Having a Lot of Money Saving is NOT GOOD!!!

[PRICEPLUS]

Julie, when I was in college I did an independent study course and the topic I chose was "The Effects of Dementia in the Elderly on the Family Unit". I spent many hours interviewing elderly patients for my work. I spent countless hours in "Homes" of varying types.

The greatest horror was seeing how those suffering from dementia were treated. I saw people strapped to beds and wheelchairs. I listened as they moaned or yelled. I saw overworked staff unable to meet the needs of so many people. There were times I saw people sitting in their own excrement.

Even those folks living in a skilled nursing facility were treated like juveniles and spoken to in the most patronizing manner. The whole experience was an eye opener.

Julie, in answer to your question about the .16 cent solution it is simply this
; the price of a .9mm cartridge is presently app. 16 cents. I would self administer before I would suffer what I saw those people suffer. Some things are worse than death. I have seen it.

[tifnglen]

thank you all for replying. she is like a mother to me because she raised me when my mom died. It just scares me to think about what is going to happen to her financially. I pray that she rethinks saving.

[baking23]

Only one of my 4 grandparents lived in a nursing home for a long time before dying. I don't want the government making those decisions for me.

ITA with that statement. My other grandparents have died suddenly at home, or in the hospital but only one at a nursing home. I hope never to be in one, and that's why I save, but I also would like choices if I'm able to have them.

[Aleta]

I've seen the difference between medicare treatment and private treatment and it's a complete difference. I wouldn't not want to not save hoping to go with medicare or medicaid. It's always better to earn and save the money to be able to make your own decisions. Sometimes by the time the people need nursing care, they're not really able to cope with anything anyway or are complacent about their life.

[shelbylovesmelby]

In all honesty cause my mom & other relatives have gone thru this.

A spend down means you can't have anything more than $2,000 in assets that includes your home, vehicle, investments, and checking to qualify for most programs. Pre-paid burial plots & funerals are exempt from being included in the $2,000 or less in assets.

My mils cuz signed over her home to her son because of needing some assistance & owning a home disqualified her.

The sick thing is people work all their life & save ect. Then when they are old they are forced to give it up so they can get the help they need. KWIM? Just cause you own your home outright doesn't mean after you put aside your property tax $, you have the $ to pay for medical insurance & other things on a social security check. And if they have extra $ they have to get rid of it in order to still be able to leave their family something when they have passed.

[Aleta]

Your house can't be included in that. I don't know of any house that is worth $2,000. I've heard that you can't have more than $2,000. in cash in the bank and as far as the car goes, I'm not sure about that. As far as a nursing home goes, I know they can take your home in the end, but just for medicaid assistance or food stamps, it's not the same.

I like you think that it is a blight on our own society when the elderly who have worked all of their life cannot receive adequate medical help without giving everything away.

[jIM_Ohio]

what is "long term care insurance"? what does it provide and what are the typical terms?

I have a vague idea, but feel free to enlighten me.

[ithaca]

I believe that you are allowed to keep $2000, your house, and 1 vehicle. The govt is allowed to get their hands on anything over that.

[Ima saver]

Paul, I kind of knew what you were talking about, but just wanted to be sure. I honestly think everyone should save for their old age. And start young. It is much nicer to have money when you are older, than not to have any.
I never had any grandparent in a nursing home.

[disneysteve]

what is "long term care insurance"? what does it provide and what are the typical terms?

I have a vague idea, but feel free to enlighten me.

Generally, it is a policy that provides benefits you can use to pay for extended nursing needs, either at home or in a nursing facility. For example, let's say my mother becomes unable to maintain her household but can still get around and do things. We can file a claim with her LTC policy and get money to pay a home health aide to come in each day and help out. If her condition worsened to where she needed 24 hour care, we could tap the policy to help pay the cost of a nursing home.

Policies are generally based on the daily benefit and the maximum length off benefits, say $100/day for up to 5 years. As with all insurance, there are various bells and whistles you can add if you wish.

[Ima saver]

My mother died from cancer. I was able to hire round the clock people to stay in her house and take care of her, because she had money saved. She was able to stay home until the week she died.

[Elgin526]

Generally, it is a policy that provides benefits you can use to pay for extended nursing needs, either at home or in a nursing facility. For example, let's say my mother becomes unable to maintain her household but can still get around and do things. We can file a claim with her LTC policy and get money to pay a home health aide to come in each day and help out. If her condition worsened to where she needed 24 hour care, we could tap the policy to help pay the cost of a nursing home.

Policies are generally based on the daily benefit and the maximum length off benefits, say $100/day for up to 5 years. As with all insurance, there are various bells and whistles you can add if you wish.

LTC is the best thing ever! My parents bought a policy a few years before they retired. Good thing they did, because just after they retired Dad was diagnosed with Parkinson's, had they not locked in the LTC, no insurance company in the country would touch him with a 10 foot pole.

My father is 7 years older than my mother, and his family health history is horrible, his two younger sisters both died almost 10 years ago, both required nursing care. All his family dies young, really. But my mother comes from a long line of long-lived women, her mother in fact will be turning 90 in May and other than arthritis and cataracts, is in great health. All this means that my father will be likely to need nursing care at some point, while my mother will be fine. She won't be left destitute after my father passes because they had to spend down their whole estate just to provide Dad with proper care. When he's gone, Mom will still be able to live a comfortable life and won't need to depend on her children (although we'd do it gladly!).

[Aleta]

I agree that it's great, but it is very expensive. If you can afford it, one should get it. You're more likely to use that in older age than your car insurance.

[creditcardfree]

If you have the money saved it should go to pay for services you require and not be left for your heirs. Moving money around just to qualify for services is fraud. Use the money for the service you are getting and then qualify for government services once all resources, including a house, are gone.

As for me, I will always save for retirement and lock in long term care insurance when the time comes.

[ithaca]

If you have the money saved it should go to pay for services you require and not be left for your heirs. Moving money around just to qualify for services is fraud. Use the money for the service you are getting and then qualify for government services once all resources, including a house, are gone.

As for me, I will always save for retirement and lock in long term care insurance when the time comes.

So my grandma and grandpa paid the government a half-million dollars (maybe a million) in taxes over their lifetime but that isn't enough to cover services for my grandma now? They need her house also. Interesting.