I think it all depends on how you look at it. My mother is in a memory care facility. She has been there a year now. She receives excellent care...that is what we want as we can't handle her needs at home plus we have to work for our own needs and support.
The first 4 years of my mother's care is being paid by her LTC @ 100% depending on her care level of needs. So far the policy is cover the 100%. My mother is progressing slowly and I believe she will be with us in another 3 years. After the policy runs out, the money will come out of the trust. This is the money that is from investments my parents employers did for all the employees...401K's, profit shares, stocks, etc.
Since both my parents ended up with Alzheimer's which is heartbreaking for us as a family to go through twice....In my humble opinion...this is what this money is for....their care...and best care their money can pay for.
Your question...will your parents receive the care they deserve....in my parents case YES!! Will their wealth be eaten up by care facilities...as long as they are getting excellent care...then YES!!!
Do I receive an inheritance in the end...probably not... but it is my parents money to be spent on them...not to be given to me.
My question is....who else is going to pay for their care????
"Will your parents receive the care they deserve and not have their life time of wealth eaten up by care facilities ?"
Or, to ask the question another way: will your parents receive excellent care and not have to pay for it?
The question is phrased as though this is a motherhood and apple pie issue; as though we're all in favour of the outcome where society's elders are cherished and all of the services that contribute to that - the time, the facilities, the training and skills - are somehow cost-free.
Well, don't be silly. If I or you or your parents or anyone else live long beyond the point at which I or you or they are economically productive, then living costs have to be funded from that "life time of wealth" you mention. Obviously. What else do you think should happen?
My mother received the care she deserved at home and then in a nursing home without eating up much of her wealth due to a very good long term care policy. She died last October at age 82 after 4 years in the nursing home.
My dad has a similar policy with the same company. He is 89 and only now needs to go to assisted living which will take place soon.
I'm 62 and my kids better darn well spend it on my care and not some foolishness. I didn't work all my life to see my kids pixx it all away. I want a nice room with three meals and quiet music. I don't want to die listening to Hip Hop Rap Heavy Metal and whatever coming through a subwoofer that rattles my rocking chair. Please.
Hey, I'm not laughing at Pam. That is what I expect, too. And I have solemnly promised each son and each step-daughter that if I wind up somewhere I have to hear multiple television sets blaring each day I WILL find a way to come back and haunt them!
My mother is getting the care she deserves ... to the extent that is possible with today's knowledge and technology. My parents' "wealth" was totally used up raising 7 children and supporting themselves very modestly until more care was needed than children could provide. Now taxpayers are covering the portion that her own "wealth" won't cover. If she had more personal wealth it would not impact her care much -- just who pays for it.
My own "wealth" such as it was was largely eaten up caring for my husband during his 10 years of dementia. I even needed taxpayer help to do it. My first goal is to support myself for the next 30 years without needed taxpayer subsidies. I have long term care insurance but it will not be enough and I cannot afford now to increase it. So I have no real idea what will happen if I need significant care in my last years. My children know they will inherit equally anything that is left, and they also know there is not apt to be anything left.
I think that the concept of accumulating wealth to pass on does not apply to the vast majority of folks who work for a living. Not with people living 30 years past their earning period.
My parents were born in 1919 &1922.. My Dad 19' passed in 2001, my Mom moved in with me and has dementia.. They had 7 children me being the youngest...
They like many others never went to college.. My Dad's father died when he was 4 his Mom died when he was 13. They had nothing! My Dad lived with his oldest brother/SIL. When Dad was 17 he graduated HS and joined the CCC's.. Mom hasn't worked since she got married in 1946..
Long story short they raised 7 kids and had NO Lifetime of Wealth. We weren't rich or middle class but we survived..
Assisted living is not an option for my Mom.. She only has SSI and it's not much!! But you can believe if she had the money I would have encouraged her to move to ALF and spend every dime she had...
Chris, sounds like you may be planning on an inheritance. Their assets are theirs and intended to pay for their care whether that be in a facility or home taken care of by homes care agencies or a family member. Do your parents need help now? Who is providing that care?
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My mother is in a memory care facility. She has been there a year now. She receives excellent care...that is what we want as we can't handle her needs at home plus we have to work for our own needs and support.
The first 4 years of my mother's care is being paid by her LTC @ 100% depending on her care level of needs. So far the policy is cover the 100%. My mother is progressing slowly and I believe she will be with us in another 3 years. After the policy runs out, the money will come out of the trust. This is the
money that is from investments my parents employers did for all the employees...401K's, profit shares, stocks, etc.
Since both my parents ended up with Alzheimer's which is heartbreaking for us as a family to go through twice....In my humble opinion...this is what this money is for....their care...and best care their money can pay for.
Your question...will your parents receive the care they deserve....in my parents case YES!!
Will their wealth be eaten up by care facilities...as long as they are getting excellent care...then YES!!!
Do I receive an inheritance in the end...probably not... but it is my parents money to be spent on them...not to be given to me.
My question is....who else is going to pay for their care????
Or, to ask the question another way: will your parents receive excellent care and not have to pay for it?
The question is phrased as though this is a motherhood and apple pie issue; as though we're all in favour of the outcome where society's elders are cherished and all of the services that contribute to that - the time, the facilities, the training and skills - are somehow cost-free.
Well, don't be silly. If I or you or your parents or anyone else live long beyond the point at which I or you or they are economically productive, then living costs have to be funded from that "life time of wealth" you mention. Obviously. What else do you think should happen?
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My dad has a similar policy with the same company. He is 89 and only now needs to go to assisted living which will take place soon.
My mother is getting the care she deserves ... to the extent that is possible with today's knowledge and technology. My parents' "wealth" was totally used up raising 7 children and supporting themselves very modestly until more care was needed than children could provide. Now taxpayers are covering the portion that her own "wealth" won't cover. If she had more personal wealth it would not impact her care much -- just who pays for it.
My own "wealth" such as it was was largely eaten up caring for my husband during his 10 years of dementia. I even needed taxpayer help to do it. My first goal is to support myself for the next 30 years without needed taxpayer subsidies. I have long term care insurance but it will not be enough and I cannot afford now to increase it. So I have no real idea what will happen if I need significant care in my last years. My children know they will inherit equally anything that is left, and they also know there is not apt to be anything left.
I think that the concept of accumulating wealth to pass on does not apply to the vast majority of folks who work for a living. Not with people living 30 years past their earning period.
They like many others never went to college.. My Dad's father died when he was 4 his Mom died when he was 13. They had nothing! My Dad lived with his oldest brother/SIL. When Dad was 17 he graduated HS and joined the CCC's.. Mom hasn't worked since she got married in 1946..
Long story short they raised 7 kids and had NO Lifetime of Wealth. We weren't rich or middle class but we survived..
Assisted living is not an option for my Mom.. She only has SSI and it's not much!! But you can believe if she had the money I would have encouraged her to move to ALF and spend every dime she had...