My wife and I pay for the care of my mother-in-law who is a resident in an Alzheimer’s dementia facility. When she was transferred there from an assisted living facility ( which we were also paying for) she was in failing health and the doctors told us that she had maybe six months. That was in 2012 and her condition has leveled off and it appears as though she’ll be around a while.
None of what she has needed over these years has been covered by insurance, Medicare, Medicaid or Medi-Cal. It has come straight out of our pocket and to put it mildly, it ain’t cheap. Annual costs for assisted-living can run anywhere between 60k to 100k per year with additional cost for advanced cognitive dysfunction care at specialized facilities.
If you think you might someday be in the position of caring for your parents consider
What the next step might be whether it’s in-home nursing care, assisted-living or some other alternative. Also, consider becoming familiar with the nature of their assets as they will likely be used either all or in part as a means of covering the cost. If it’s assisted-living, for example, consider touring one or two facilities in order to get an idea of how they operate. They will also acquaint you with costs and how those costs might be covered by current assets. It is never too early to educate yourself.
Here is an article that examines the issue in greater detail:
Advisory services offered through EWG Elevate, Inc. dba Eagle West Group.
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