Our parents have been in a continuing care center for the past 7 years. Independent living, assisted living and now nursing home, ages 97 & 98. This is not a CCRC but offers similar services on a fee for service basis. They had long term care insurance (now used up) and social security and, fortunately, a large nest egg. No estate planning and no trust. At this time we have spent $1.8 million to the organization for their care. Spending a lot of money does not solve staffing nor supply shortages. Nor does it eliminate many visits and phone calls to take care of issues one would think the institution could handle. We never expected how onerous the time commitment and costs would be. It is too late to move them or, due to State regulations, make any meaningful estate changes. Obviously, we will handle our estate planning differently. CCRC's are not a bad idea to consider or possibly moving to a State with more reasonable long term care costs. I share this to highlight how extreme the long term care problem can become without proper planning.
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Our parents have been in a continuing care center for the past 7 years. Independent living, assisted living and now nursing home, ages 97 & 98. This is not a CCRC but offers similar services on a fee for service basis. They had long term care insurance (now used up) and social security and, fortunately, a large nest egg. No estate planning and no trust. At this time we have spent $1.8 million to the organization for their care. Spending a lot of money does not solve staffing nor supply shortages. Nor does it eliminate many visits and phone calls to take care of issues one would think the institution could handle. We never expected how onerous the time commitment and costs would be. It is too late to move them or, due to State regulations, make any meaningful estate changes. Obviously, we will handle our estate planning differently. CCRC's are not a bad idea to consider or possibly moving to a State with more reasonable long term care costs. I share this to highlight how extreme the long term care problem can become without proper planning.
Post: Who Will Care?
Link to comment from November 22, 2023