Among Friends

[chrystaltree]

You need an estate planning attorney.  There are many different options, depending on where you live and how much money you have.  There are public options, private options.  My sister lives in a retirement/disabled apartment community.  It is not assisted living.  The market rent for a 1 bedroom is $6000.  There are subsidized units, based on income end assets.  My sister pays $900 a month.  30% of her income.  She has a housekeeper in twice a week and a home health aide once a week.  The state pays for that.    So she's able to live independently and well.  Hubby and I will be on our own to take care of ourselves.  We're ok with that.  We do have a plan.  Leaving money to our kids is NOT an option.  It's not in the plan and they know that.  We paid their college tuitions and helped with the down payments on their homes.  We helped pay for their weddings.  They will inherit love, family momentos and maybe some jewelry.  Also we won't have to ask for assistance from them which is also our gift to them.  

[docsgirl]

I live in a lovely condo community where everything is on one level.  There is an attached garage that leads right into the laundry area.  Outside maintainence is taken care of.  There is a fenced in patio and a covered front porch where I read and enjoy my morning coffee.  It's like a house but all on one level.  At the age of 77, I still work by choice, and feel very safe here now and as I age.  I do have Long Term Care Insurance that can be used should I require in-home care.

[lgfan]

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@docsgirl wrote:

I live in a lovely condo community where everything is on one level.  There is an attached garage that leads right into the laundry area.  Outside maintainence is taken care of.  There is a fenced in patio and a covered front porch where I read and enjoy my morning coffee.  It's like a house but all on one level.  At the age of 77, I still work by choice, and feel very safe here now and as I age.  I do have Long Term Care Insurance that can be used should I require in-home care.

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May I ask how much you pay for the Long Term Case Insurance because I am looking into it myself.  

[cotton4me]

I live in a Continuing Care Retirement Community (CCRC) which requires a buy-in.  It’s a non-profit and church affiliated.  They take care of you for life.  If you run out of money their foundation covers the cost.  I do not have long-term care insurance, so I view this as insurance of sorts.  I’m in independent living and if I move to assisted living or nursing care my monthly rate will not change.     

The costs depend on the apartment size.  I have the smallest one-bedroom (600 sq ft) which helps keep costs down.  They have everything from studio apartments to 3-bedrooms.  While the up-front costs are a lot it’s used for lifetime care which includes nursing care. 

There’s an online article at US News & World Report that compares different options about where to live as you age.  It’s entitled, “7 Housing Options for Seniors”.    

US News & World Report also has an online article entitled, “US News Reveals the 2022-2023 Best Senior Living Ratings”.  You enter your zip code, and it will give the ratings for everything in the area. 

Where I live has the highest rating and a long waitlist to get in.  It takes years to get in, so you need to plan early, before you need them.  My husband died while we were on the waitlist. 

[Shanus]

@docsgirl  @lgfan   We have long term care insurance that we purchased in our late 50's/early 60s. It does get more expensive if you purchase when you're older.

We plan to downsize to a house/condo/apartment on one floor and if necessary, our insurane any nursing care we'd need until a nursing home is needed.

[sabatini]

Is there an Atria Senior Living community near you?

You basically rent an apartment that includes 3 meals/day, housekeeping, 

transportation to & from doc appointments, games, holiday parties, field trips, etc.

Each location is different, of course, some better than others.

Good luck!

[patbz]

I know LTC insurance has definitely increased a lot since we bought ours 20 years ago, and it increases as you age ( even if you did buy it before age 60). We are both in our mid to late 70s and pay about $5000 between us. Sounds like a lot but that's maybe one month of care in a nursing home for one, not two people.  We view it as insurance and hope we never need it.

[Growing]

Well, it all depends on one's health and the care one needs towards the end of life. If one needs total care, it is more expensive. But there are many options towards assisted living or independent living facilities. 

One could try to live in one's own home while paying for 24/7 care. Have a bathroom remodeled to accomodate a wheelchair, doorways widened, etc. This option sometimes eliminates the social needs we have. Alone in our homes, with a caregiver, means we might be isolated and alone. Living in an assisted living is more group care if we need 24/7 care. Maybe by then we don't care.

I thought Medicare does not pay for long term care? One can try to protect one's assets way ahead of time depending on one's state laws. That might allow one to get medicaid for a nursing home bed but these are the worst kind to get. Better to spend one's money on a decent nursing home. 

If one lives the average age at death in the USA, 85-95 years old, then any health challenges we might have will likely mean years of some kind of care. 

[On It]

If you are looking for affordable 55+ living, check out Las  Vegas, Summerlin, or Henderson. (No state income tax, low property tax.) There are active adult Del Webb type communities with all the self-contained amenities. There are apartment complexes for seniors and mobile home communities.

I checked for assisted living and skilled nursing care. There were many near the Summerlin Del Webb community. A hospital was nearby. We decided the area had a larger population than we desired, but I was impressed with the communities, restaurants, shopping, groceries, and entertainment offerings that I had explored online. It is worth a look. Our search was two years ago, so I do not know current prices.

[ECBG]

I have seen small 2 street condo neighborhoods that seem perfect with a visiting health professional.

My step grandmother bought into a wonderful retirement community that gave a "step up plan".  There were wide streets to walk on.

They had separate cottages, then a floor, with a large LR, bath and kitchenette.  The dining room was beautiful and served 3 meals daily.  The next phase was higher care and a bedroom with a bathroom.  She shared with a woman.

When she passed, she didn't have hardly anything.