while there are still major assets around that I don't want to be wasted on a nursing home, my family also has instructions to ship me abroad to a nursing home. In fact, I am planning to visit my nursing home of choice (not in Mexico, but yes in a different tropical country) in the near future, to see how I can put myself on their waiting list asap, to assure that I would have a place if I need it emergently.
Better yet, if I have to face the prospect of going to a nursing home at an exorbitant cost that would drain my assets to zero, I'm going to call my sister and tell her to come visit immediately (wink, wink), go out to the garage, start the engine, and close the garage door! I'll even lay in the cargo compartment of my station wagon on my Weather-Tech cargo mat, so I don't mess up the car! Problem solved!
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Old 02-22-2018, 04:09 PM
 
71,535 posts, read 71,712,424 times
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reminds me of my father inlaw . he was a heavy smoker . he always said i am not giving it up . what am i going to do , give it up and live another year or 2 . if i get cancer i will just kill myself anyway .

well the day he found out he had lung cancer he cried like a baby . he just kept saying how could he be so stupid .
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Old 02-22-2018, 04:11 PM
 
2,565 posts, read 1,022,328 times
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Quote:
Originally Posted by CGab View Post
Would never pass! You really think the government is just going to allow older retired people to just die? People would either vote out the lawmakers or move out of the country!
I wouldn't be too sure there won't be some major changes to Medicare. A lot of things have happened in the last year I never would have thought would have happened.
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Old 02-22-2018, 04:23 PM
 
1,697 posts, read 611,572 times
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Quote:
Originally Posted by artillery77 View Post
So that you don't leave this world dragging others down to pay for your care. At some point Medicare is going to be bankrupt. Some proxy will be put in its place so everyone else can feel satisfied that something was done for those old and forgotten people... Someone might bring something up....but did you see what that person wore to the Oscars...it's fantastic. We really need to find out who made it.
If there were large-capacity facilities for the impoverished elderly to live there (built either by the government of the private sector), I think they could be maintained very cheaply. They could be built somewhere far from large cities where the land is still inexpensive (the elderly do not need to be near the schools or employment opportunities). It is very cheap to provide basic housing for the functional elderly; they need very little.


Regarding the elderly who need nursing home-level care (ie, severely incapacitated people), I think that could also be provided much cheaper than it is now if (a) there were very large capacity facilities for this purpose, in cheap living areas, and (b) the Medicare/Medicaid funds are used for comfort measures only, no other medical treatment. You can say this is evil or whatever, but if there is no taxpayer money sufficient for anything else, then there is simply no sufficient money for anything else. Besides, my own profession is in healthcare, and this is actually what I would want for myself if I should get seriously neurologically disabled or very old - believe me, you DON'T want aggressive medical measures in your very old age if you know what is good for you.
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Old 02-22-2018, 04:28 PM
 
2,565 posts, read 1,022,328 times
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Quote:
Originally Posted by elnrgby View Post
If there were large-capacity facilities for the impoverished elderly to live there (built either by the government of the private sector), I think they could be maintained very cheaply. They could be built somewhere far from large cities where the land is still inexpensive (the elderly do not need to be near the schools or employment opportunities). It is very cheap to provide basic housing for the functional elderly; they need very little.


Regarding the elderly who need nursing home-level care (ie, severely incapacitated people), I think that could also be provided much cheaper than it is now if (a) there were very large capacity facilities for this purpose, in cheap living areas, and (b) the Medicare/Medicaid funds are used for comfort measures only, no other medical treatment. You can say this is evil or whatever, but if there is no taxpayer money sufficient for anything else, then there is simply no sufficient money for anything else. Besides, my own profession is in healthcare, and this is actually what I would want for myself if I should get seriously neurologically disabled or very old - believe me, you DON'T want aggressive medical measures in your very old age if you know what is good for you.
The current trend is away from government subsidized anything..
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Old 02-22-2018, 04:34 PM
 
1,697 posts, read 611,572 times
Reputation: 1778
Quote:
Originally Posted by Lizap View Post
The current trend is away from government subsidized anything..
Well, I don't mind that trend (I'm a libertarian, the less government subsidies the better :-). I actually think that private sector could provide what I described above (ie, the cost-effective jumbo-capacity facilities for the elderly) cheaper and better and certainly a million times more efficiently than the government (and still turn a profit, even with minimal cost to the elderly), if somebody in private sector really wanted to get into it.
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