intercst:"The nursing home industry feels it has an inalienable right to your life savings "
And why not? If you live in a nursing home, you should be paying the bills. Even if it means you sell your house and use the proceeds to pay the bills.
Now, unless you sign a document indicating your are ‘responsible’ for financial obligations, other than a spouse, you’re off the hook …they can’t come after sons, daughters, etc.
Likely, spouse yes…
My grandfather at age 80 needed to be placed in an Alzheimer’s Home. He was physically OK but mentally he wandered…and tried to physically wander…and his wife, age 82, couldn’t manage him 24/7. They lived in an apartment with not all that much. Up to 80, he worked part time as a ticket taker in a nearly movie theater, which kept him going. He had to move to 3 different places because he was a ‘problem’ to handle. Lasted about 2 years total in the homes. Grandma lasted about the same on her own. 82.
So far so good, but hope I don’t wind up in one.
My Uncle moved into a ‘community facility’ that had 3 levels of living at age 90. His wife had died 7 years earlier. sold his house (lived there 65 years) in neighborhood that had deteriorated. Had to buy in. Basic care - apartment and 2 meals a day. Had small kitchenette, lots of activities, shuttles to docs, shopping, etc. Moved there at age 90. At 94, he went into the nursing home unit for last 4 months then passed.
Now, I’m sure some families try to shield ‘assets’ of loved ones who wind up in nursing homes. Move then earlier enough so not caught in the few years before nursing home care.
My mom spent the last 3 weeks of her life - in hospital for a week…then care unit for ‘end of life’ for 2 more weeks. Second broken hip, followed by heart attack and stroke did her in at 82.
So far so good, at age 76, but you never know… a wheel from a 747 could land on you tomorrow or a meteorite come through your roof at night. Or you could just slowly go downhill to age 90 or 95.
If I need that level of care, I’ll likely wind up in a nursing home.
I’ve seen one or two really elderly people, one totally bedridden, stay at home with 24 hour assistance - and getting and keeping anyone is difficult to say the least. Live in help. If you only need part time, that probably is doable but if you need assistance from the time you get up till you go to bed…well…that’s real tough if you stay at home, and multi-generational homes only work if you had lots of kids who have kids, etc, and have time to help.