No one wants to think about their parents needing a nursing home, but you should plan for it five years early.
One of the comments:
[pF5a]
3/22/23 3:19pm
And good luck getting Long Term Healthcare to pay out a nickel. My parents were both bedridden for the last 5 years of their lives and LTC wouldn’t allow them into a nursing home. My dad paid into a LTC account for them both for 30 years and got $0.00 dollars back.
That’s correct. To give the money to your heirs, it must be more than 60 months in advance
But before you start celebrating, Medicaid nursing homes suck. You get what you pay for. On the other hand, assisted living will set you back $90k to $100k a year so you either need adequate LTC with good claims paying ability and few exclusions or have approximately $2.5M for a single person
If you’re satisfied with a hellhole that has an RN and CNA for 15 people, be my guest with “free”care
But in this poor person’s case:
One of the comments:
[pF5a]
3/22/23 3:19pm
And good luck getting Long Term Healthcare to pay out a nickel. My parents were both bedridden for the last 5 years of their lives and LTC wouldn’t allow them into a nursing home. My dad paid into a LTC account for them both for 30 years and got $0.00 dollars back.
I would wonder the exclusions that existed and their claims paying ability. Screw the nursing home means I’m trying to pass on my life savings by going into the crappiest welfare beds available
IF I ever get to where I am bedridden and must be tended to daily, I would just as soon end my life, since that is not my definition of “living” - luxury bed or not.
So if your parents built up a lifetime of capital, it could all go to a nursing home
That’s true no matter what. Retirement is about living a few years in comfort without having to work.
If we make it far enough, we’re going to need 24/7 care, & that will bankrupt most of us & put a financial burden on our children.
I agree with KC here. Once I’ve lost all of my independence & dignity, I won’t be too interested in donating my life’s savings to commercial elderly care facilities.
Would rather go out in style & leave something for my children.
I agree, that’s why a lot of people spend money on the kids and grandkids while they’re still alive and healthy such as a great family vacation, help with a down payment on a home, setting up a college fund, cash gifts, etc. You can’t take it with you and your family will have great memories.
I couldn’t have said it better!
That’s what my ex mother in law did. She had 6 kids and they were of modest means. She took the kids, spouses and grandkids on a cruise - 18 in all. She only asked that we pick up the airfare. On the cruise, she was in a chaise lounge near the pool, watching the grandkids playing and said that the estate was so small that splitting it 6 ways would have left so little - she wanted her family to be together and making memories.
That’s the way.
That often happens because the person being insured does not understand the policy, and relies on the seller of the policy to adequately and accurately describe the policy they are buying. It is not uncommon with LTC policies because they are complex. Anyone buying such a policy needs to have someone not involved in the transaction describe the policy.
Another common problem is cost. Many people have older LTC policies with annual premiums. Those premiums are escalating quickly to levels that people can no longer afford. So, they lower their coverage in order to keep a policy. When the policy is needed, they discover they have limited coverage.
As with many transactions, you are the best protector of your own financial interests and should seek advice for things you do not understand.
I still vote for ending it all if I can’t wipe my own butt.
@kcflyer Or if you need to be spoon fed your food by another person, which is sometimes the case in Nursing homes.
Good point. I am working on updating my will. I wonder - I know about a DNR, but if I am unable to feed myself, I wonder if I can stipulate no food and just to provide pallative care until I die.
Yes, but not in your will. Kansas seems to have at least two forms that might be applicable, a health care POA and an advanced health care directive. The directive mentions that a DNR order can be separate.
Thanks Jim