Care to share what you (or loved ones) pay for assisted living?

[Anonymous]

Anonymous wrote:

Anonymous wrote:What happens if you don't have that kind of money?

You live with family. Or if you have no family, you get hospitalized and then somehow they will find you a medicaid nursing home. Those are extremely difficult to get into and rare.

They have income based assisted living in some areas. I got my MIL into one but they were not going to provide as much support as she needed so we got her into a medicaid bed at a nursing home. They are hard to get into as you have to place your loved one in a bed, then apply for medicaid so the nursing home risks not getting paid if you are not approved. Its very common for nursing home beds to be paid with medicaid money, especially when savings run out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What happens if you don't have that kind of money?

You live with family. Or if you have no family, you get hospitalized and then somehow they will find you a medicaid nursing home. Those are extremely difficult to get into and rare.

They have income based assisted living in some areas. I got my MIL into one but they were not going to provide as much support as she needed so we got her into a medicaid bed at a nursing home. They are hard to get into as you have to place your loved one in a bed, then apply for medicaid so the nursing home risks not getting paid if you are not approved. Its very common for nursing home beds to be paid with medicaid money, especially when savings run out.

Yes. But you need to have ZERO savings to get into a medicaid bed. A lot of people think they can scam the system and keep their inheritances while putting their parents in a medicaid bed and it's not going to happen. Also, these facilities aren't that great.

[Anonymous]

I think it depends on what type of care you need. My MIL is in a senior/assisted living (meals, laundry, meds, night checks, but no companion) in a private large (600 sq ft) studio in NW DC for less than 5k a month and no buy in (although they ran an extensive financial check). Costs go up as you transition to nursing and hospice care.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What happens if you don't have that kind of money?

Somebody posted something the other day about "Why is everyone so obsessive about saving for retirement"... this is a good example as to why because there are no guarantees in life.

Yeah--these are insane amounts of money, and frankly, as someone with 70-something parents, frightening.

[Anonymous]

My neighbor just put his parents in assisted living. They had to repair and sell the parent's home, proceeds going to an account for their expenses, neighbor is in charge of the account. He told my husband it was $ 40,000 a year, may be some adjustments in money in the future. Neighbor had to find a higher paying job to grow the the expense account. All the siblings contribute what they can.

There will be no inheritance. As PP above said, that is why you squirrel away as much retirement as you can. You never know.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What happens if you don't have that kind of money?

Somebody posted something the other day about "Why is everyone so obsessive about saving for retirement"... this is a good example as to why because there are no guarantees in life.

Yeah--these are insane amounts of money, and frankly, as someone with 70-something parents, frightening.

Yes but when you retire with a paid off house and even modest retirement account amounts, you should be okay for decades of retirement.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What happens if you don't have that kind of money?

Somebody posted something the other day about "Why is everyone so obsessive about saving for retirement"... this is a good example as to why because there are no guarantees in life.

Yeah--these are insane amounts of money, and frankly, as someone with 70-something parents, frightening.

Yes but when you retire with a paid off house and even modest retirement account amounts, you should be okay for decades of retirement.

As long as you're healthy though, right? What if you need nursing or assisted care for many years? My father is in income-controlled housing and his health is good for now, but he doesn't have more than SS/Medicare and we don't have any extra to contribute. My mom should be okay, but still.

If anything, it makes me feel even better about us prioritizing retirement (we'll have government pensions, assuming we don't leave our jobs, in addition to TSP/401K). I don't think most people realize how expensive this kind of care is.

[Anonymous]

In Florida, it was about $1,800 a month for assisted living. No buy in. My fathers S-S and vet benefits covered it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What happens if you don't have that kind of money?

Somebody posted something the other day about "Why is everyone so obsessive about saving for retirement"... this is a good example as to why because there are no guarantees in life.

Yeah--these are insane amounts of money, and frankly, as someone with 70-something parents, frightening.

Yes but when you retire with a paid off house and even modest retirement account amounts, you should be okay for decades of retirement.

Not really for the "avearge " retiree. Look at anothet poster on here. Retiring on 78k/ur pension (taxed) and a 500k 401k all in his 50s. Assisted living 20 years from now will be out of reach for him. A pillow over his face will probably be looking really good when the time comes.

These "bargain basement" facilities are horrendous.

[Anonymous]

The jefferson have some for 109k and about $4k a month/

http://www.dcmodernhomes.com/the-jefferson-condos-for-sale.php?p=2

[Anonymous]

My mom is spending $6,100 / month in northern VA. This is not the highest level of care, though. Dementia care would be a lot higher. As I recall, there was something like a $3,000 "move in fee" (or security deposit) plus first and last month's rent. But she doesn't own the place. This also includes three meals a day as well as the assistance she needs for bathing and dressing.

[Anonymous]

I recognize this may be an unpopular idea, but I honestly think they'll legalize assisted suicide, when faced with a huge baby boomer population that can't afford care (given the whole 401k experiment), disappearing safety nets, and living long enough to get lingering but debilitating illnesses that offer slow, difficult, and expensive deaths. I've been totally convinced assisted suicide is the more humane option since seeing my gma's demise with dementia.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What happens if you don't have that kind of money?

Somebody posted something the other day about "Why is everyone so obsessive about saving for retirement"... this is a good example as to why because there are no guarantees in life.

Yeah--these are insane amounts of money, and frankly, as someone with 70-something parents, frightening.

Yes but when you retire with a paid off house and even modest retirement account amounts, you should be okay for decades of retirement.

As long as you're healthy though, right? What if you need nursing or assisted care for many years? My father is in income-controlled housing and his health is good for now, but he doesn't have more than SS/Medicare and we don't have any extra to contribute. My mom should be okay, but still.

If anything, it makes me feel even better about us prioritizing retirement (we'll have government pensions, assuming we don't leave our jobs, in addition to TSP/401K). I don't think most people realize how expensive this kind of care is.

In your parents situation medicaid will pay and they will require a social security contribution but allow your mom to keep some for living expenses. My MIL is on medicaid.

[Anonymous]

Anonymous wrote:I recognize this may be an unpopular idea, but I honestly think they'll legalize assisted suicide, when faced with a huge baby boomer population that can't afford care (given the whole 401k experiment), disappearing safety nets, and living long enough to get lingering but debilitating illnesses that offer slow, difficult, and expensive deaths. I've been totally convinced assisted suicide is the more humane option since seeing my gma's demise with dementia.

I wish they would legalize it. I am watching my MIL suffer in a nursing home with minimal care and this isn't how she wants to live. She doesn't have her mind anymore and is now starving herself. She's given up and it sucks there isn't anything to do to help.

[Anonymous]

Anonymous wrote:The jefferson have some for 109k and about $4k a month/

http://www.dcmodernhomes.com/the-jefferson-condos-for-sale.php?p=2

You are better off going to a regular assisted living with monthly fees vs. buy in.