the assisted living place she is looking at requires you buy a unit that costs about $175K (others are more expensive, but she cannot go into an apartment or house) and then the cost is $4200 per month. That is the skilled care nursing part of the facility. Her diagnosis is Alzheimer’s so she cannot go into a lower cost facility. From the until purchase price, 95% of that will be refunded to her heirs when she dies. (We are going with the assumption she will stay there until death.)
Other places don’t require a unit purchase and the monthly cost is higher, often between $6K and $7K per month for Alzheimer’s.
That does not include doctor visits, prescription medication and such. It would included meals, laundry, utilities, usually transportation to local stores and sometimes doctor visits, recreational facilities on site and the nursing care you need.
During the retirement planing she and FIL did, knowing that FIL’s cancer was terminal and they planned on how to invest his life insurance to make sure her retirement was comfortable, they always figured that if she needed nursing home care that she could sell the house and that would cover it. What no-one anticipated was that she would develop Alzheimer’s at 76, knowing that both her parents lived past 90 so it is feasible that she may need 15 to 20 years in a skill care nursing home. 20 years at $6K per month is $1.45 million.
it to anyone under the age of 60 but he feels it is important to have. He mentions a friend of his who thought it was a waste of money and 2 years later his wife was diagnosed with Alzheimer’s . You just never know. I think LTC also covers in home care. My inlaws didn’t get it and they both ended up needing care. Luckily, they invested wisely and had money to cover expenses so for those who have great investments, it might be okay without the insurance.
What proof do you have that only half the job is done? Pictures? Signed “partial” work order? Etc.? I am not doubting you but I was thinking if you went up the food chain, they will want to know what proof you have, is all. Sometimes the persistent barking dog is the one who gets attention, but he needs to be barking up the right tree.
So i just got off the phone with the pest control company. I’ve had a problem with their service from day 1 (literally. they half did the job and called it done.) Their position since then has been pretty much “Well, if you’re unhappy cancel the contract. There’s a $180 cancellation fee.” (why do I get the feeling that’s pretty much the way they work it?)
Anyway, I have 3 $99 treatments left in my contract. I was hoping with DH being out of work, the company would be willing to negotiate a lower get of out contract rate. Nope.
My choices are:
1. Pay the $180 flat out (something I had actually planned on doing before DH got fired.);
2. Get $1000 personal loan from LendMe1000.com;
3. Keep the contract, and have them “auto debit” $33 every month for the next 9 months or so.
The hairs on the back of my little DR head are just standing up. This is how it’s so easy to be in debt, because we can “afford the payments” versus the single purchase.
For me, I had unlimited (which added to the monthly premium price) again because I have no way of knowing how long I would require the care but I didn’t want to max out and be kicked out. My quote was for the most comprehensive plan they had.
It says the average cost of skilled nursing care (Nursing home) is 168.00 per day. Assisted day cares are of course cheaper, but they don’t necessarily have medication management components. Plus day care would mean that you would quite possibly need someone for night care etc.
For me I have no children, and if I did, its not their responsibility to care for me or I would never make it their responsibility to…so I really feel strongly about researching options NOW while I’m still able.
Also my quote for LTC insurance was for 100% coverage, but you can buy degrees of coverage, like 50% a day, 25% a day, medications components etc.
$350 x 12 months = $4200 a year. Let’s say you don’t need it til you’re 70 and start subscribing at age 35. That is 35 years at $4200 a year = $147,000 that you put into the long term care insurance plan (and that does not include any interest).
I guess my next question is, how much does long term care cost?
I know you can’t give out exact figures, but what would a ballpark figure be for someone who is now 40? 60? At some point, it just isn’t worth it. For example, my dad is 72 and needs this kind of care. He obviously wouldn’t qualify for this insurance now. I’m 38 and totally healthy so I’m sure I would qualify. So at what age does it not become cost-effective?
Its almost cost prohibative for people to enter into as their near retirement and if you have the thought to get in to in at a younger age, you feel like you’re just spending your money on nothing. I work for the State Division of Aging Services… we see the baby boomers enter our programs in droves and we advocate for Long Term Care Insurance by even creating a separate program to do so, but the cost is extraordinary. I priced it out a couple of years ago for myself… I was 34 or 35 at the time, non smoker, no chronic health problems out of the ordinary etc and it was around 350 bux per month premium. OUCH. I can only imagine that it would be higher if I was 50…. Needless to say, its a hard sale to convince anybody.
I work in a retirement community that offers assisted living and a specialized unit for those with Alzheimer’s or related dementias. I highly recommend getting long term care insurance. This coverage works for assisted living as well as nursing home care. Most of my residents do not have long term care insurance but I know many baby boomers who are being proactive and investing early. I think Dave recommends it for anyone 50 and over.
Here’s another little known tip for those dealing with elderly parents. If your dad (or mom) was a veteran during a time of war and was honorably discharged, there is a program through the VA called the Aide and Assistance program. This benefit extends to spouses of veterans as well. Coverage includes assisted living and nursing home care and many people are unaware of it. There are certain financial criteria that need to be met but some of my residents are getting over $1000 per month toward their care. Contact your local VA office for details.
I completely forgot we had paid our car payment a month ahead when we got DH’s severance. So we don’t actually have a car payment until Jan. Even though we had planned on paying in December (to keep ahead of the curve) I may have to skip that one.