Living In A Nice Assisted Living Is Expensive. How Is It Paid For?

Discussion in 'Money & Finances' started by Lon Tanner, Nov 30, 2019.

  1. Lon Tanner

    Lon Tanner Veteran Member
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    Lois Winters is the only other SO member that I know of that lives in a first class Assisted Living Facility and she would concur with my post I'm sure. I write this for the benefit of some of you that will reach the point in your life of needing some kind of assisted living. I have missed seeing a few fellow residents that I would see at meals periodically. When I enquired about them I was told that they moved out. When I asked why I was told it was $$$. I don't know the details or where they moved to. A number of residents have told me that they sold their homes and use the interest on the proceeds in addition to Social Security & private pensions. If I live to 95 as did my mother and father my assisted living costs will be in excess of $800,000. I am OK with that.
     
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  2. Bess Barber

    Bess Barber Very Well-Known Member
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    It's good you were able to plan ahead and be able to afford such a wonderful place. :)
     
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  3. Lois Winters

    Lois Winters Very Well-Known Member
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    Insurance also comes to play in the scheme of things when it comes to paying the rent. Also, I might mention to Lon, that here in NJ, when residents pay down and have no other assets, they qualify for medicaid. I doesn't pay everything, but it seems to help with the rent.
     
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  4. Lon Tanner

    Lon Tanner Veteran Member
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    That's right I forgot about the insurance and as I have mentioned previously, it pays and will continue to pay more than half of my costs.
     
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  5. Lon Tanner

    Lon Tanner Veteran Member
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    I am pleased that there are a number of members in my age bracket that I can relate to.
     
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  6. Lois Winters

    Lois Winters Very Well-Known Member
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    We are in the minority, Lon.
     
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  7. Lon Tanner

    Lon Tanner Veteran Member
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    That's for sure Lois, and you and I are the only ones living in Assisted Living
     
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  8. Micki Pembroke

    Micki Pembroke Very Well-Known Member
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    May i ask........ your rent for your suites, are they calculated according to your income. @Lois Winters @Lon Tanner .
     
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  9. Lois Winters

    Lois Winters Very Well-Known Member
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    $5,000.00 a month. Insurance pays most of it. I pay approximately $1,000.00 out of pocket in co-pay. Medicaid residents pay according to income and ability to pay. State picks up the rest.
     
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  10. Micki Pembroke

    Micki Pembroke Very Well-Known Member
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    @Lois Winters Thank you Lois. When you say insurance pays for most of it, have you paid some kind of premium over the years to build up to the time of your retirement residence.
     
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  11. Micki Pembroke

    Micki Pembroke Very Well-Known Member
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    Ok Ken......Got it......;):rolleyes::rolleyes::rolleyes:;).
     
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  12. Lon Tanner

    Lon Tanner Veteran Member
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    None of the residents where I live have rents based on income. I paid $6,970.50 for my March rent using insurance and my own resources.
     
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  13. Lois Winters

    Lois Winters Very Well-Known Member
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    Yes, Micki, I did.
     
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  14. Lon Tanner

    Lon Tanner Veteran Member
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    I started paying premiums for my long Term Care when I retired 26 years ago. The premiums have been waived since I started receiving benefits .
     
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  15. Micki Pembroke

    Micki Pembroke Very Well-Known Member
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    @LoisWinters @Lon Tanner Thanks for the information. I guess i'm thinking to the future, there are places similar in a small city about an hour away, and in a city two and a half hours away. Don't know too much about them, but planning to check them out. As you all know, planning for a quality residence is meaningful.
     
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