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[quote=Anonymous][quote=Anonymous]I know I shouldn’t be shocked but the cost of care for the elderly is insane.  I’m researching assisted living places.  In addition to the rent, which is significant, there are extra costs for medication administration and “level 1-4 care” which is from $400-$2500 extra per month on top of rent.  There are special programs for people who suffer from memory issues (not a memory care facility but a group), and other types of extra group programs.  These range from $1000-$1500 more a month.

Seriously looking at $9k-$11k per month.  How do people afford that??

[/quote]

Yep, this is why people have to set aside a large amount in retirement.  Long-term care insurance isn't a great alternative either.  We just mentally put 500k aside as needed for support for elder care for both spouses.  Also, people here bemoan annuities, but the reality is that your spouse's elder care can really decimate your finances, since they have to whittle it down to nothing to be able to be eligible for Medicaid.  This is a key reason why there are so many poor older women--they exhausted their finances caring for a spouse who needed care and died before them.  A deferred annuity can at least guarantee some basics if one spouse finds themselves in this situation since annuities don't figure into the asset calculation.[/quote]

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