My 93 yo mom currently lives in her own home (double wide trailer) in a 55+ community. She has had several recent falls and has poor vision and hearing. She has a lot of anxiety about everything particularly covering her expenses and home maintenance. She no longer drives and relies on the community van or friends for rides. We decided an independent living center would be a good option for her at this point as she will have meals, transportation, socialization, activities, and no maintenance to worry about. Her SS/pension will come close but not fully cover the cost. She will sell her home and still has a small annuity. We think she has enough money for 6 - 7 years. My concern is that she runs out of money and then needs assisted living/nursing home care. Her monthly income is too high for Medicaid. What happens then?? I'm not sure where to start. Should we just make sure she is cared for now and worry later? I have MS and can not be her caretaker and there is no other family.
If she lives to be 99, or 100--that's waaay beyond a normal life expentancy. I wouldn't pinch pennies now on the off chance she is still here in 6-7 years.
You need to put YOU first or you won't have the ability to do anything for mom.
In 6-7 years the cost of a facility (and bed availability) may be way different than today. It would be better to move some place that is connected to a continuum level of care. I wouldn't worry about her running out of money... the odds are that she may need LTC in the future, which is covered by Medicaid. Her other assets will be spent down by then and she'll probably quality. If you want confirmation, consult with a Medicaid Planner for her home state, or an estate planning attorney.
I am in the same boat. with costs so high for her memory care, I am looking at all avenues. We have just about exhausted her savings and we have the mobile home which needs to be sold. We have my 94 year old mom in a care facility but are looking for a board and care which is a "home" type situation tailored for 6-8 people or less where the care and attention will be better. my moms SS/pension covers about 80% and then you have the out of pocket .. Supplement, Drugs, clothes, personal needs, etc.. The VA spousal aid will be appreciated. ( just started this)
You're right - get her the right care now and worry about later, well, later.
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