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As someone who's facing this with his parents. Sadly, it's true. Nursing homes prices have tripled over the last five years.

by ccnafr 8y ago

berbec 8y ago
The nursing and rehab center my dad is currently staying costs $700/day. That's what I paid for Sandals Jamaica for my honeymoon, an all-inclusive all you can eat/drink resort.
- Damogran6 8y ago
  A quarter million a YEAR? It's a wonder there's any inheritance left...
  - alexis_fr 8y ago
    In most situations, a good inheritance is wholly spent by a nursing home in a few months.
    - howard941 8y ago
      It's critical to plan and execute the plan >= 5 years (less in California but I'm not licensed there) in advance of the need. A good inheritance suggests the affordability of an Elder Law attorney. See for ex https://www.naela.org/ https://www.naela.org/
  - scarface74 8y ago
    I’m not optimizing our lives to leave an inheritance. The optimum scenario is to spend our last penny on our last breath and leave nothing for our kids. We took care of them growing up, we gave them the advice and financial backing to help them get their lives off to a good start. It’s up to them to not mess that up. I’ve told my parents the same thing - I am an only child. They should enjoy their lives to the fullest and not worry about me. We’ve had discussions that they brought up. They know I’m not keeping the house and I am going to sell it as quickly as possible if they pass and not worry about optimizing what I get out of it. I’ve done the real estate thing before. It’s a headache when you live close by, let alone when you are a hundreds of miles away. They know we aren’t keeping anything in the house besides the pictures. They have long term care insurance, but if they didn’t and it meant selling the house to qualify for Medicaid - so be it. They said it is just “stuff”. My parents are in their 70’s and they both retired in their mid 50s when they were both healthy enough to enjoy themselves. They are still relatively healthy today. They didn’t have millions in the bank. My dad was a factory worker and my mom was a school teacher.
    - maxerickson 8y ago
      Did they have solid pensions? That's like having lots and lots (and lots) of savings.
      - scarface74 8y ago
        My mom had the standard teacher’s pension which I believe is 60% of your last years salary. Assuming she made 60K a year at retirement that is like 900K savings at a 4% withdrawal rate. My dad had less than a million in savings. Of course she did have guaranteed access to health care insurance. My dad has less than a million.
    - Damogran6 8y ago
      I get that and feel the same. But as a parent that loves his kids, I'd love to leave them a little something (heck, even help educate the grandkids)...It feels like our legacy is being sapped by the high cost of eldercare. Compare a quarter mil a year to the historical 'Grandma comes home to live with the family' that was not uncommon in the past.

As someone who's facing this with his parents. Sadly, it's true. Nursing homes prices have tripled over the last five years.

by ccnafr 8y ago

As someone who's facing this with his parents. Sadly, it's true. Nursing homes prices have tripled over the last five years.

berbec 8y ago

The nursing and rehab center my dad is currently staying costs $700/day. That's what I paid for Sandals Jamaica for my honeymoon, an all-inclusive all you can eat/drink resort.

Damogran6 8y ago
A quarter million a YEAR? It's a wonder there's any inheritance left...
- alexis_fr 8y ago
  In most situations, a good inheritance is wholly spent by a nursing home in a few months.
  - howard941 8y ago
    It's critical to plan and execute the plan >= 5 years (less in California but I'm not licensed there) in advance of the need. A good inheritance suggests the affordability of an Elder Law attorney. See for ex https://www.naela.org/ https://www.naela.org/
- scarface74 8y ago
  I’m not optimizing our lives to leave an inheritance. The optimum scenario is to spend our last penny on our last breath and leave nothing for our kids. We took care of them growing up, we gave them the advice and financial backing to help them get their lives off to a good start. It’s up to them to not mess that up. I’ve told my parents the same thing - I am an only child. They should enjoy their lives to the fullest and not worry about me. We’ve had discussions that they brought up. They know I’m not keeping the house and I am going to sell it as quickly as possible if they pass and not worry about optimizing what I get out of it. I’ve done the real estate thing before. It’s a headache when you live close by, let alone when you are a hundreds of miles away. They know we aren’t keeping anything in the house besides the pictures. They have long term care insurance, but if they didn’t and it meant selling the house to qualify for Medicaid - so be it. They said it is just “stuff”. My parents are in their 70’s and they both retired in their mid 50s when they were both healthy enough to enjoy themselves. They are still relatively healthy today. They didn’t have millions in the bank. My dad was a factory worker and my mom was a school teacher.
  - maxerickson 8y ago
    Did they have solid pensions? That's like having lots and lots (and lots) of savings.
    - scarface74 8y ago
      My mom had the standard teacher’s pension which I believe is 60% of your last years salary. Assuming she made 60K a year at retirement that is like 900K savings at a 4% withdrawal rate. My dad had less than a million in savings. Of course she did have guaranteed access to health care insurance. My dad has less than a million.
  - Damogran6 8y ago
    I get that and feel the same. But as a parent that loves his kids, I'd love to leave them a little something (heck, even help educate the grandkids)...It feels like our legacy is being sapped by the high cost of eldercare. Compare a quarter mil a year to the historical 'Grandma comes home to live with the family' that was not uncommon in the past.