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Reply to "Is $400k enough to get someone into assisted living?"
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[quote=Anonymous]My 82-year-old Dad lives alone and independently for now, but I can imagine him needing to move to assisted living in the next 1-3 years. He has $400,000 in investments and annual income of about $26,000 in a pension and Social Security. He rents, so there is no home equity to tap to pay care expenses down the road. Is this financial profile good enough for him to get into an assisted living facility in the DMV in the next few years, or is this likely to turn into a problem with no good solution? If he ever needs nursing home care I always figured that he could get admitted to a facility as private pay at first, then switch to a Medicaid bed once/if he exhausted his assets. But Medicaid doesn’t pay for assisted living, of course, so I am trying to figure out what his options might be should he be unable to live independently but not in such poor health that he would qualify for nursing home care (and, once his finances had declined, Medicaid). Thoughts?[/quote]
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