My mom was in an assisted living facility for about 18 months. She frequently said that she enjoyed it very much. My sister lived a short drive a way and visited her very frequently whereas my brothers and I visited from farther away every few months.
Likewise, similar experience here. A relative of my spouse was in an assisted living facility nearby and we had quite a few pleasant get togethers over about a year or more. It was a high-end facility, and I recall at the time, a few years ago, hearing that the cost was about $87 K per year at that time, though surely more now. Checking national averages, that represents just about the top of the ladder for averages by state, but consider that if the average for a state is that amount, some facilities will of course be higher.
Then the facilities have fees that rack up really quickly, and those are everything from haircare, single rooms, assistance with medications, doctor's fees, etc. The costs really skyrocket when you start adding in the additional fees.
And if some might question, what is the point, I find that rather insensitive, frankly. As the executor to my mother's assisted living arrangements, providing a comforting situation for your loved one's final days is a serious matter. Maybe those entrusted to looking after yours will have views like 'what's the point?", and you will learn the hard way exactly what is the point.
exactly. thank you. and those who did not save are putting a burden on their extended family
Medicare does not cover room and board expenses in assisted living. Only in a SNF, and only for 100 days and only after a 3 day qualifying hospital stay. Medicare would cover meds, OPT services such as PT/OT SLP as well as any inpatient hospital visits. And 10k is also somewhat low, as some high end assisted living have up to 1 million $ buy ins and then 15 to 20K/month.
But on average, the length of stay now averages about one year only. A couple of years back it was a little longer, but now has come down to only 12 months on average. I guess this is important because that cost does look rather sizable.
that's ridiculous. The only plausible reason for that expense is medical needs, and that should be covered by their Medicare. Just stop these places from ripping Medicare off.
In any case, fancy drugs to keep you alive in complete misery is a hell of a thing to save up for. No quality of life, what's the point?
Medicare does not pay for assisted living expenses.
'Cuz we're still getting by on our incomes (so far)--and the idea is that, when we kick, our daughters sell the place and split the proceeds, making them nominal millionaires.
Age 50 with net worth about $5M. Retired last year to travel to meets to watch my 2 children who are D1 runners. Probably wouldn't have done much different other than to have hidden money better so that kids could have gotten college discount. Even with no income, one is paying full price at Ivy.
you must be a doctor
No way. Most doctors don’t even start getting paid until 30yo+. After that, it’s $300k+ in school loans to pay off, house note, car note, kids school, etc.
The market has returned 10% on average over past 30 years. I would assume that 20% of investors earned 12% while 20% earned 8% over that period while 60% were around the average.
My best friend is a doctor. He just compeled construction of a $6M house which he paid cash for. He has 5 children and his wife does not work. They drive very expensive cars. He told me that he intends to work until 60 becuase he enjoys it.
No way. Most doctors don’t even start getting paid until 30yo+. After that, it’s $300k+ in school loans to pay off, house note, car note, kids school, etc.
right but when you're making $500k a year that makes up for a lot. $300k in loans paid off in a handful of years or less, car paid with cash, large house down payment saved in 1-2 years, kids school paid in cash, all while saving $50k a year or more for retirement
My best friend is a doctor. He just compeled construction of a $6M house which he paid cash for. He has 5 children and his wife does not work. They drive very expensive cars. He told me that he intends to work until 60 becuase he enjoys it.
'Cuz we're still getting by on our incomes (so far)--and the idea is that, when we kick, our daughters sell the place and split the proceeds, making them nominal millionaires.
Not that that means much anymore.
so you're going to be poor so your kids have some money? that's lame. your kids should be saving for themselves
for that much money they should do better. have had two left hip surgeries for left hip labral tear and can't really work out anymore without inflaming my calf
'Cuz we're still getting by on our incomes (so far)--and the idea is that, when we kick, our daughters sell the place and split the proceeds, making them nominal millionaires.
Not that that means much anymore.
so you're going to be poor so your kids have some money? that's lame. your kids should be saving for themselves
My spouse and I both like to work, and when I say we're getting by with our incomes, I mean that we have enough to take care of our needs and our wants. We are doing fine and certainly don't feel impoverished.
Our daughters, meanwhile, have been supporting themselves for quite a while, and they understand that our circumstances could change and that we might have to sell the place if we can't work anymore. So they're already taking care of their own retirement funds.
But if we stay healthy and keep working until we croak, or close to it, then why not give the kids a nice gift?
Help us build the best running shoe review site for a chance to win a LetsRun t-shirt.Help us build the best running shoe review site for a chance to win one of 10 LetsRun t-shirts.