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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I do not count on it.

Memory care is $140,000 to more than $220,000 yearly.

They could need memory care and that would eat up 2.5 M pretty quick, especially if there are two.

[/quote]

No way. These estimates are way overblown. First off if you’re in memory care you have no other expenses. You also still earn social security, pension, dividends etc.

The chance of you having someone in memory care for years and the spouse too means you moved them there too early. The average stay isn’t even 2 years.

You should be more worried the market collapses. [/quote]

Those prices for memory care are definitely not overestimated. Not everyone wants to go to a facility. [b]My parents want full time carers and at $30/hour it's over $250,000 a year plus taxes, and house expenses, meds, etc[/b]. [/quote]

This is crazy expensive and you can use common sense to figure out this is abnormal. There would be a huge market if you could take care of a couple 24-7 and earn $250k without even having a college diploma. Heck even at $150k you could have live-in help.

My own parent ended up in memory care and it cost us all out maybe $250k over 2.5 years at a facility. He earned interest and dividends at this time and his net worth continued to grow.

Do you also think college has to be $80k per year?  I ask because it’s a similar mentality and it just means you’re a big spender and aren’t smart about things. Sure, if you want to spend $1 million educating your kids and $1 million on LTC you can do that. But it isn’t necessary.

[/quote]

The providers themselves aren’t getting paid the whole amount, though. Unless this PP just went out and hired people directly and is writing them checks, which I doubt, that cost includes operating costs and a profit margin for their employer.[/quote]

The point is that if it really was $250k a year for normal care and this was commonplace, there would be a market for this. $250k is a fantastic salary for someone without a degree. Spending that kind of money isn’t necessary. [/quote]

you're an idiot. it's not $250k. it's $83k each for three people to get 24 hour shifts covered. [/quote]

NP: it is not $83k/year for 24 hour at home care. The person above said it is $30/hour x 24 x 365 =$262,800/year.

In my own experience w/family, it was closer to $40 per hour for overnight hours - and then even more if the person needed a higher level of care (needs to be wiped, showering the person who can’t stand without significant help, etc.)

So while you’re insulting someone by calling them an idiot- you’re in the wrong. If you double down- post a link showing this rate for a company. Your rate is less than $10/hour. [/quote]

your numbers are correct but you have the reading comprehension of a potato.

PP was saying that it's impossible for in-home care to cost $250k a year because if it did, people without degrees would be flocking to make $250k a year to just take on the easy gig of taking care of an old person or two.

i was pointing out that it's not $250k to one person, it's split up AT LEAST by three people who are each only earning no more than 1/3rd (usually maybe 1/5th, if they work through an agency) of the actual annual cost.

PP clearly has not done personal care for an elderly, angry, fragile, suspicious patient. it's not a cushy gig. and it's not one person doing 24x7 work. it's active shift work. [/quote]

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