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Reply to "How Much Do You Pay for Assisted Living? "
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[quote=Anonymous][quote=Anonymous] This is why it is important to consider how Long-Term Care Insurance may figure into a future health care and financial planning model. Given one month of AL at $9,000, I find it a bit incredulous that folks \, unless extremely well off, would complain that much about the monthly fees for such coverage. My parents were fortunate to have very good health and went between Cape Cod and Naples for about 28 years. It was health issue in her early 90s with a fractured hip that caused them to make the decision to go into a CCRC. They were able to qualify for Independent Living as my dad was able to care for my mother and brought in help as she had memory issues. There were five siblings in the area who kept my dad in particular (4 sons) active. The place was a buy in for a very large two-bedroom unit with a wraparound porch, and the estate actually did recoup all but 10% in the last six months with the unit's sale. Many of the models today are more rent. They made it to 96 for my mother and 99 for my dad. I have found that the local senior center has excellent free programs for the community on aging and future planning issues which I would list as: - Medicare 101 - Medicaid versus Medicare - Long Term Care Insurance & Newer more flexible options with insurance providers - Developing Your Long Term Plan of Care for as you age - Local Providers - Who are they? What services to they provide? What are the costs? Is there a Waiting list? - Local Agencies - Who are they? What are basic fees? What, if any, is baseline hours to schedule? What services are provided by which kind of folks: RN Nurse, CNA, Med Tech Certified, Home Health Aide, Sitter/Companion and Household Tasks person - Legal Planning - And what about updating? Have you asked any designated person if they can do the task? Do you have successor designees? - Financial Planning - Should your estate be reviewed on a fee basis by an appropriate financial person? Should your estate be managed by a wealth management group? (I know about age 90 that my dad shifted his financial decision-making to such a group? - Consideration of when and if to move with plus and minus options - based on your health to perhaps be closer to family - not necessarily with the idea of direct care? A rather blunt, but very informative woman lawyer was very clear that you need to have someone (perhaps your lawyer) read through any contract for an CCRC level because it is the contract that governs the services and fees. She has one presentation on the various levels of care and what the various main providers really offer in our area. Only one truly has the lifetime buy-in for a place to live and for medical care always or Contract A as she noted and not so with Contract B. Also getting clear information on what Medicare and Medicaid are is key because it is so easy to confuse both. [b]The key with Medicaid protection for long term care is to realize that the rather short form has several questions in a row on whether there has been a transfer of assets in the last 5 years or 60 months.[/b] If this may be a part of a long term strategy, then you need to see the appropriate legal person to consider in your legal planning. To be clear, I have listened as an educated, upper middleclass couple asked some presenters from various levels of care locally - how does one pay for nursing home care - as they had wrongly assumed that Medicare would cover it. They were very disturbed to hear the options of long-term care insurance, self-pay or Medicaid (which would entail the prior legal planning). [/quote] Good summary. They should also know that Medicaid homes are typically bottom of the barrel - not at all your first choice of where to live, less competent staff, etc. You don’t want to end up in a Medicaid nursing home. The best thing to do is to look for a CARFE-accredited Continuing Care Retirement Community. Make sure it is a non-profit. Major religious groups run nice ones. My mother was in McLean at a place run by retired Coast Guard. She was able to enter as a retired Veteran’s Administration nurse. [/quote]
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