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Regular Social Butterfly
Posts: 370
Registered: ‎03-29-2010

RE: How much do you need for a comfortable retirement?

Message 81 of 142 (1,825 Views)

So many people, regardless of generation, are in a state of denial. "If I don't think/talk about it, it won't happen."

In many Net forums I participate in, people very often say, "This is my FOREVER home. I will die here, I will never leave it"....and yet it's not a 'universal accessible' design. The hallways aren't large enough for wheelchairs, let alone the master bath which is often upstairs, and just try filling a pot with water and carrying it over to the stove when you're using a walker, let alone a chair!

I remember when I was a kid, and read somebody's saying that, "The moment you are born, you start to die." The idea being, of course, that death is inevitable, so make your life's moments worthwhile.

Looking at life in a series of phases is perhaps less threatening to people. Heck, anything that gets them to face a realistic assessment of their morbidity/mortality is something I'll encourage!

I may feel young at heart, but I'm physically in decline from my 30's. It's harder to shake off injuries, for example, and I don't have quite as much energy as I did three decades ago. My hearing isn't as acute, and I'm starting to face the idea of bifocals instead of having two separate pairs of glasses. 

It's not such a leap to assume that twenty years from now, even at best, I'm going to find getting around, seeing and hearing require more assistance. Even the very active, energetic seniors we know start to really slow down around 85, and any kind of serious illness/injury takes a massive toll on their energy and even appearance. The body can take only so many 'hits' before the accumulative damage wears it out.

I have read in several different articles that 80% of all patients in nursing homes are supported by Medicaid. I don't know if this is true or not. What I do know is that Medicaid-only facilities already have long waiting lists, and aren't usually the top-rated facilities.

Because I'm in a couples relationship, we cannot assume that one of us will conveniently "die quickly" to leave the other in enough financial comfort to afford a slowly declining old age. We have to assume that one of us may need care, and that eventually the other will as well. So that's why we have LTC policies, because if you split our assets it's uncertain whether we could manage long periods of requiring care without running out of funds.

Just because we have sufficient to live on comfortably does not mean we have adequate liquidity to handle every scenario of disability.  We have more than most, and that's why we opted for a three-month elimination period. This means we think we can afford six months total of any kind of home healthcare or facility care for the two of us, at any time in the future. But past that, we want to have protection for the unforeseen, hence the LTC benefits.

Nobody knows what home aides or facility care is going to cost 20 yrs from now. But you can bet it's not going to a smaller number than it is today. Not everyone needs LTC insurance, but more people need it than have bought it.

Treasured Social Butterfly
Posts: 19,551
Registered: ‎12-25-2011

RE: How much do you need for a comfortable retirement?

Message 82 of 142 (1,825 Views)

In Response to RE: How much do you need for a comfortable retirement? by KidBoy2

Unfortunately, many people avoid thinking about all negative things that could or will happen to to all of us eventually, so they don't have LTC insurance, a Will, advanced medical directive, or POA. The foolish thing is that ignoring these things won't stop them from happening, and if you haven't taken care of them, it only makes it a lot tougher & more expensive on you, and/or family members who have to jump in to help!


Registered on Online Community since 2007!
Valued Social Butterfly
Posts: 18,778
Registered: ‎02-14-2008

RE: How much do you need for a comfortable retirement?

Message 83 of 142 (1,788 Views)

In Response to RE: How much do you need for a comfortable retirement? by SLEEPERCELL

 

If people that have assets they do not want to sell to pay for their long term care they should but a LTC policy.

 

The problem is many feel that they will never end up in a nursing home, do not want to spend the money even when they can afford it or think that its up to the government to shoulder the costs. 

 

Its a problem that most politicians do not want to address.

Treasured Social Butterfly
Posts: 19,551
Registered: ‎12-25-2011

RE: How much do you need for a comfortable retirement?

Message 84 of 142 (1,790 Views)

In Response to RE: How much do you need for a comfortable retirement? by SLEEPERCELL

How contradictory is it to say that someone has to hide their assets, so the government will pay for them to be in a care facility .. why shouldn't they use those assets to pay for themselves in the first place?! When they run out, then the government can pay into the future.


Registered on Online Community since 2007!
Silver Conversationalist
Posts: 2,581
Registered: ‎12-06-2010

RE: How much do you need for a comfortable retirement?

Message 85 of 142 (1,792 Views)

In Response to RE: How much do you need for a comfortable retirement? by ASTRAEA

Never said you did nor would I imply that--- whether your Grandmother or your Aunt.

"What I find particularly disturbing is for seniors that must go into an assisted living or nursing home environment is that they must strip themselves of their wealth and lifetime assets that they have accumulated. It's an ugly game being played."

More than half of all Americans cannot afford ANY nursing home expense and many of those that do rely upon the "no assets prior" game that they must play to seek waivers and assistance. This is not an anomaly by any sense.

Treasured Social Butterfly
Posts: 19,551
Registered: ‎12-25-2011

RE: How much do you need for a comfortable retirement?

Message 86 of 142 (1,792 Views)

In Response to RE: How much do you need for a comfortable retirement? by SLEEPERCELL

I'm confused about what you said, not about Medicaid. When my grandmother had a series of strokes in her late 80s, we cared for her at home with an LPN 40 hrs/week. We never expected taxpayers to pay to take care of our family members.


Registered on Online Community since 2007!
Silver Conversationalist
Posts: 2,581
Registered: ‎12-06-2010

RE: How much do you need for a comfortable retirement?

Message 87 of 142 (1,802 Views)

In Response to RE: How much do you need for a comfortable retirement? by ASTRAEA

IF you're confused I suggest you consult the state you live. Their payouts in Medicaid and waivers suggest New Jersey is an above average welfare state. But beyond NJ--- there is a clear picture that 32 States are using Medicaid waivers that indicates many people cannot afford to pay for nursing home care at $8,000 per month. That would mean that slightly more than half of all US taxpayers cannot afford to pay the $8,000 per month for this kind of care.  Count your blessings!

NEW JERSEY MEDICAID & S-CHIP ELIGIBILITY

Treasured Social Butterfly
Posts: 19,551
Registered: ‎12-25-2011

RE: How much do you need for a comfortable retirement?

Message 88 of 142 (1,802 Views)

In Response to RE: How much do you need for a comfortable retirement? by SLEEPERCELL

I'm still confused; why would you question whether my aunt paid all her bills or not? Why shouldn't she, if she could afford it?

I also don't know what the Medicaid waiver plan is about either. People who can afford to pay for the services they get, shouldn't be taking advantage of supplemental programs that specifically help people who can't afford critical services.


Registered on Online Community since 2007!
Silver Conversationalist
Posts: 2,581
Registered: ‎12-06-2010

RE: How much do you need for a comfortable retirement?

Message 89 of 142 (1,802 Views)

In Response to RE: How much do you need for a comfortable retirement? by ASTRAEA

Then you should know that "Thirty-two U.S. states pay for care in assisted living facilities through their Medicaid waiver programs"

New Jersey is one of the members of such waivers

Why are you perplexed at what I wrote?

Treasured Social Butterfly
Posts: 19,551
Registered: ‎12-25-2011

RE: How much do you need for a comfortable retirement?

Message 90 of 142 (1,802 Views)

In Response to RE: How much do you need for a comfortable retirement? by SLEEPERCELL

Absolutely; why wouldn't she have paid ALL of her bills?!

Once she went into the nursing home, I handled her finances. Not only did she pay the basic bills for the facility, but paid out-of-pocket for PT 5x/week because it wasn't covered by her HMO. I also made sure the little luxuries were covered for her .. that she wouldn't have treated herself to .. salon & manicures .. I just told her she could afford it & never mentioned how much they cost; she really did deserve that!


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