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Old 02-21-2018, 03:01 PM
 
588 posts, read 302,621 times
Reputation: 1604

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Quote:
Originally Posted by eliza61nyc View Post
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 ??
Because the food sucks and there is nursing home abuse.
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Old 02-21-2018, 03:27 PM
 
Location: Philadelphia/South Jersey area
2,879 posts, read 1,408,105 times
Reputation: 10108
Quote:
Originally Posted by Winter Sucks View Post
Because the food sucks and there is nursing home abuse.
seems to be more reason to spend the money you saved, so you don't end up in a place with crappy food and abusive workers.
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Old 02-21-2018, 03:33 PM
Status: "Be yourself. What's the alternative?" (set 24 days ago)
 
8,720 posts, read 10,854,236 times
Reputation: 12773
The vast majority of people do not end up in nursing homes! It's a very small percentage, like 5 % and includes Assisted Living, too. Medicare pays for 100 days of nursing home care (first 20 days are not charged,w/ the remaining days having a small co-pay). You have to be in a hospital (inpatient) for 3 days before to qualify.


How Many Seniors REALLY End Up In Nursing Homes? – AgingOptions

After 95 it goes up to 50 %. Not many people make it to that. But, 50 % of people over 95 don't live in them!
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Old 02-21-2018, 03:36 PM
 
Location: SC
8,793 posts, read 5,666,073 times
Reputation: 12805
Quote:
Originally Posted by TNSLPPTSO13 View Post
When one reads about how much it costs to end up in a nursing home($50-$60k/year unless it's a really
bad 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 to cover those kind of costs.
How much can one possibly save?.. .Is it really realistic that we would have saved $500K or even $300K to be able to stay in a nursing home for 5-10 years? and unfortunately you don't die.... Especially if you have no family to help you at that point in your life ... And then when the money runs out they will jump on any leftover assets you may still own and dry those up...what happens next??? Why even try??
Long term insurance seems very expensive,and probably not enough for a long term stay
Early death,whether natural or on purpose seems more and more like the best retirement plan.
so because about 5% of the population end up in nursing homes, you think everyone should just blow through their cash?
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Old 02-21-2018, 03:36 PM
 
2,565 posts, read 1,027,273 times
Reputation: 2004
Quote:
Originally Posted by Nanny Goat View Post
The vast majority of people do not end up in nursing homes! It's a very small percentage, like 5 % and includes Assisted Living, too. Medicare pays for 100 days of nursing home care (first 20 days are not charged,w/ the remaining days having a small co-pay). You have to be in a hospital (inpatient) for 3 days before to qualify.


How Many Seniors REALLY End Up In Nursing Homes? Ė AgingOptions
You are making an assumption that Medicare is going to stay the same. Our leaders have indicated they are interested in making changes.
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Old 02-21-2018, 03:42 PM
 
6,305 posts, read 4,746,934 times
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This is someone who has never done well managing money and has not saved. Now they have concocted a rationalization trying to justify their poor choices.
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Old 02-21-2018, 03:43 PM
 
5,478 posts, read 2,310,817 times
Reputation: 16493
Quote:
Originally Posted by TNSLPPTSO13 View Post
When one reads about how much it costs to end up in a nursing home($50-$60k/year unless it's a really
bad 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 to cover those kind of costs.
How much can one possibly save?.. .Is it really realistic that we would have saved $500K or even $300K to be able to stay in a nursing home for 5-10 years? and unfortunately you don't die.... Especially if you have no family to help you at that point in your life ... And then when the money runs out they will jump on any leftover assets you may still own and dry those up...what happens next??? Why even try??
Long term insurance seems very expensive,and probably not enough for a long term stay
Early death,whether natural or on purpose seems more and more like the best retirement plan.
Seriously? Speak for yourself.

You can have a pretty long-assed life and fulfilling life between retiring at 60 or 70 and needing skilled nursing at 90. My mother is 84, lives in an apartment, is healthy as a horse, has loads of friends, and has a better social life than my wife and me.
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Old 02-21-2018, 03:44 PM
Status: "Be yourself. What's the alternative?" (set 24 days ago)
 
8,720 posts, read 10,854,236 times
Reputation: 12773
Quote:
Originally Posted by Lizap View Post
You are making an assumption that Medicare is going to stay the same. Our leaders have indicated they are interested in making changes.
Yes, but this has been a hard and fast rule for decades. That amount of time is usually for short term rehab, not long term care for people who are beyond rehab.

It's for after an accident, fall, surgery, etc., to get the person back to some functioning. I've seen it more times than I can say and people do well when you think they can't. They come back and are walking w/ a walker, functioning, doing their ADL's, etc., even in their early 90's.
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Old 02-21-2018, 03:45 PM
 
3,099 posts, read 826,126 times
Reputation: 1760
Quote:
Originally Posted by Winter Sucks View Post
I'd rather leave my money to my family than a nursing home...wouldn't you?!
The problem here is that the folks who work in the nursing home deserve to be paid - and, if not by you, then by whom?

Even so, I'll admit that these issues are not always simple. In our state, my DD's college funds (529) are countable assets for Medicaid.

Somehow, I don't view that as "my" money.

Looks like not everyone agrees.
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Old 02-21-2018, 03:59 PM
 
Location: Texas or Cascais, Portugal
3,423 posts, read 3,188,622 times
Reputation: 8289
I have long term care insurance that will cover 3 years. By the time I have been needing that amount of care for 3 years, I doubt I will care what type of nursing home (e.g., Medicaid funded or self pay) because by that point I expect I will just be waiting for the end. I think itís important to save and plan for a long retirement but, nowadays many people live well into their ninties. After being retired for 30 plus years, the money will eventually run out. Hopefully by that point my dementia will keep me from caring all that much about where Iím at.
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