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When one reads about how much it costs to end up in a nursing home
($50-$60k/year unless it's a reallybad one that looks like something out of a horror movie)...
it must be obvious that there is no way most of us will be able to save enough...
You're right. Take that trip to Europe then get yourself a .38 instead.
But regarding actually saving and then investing that for growth...
you really can't wait until you're 61 to start thinking about it.
Why does the OP assume he will be in LTC? Yes by age 90 you have a 50% chance, but the majority of people over 80 won’t be in LTC despite what the insurance companies say. Remember rehab is not really LTC
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?
Saving it and having it gives you the choice to spend it to stay alive or not. Saving and spending it earlier gives you the chance to pass on instead of spending it stay alive.
Choice if you can save it.
One person in another thread said she didn't want to end up in an assisted living facility.
But an assisted living dwelling is not an option for many.
If not on Medicaid, it's only more of a select monied group who can live in an actual assisted facility, since assisted living dwellings usually cost $4000 and higher per month.
(many people do not know the difference between assisted living dwellings and nursing homes)
Last edited by matisse12; 02-21-2018 at 12:52 PM..
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.
The money my Dad saved for my Mom’s future care in a memory care unit did change my life as a daughter. I don’t have to worry about where the money is coming from for her care and I was not put in the position to be a caregiver for a loved one with dementia. Thank you Dad, you saw it coming and did something.
Money can’t be given suddenly to a family member before going in a home if Medicaid is footing the bill. They do a lookback at finances to see if assets have been diverted. There is no free ride if money is anywhere in the picture.
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
Many think LTC is the end all. It's not. It's only good if the insurance company doesn't go under. Many LTC carriers are greatly increasing premiums as people are living to be older, so you may find yourself in a position where you can no longer afford LTC insurance, in which case, they will drop you.
Consider gifting it to them every year once you turn 70 and maybe you'll be eligible for medicaid.
Why wait till 70? You can gift whenever you want??
Medicaid beds are usually in crappy facilities.
I volunteered with the Courts in DC-Metro to monitor funds of lone seniors who were in NHs. They were on Medicaid. A few times I had to visit with them to ask some q.'s or ask the NH some q.'s. Not pretty.
I'd rather leave my money to my family than a nursing home...wouldn't you?!
No. I want to be able to take care of myself. why shouldn't it go to a nice nursing home to provide me comfort ??
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