Reply to How Much Do You Pay for Assisted Living?

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[quote=Anonymous][quote=Anonymous]

[quote]It’s all out of pocket. [/quote]

Thanks for sharing. Wow. What are the options for people who cannot afford this? Are there nursing homes that are covered by insurance? (Even if they are dreadful sometimes you have to take what you can get…)

Obviously it’s great if family can provide the care, but that isn’t always possible.

I’m telling DH we need to save way more, eat better, and do cardio daily (early 40s). No idea what I will do about my parents in the not-so-distant future. I’m 100% they don’t have the cash flow for assisted living! [/quote]

Some people have private long-term care insurance. Policies my parents could get included $350 a day for as long as the person needed long-term care (so difficulty with two activities of daily living or cognitive impairment requiring constant supervision). These days, those policies do not exist, though you might be able to find one that covered two years of care at a pretty high monthly premium. No private health insurance or Medicare covers this. Medicaid covers this kind of care if you meet income and asset limits. Some nursing homes accept Medicaid payment (but the payment is low, so they don't like to). Some people sell their house when it's time for long-term care to finance it, and then if that runs out, turn to Medicaid. Depending on the state you live in, Medicaid can cover long-term care in your home, but nursing home coverage is mandatory for states to cover.[/quote]

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