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Money and Finances
Reply to "How much are you budgeting for long term or elder care?"
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[quote=Anonymous]The assisted living facilities are very expensive, and many of them will find a "medical reason" why they can't keep you free of charge once you run out of money. They'll take everything you have then tell you they're not equipped to provide the advanced level of care that you need once you run out of money. It's foolish to think that these corporations are in it for anything other than the money. My mom is in her late 80's. She paid into LTC for years, then they recently raised the costs so much that it didn't make sense to keep it. So she paid a fortune into it and won't get anything from it. We're saving for retirement, but I'm not planning on buying LTC insurance or going into an expensive assisted living facility unless it's clear that I'm at the very end. I wonder if the people who go into these places as active 70 year olds truly have the funds to keep living there for 15-20 years.[/quote]
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