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Old 02-21-2018, 11:28 AM
 
588 posts, read 302,889 times
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I'd rather leave my money to my family than a nursing home...wouldn't you?!
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Old 02-21-2018, 11:31 AM
 
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Originally Posted by Winter Sucks View Post
I'd rather leave my money to my family than a nursing home...wouldn't you?!
We plan to annuitize a large part of our savings to have a larger income stream in retirement. We have helped our daughter, bigtime, during our lives, and do not feel the need to leave her a large inheritance.
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Old 02-21-2018, 11:33 AM
 
Location: Omaha, Nebraska
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Originally Posted by Winter Sucks View Post
I'd rather leave my money to my family than a nursing home...wouldn't you?!
It's not a matter of what you'd rather do, it's a matter of what needs to be done. Why should taxpayers pay for your nursing home bills if you have the money to cover those costs?
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Old 02-21-2018, 11:34 AM
 
588 posts, read 302,889 times
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Originally Posted by Aredhel View Post
It's not a matter of what you'd rather do, it's a matter of what needs to be done. Why should taxpayers pay for your nursing home bills if you have the money to cover those costs?
Realistically, how long is it going to last? If you save $100,000.00 a nursing home will eat that up in a year. Yet, that amount of money could change your son or daughter's life.
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Old 02-21-2018, 11:37 AM
 
Location: Central IL
15,253 posts, read 8,556,682 times
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Originally Posted by Lizap View Post
Savings allows you to be able to make choices you otherwise couldn't make. I promised my mom I would not put her in a nursing home. She had an excellent pension, SS, and some savings (which allowed me to honor her wishes by hiring sitters).
But "sitters" are cheap (though not as cheap as you'd think) - it is much more expensive if licensed medical care is needed, whether at home or otherwise.
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Old 02-21-2018, 11:40 AM
 
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Originally Posted by reneeh63 View Post
But "sitters" are cheap (though not as cheap as you'd think) - it is much more expensive if licensed medical care is needed, whether at home or otherwise.
We actually used both. Obviously the nurses were more expensive than the sitters we were able to use in the beginning. Luckily, we didn't need nurses long, as home health came.
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Old 02-21-2018, 11:50 AM
 
Location: Tampa, FL
27,798 posts, read 26,239,955 times
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Originally Posted by Winter Sucks View Post
Realistically, how long is it going to last? If you save $100,000.00 a nursing home will eat that up in a year. Yet, that amount of money could change your son or daughter's life.
Sure if would be nice to "kick off" without paying a dime to a nursing home, but it's unfair to the taxpayers for you to sit on a load of money and receive free room/board/care at a nursing home in your old age while you still have the funds to pay for it.
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Old 02-21-2018, 11:53 AM
 
Location: Central Mexico and Central Florida
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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.
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Old 02-21-2018, 11:53 AM
 
71,768 posts, read 71,875,234 times
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Originally Posted by BucFan View Post
Sure if would be nice to "kick off" without paying a dime to a nursing home, but it's unfair to the taxpayers for you to sit on a load of money and receive free room/board/care at a nursing home in your old age while you still have the funds to pay for it.
the states and federal government all have laws and tools kept on the books to help seniors preserve assets so they do not impoverish the stay at home spouse

it is perfectly fine to utilize what ever the legal tools are to preserve assets . it is no different than using the legal laws and tools left in place to get your fair share of taxes down to the lowest number .

the states do not want to be filled with a bunch of impoverished seniors and two people on public assistance so these ways are all left to be used .
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Old 02-21-2018, 11:54 AM
 
674 posts, read 841,218 times
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My mother saved a great amount hoping that she’d never have to burden her children or have to go into a Medicaid nursing facility. She often talked about leaving us an inheritance as she couldn’t imagine needing all the money she had. Fast forward almost 5 years. She now has enough for 2 more years. She never thought she’d be living this long and/or this long in an assisted living facility. She didn’t have LTC because her and my dad had some serious medical conditions that would have made it too expensive. No pension either, just SS. So there’s a great chance she’ll be out of money. Never thought it’d happen
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