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.
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The people who have saved get charged; those who haven’t saved get free care provided by the government.
Great reset “... it’s a feature.”.
That’s right but you forget about those that transfer wealth 5 years before going on Medicaid.
I’m structuring my will for just that. Making sure I own nothing when I get old.
I’m banking on being eaten by bears in the woods, which would be preferable to the “grandad’s got money” scheme so many organizations have.
The solution to not losing everything to pass on is to give some to the kids each year.
The government, or whoever, can only go back so many years to seize assets to pay for long term care.
One thing that could help with the need for long term care is to eat right and exercise a lot. Keeping as healthy as possible can help relieve that burden so that even if someone gets blindsided from a catastrophic health crisis, they can recover better.