“And unless something changes, the cost of aging in America will continue to rise.”
Well, you can socialize the costs, or you can decline to incur the costs.
Or, you can leave reality alone and stop fighting it.
When I was growing up my great grandad was in the backroom. He was bedridden, but he had a nurse and my grandma to help him. My dad will live with my sister when he gets too old to be on his own. My wife’s parents will be with us. They’ll pay for their own medications, but they’ll live with us for nothing. There is an expectation of wealth transfer. This is the way.
Great read. . . .I am witnessing this daily among friends themselves as well as their family members. So sad . . . . the quality of their long term care is quite questionable.
A typical in-home caregiver now costs more than $80,000 per year. Assisted living facilities average over $74,000 annually. A private room in a nursing home can exceed $129,000 per year.
******************************
The people who have saved get charged; those who haven’t saved get free care provided by the government.
This is absolutely right.
My Dad passed away and left Mom relatively well fixed.
She needed in-home care and 5 years later it was all gone.
I won’t be worrying about losing something that I never had.
People use to care for parents, they can return to this.
When I get infirm, I’m going to take up motorcycle racing and not worry about it.
Or Maybe become a vigilante after making sure my estate can’t be sued.
We don’t have long term care insurance...we will die in our home......
The case for more Haitian immigrants...hold the Haitians, I’ll buy a robot.
the day I cant live on my own is the day I self-terminate... so my wealth will transfer without exception.
To qualify, individuals typically must have less than $2,000 in assets.
There are "elder law" attorneys who know how to transfer an elderly person's wealth into trusts, or outright gifts, so they are legally poor and thus qualify for Medicaid and other benefits.
My favorite bumper sticker…”I’m spending my children’s inheritance”
It'll get transferred to the government, or the health care industry, that's where it gets transferred to. My grandma was the perfect example. By the time she died, the money from selling the farm was gone, but her remaining children didn't all believe it, and then the squabbling commenced. My aunts were convinced my mother had taken the money, but Grandma was in long-term care the last six months, and that money was gone.
Got a sister-in-law, 73 just went into memory care after rapid onset dementia which happened in 3 months. $10k a month and that was the cheapest one. It’s a good facility but the price is still asinine. One wanted $16k per month . Wife and I are conservators and we’re going through her assets. She’s good for maybe 8 months and that’s it. Luckily she lives in Maine and Mainecare will take over when her funds run out bug these cost are unbelievable.
They lose it through stupidity. Easy come, easy go.
This is why it’s important to eat right, exercise, and stay as sharp as possible. You want to keep that long term care stuff at bay as long as possible.
The purpose of the accumulated wealth is long term care.
The purpose of the wealth is not to pass it on.
The wealth left over after death is that will be passed on to the next generation.
Those who have no wealth will simply die
You do not have to be a Somali to start your own group home. If I ever needed an assisted living facility, I would want to make my own group home with possibly 4 residents plus Filipino staff. I think those facilities get comfortable amounts of government funding. There is so much Somali fraud because there is easy government money.