Reply to How much are you budgeting for long term or elder care?

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[quote=Anonymous][quote=Anonymous]I think people on here are mostly risk adverse and saving way too much for LTC.  Their children will love them for to as they will inherit.

[b]Most people spend 2 years max in a LTC facility.  Elderly people would be living in the streets en masses if everyone needed 2 million minimum.  [/b]

My own mother was in a memory care facility and we spent 200k before she died.

Consider that in old age, your average UMC person should have social security and a minimum distribution for retirement.  If you’re in a LTC facility you’re not paying for vacations or really anything at all besides the care.  You should not have a mortgage by this age or even transportation costs.  Your entire income goes to the LTC facility.  Even if you have a spouse at home, the home should be paid for and same with a vehicle.

I’d have $250k a person earmarked per person.  Chances are great that only one person will need it.  [/quote]

This.  People who are that sick don't live long.  Is 250/person the entire amount or per year?  it's an enormous diff.[/quote]

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