Quote:
Originally Posted by BCCAR334
I have heard good things about Freedom Pointe. What is the average monthly cost, ""without"" the large down payment for a single person? What would happen if both parents expire soon; does this mean the ALF keeps $175,000 for a short term stay? Almost an incentive for the ALF to hope their patients expire soon. Seems awkward to me.
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If the cost for 2 people is $5,000 per month, it sounds like they are in the independent living building, not assisted living. So, they don't get any medical care. There is no option at Freedom Pointe where you don't pay a large entrance fee. Basically, the entrance fee provides two things, a discounted rate if you move from independent living to the assisted living building, and a guarantee that they will never throw you out if you run out of money. So, it is similar to buying long term care insurance. When you sign up, there are several options regarding how much of the entrance fee goes to your heirs, with the cheapest option being that no money goes to the heirs. But, with all of the options, there is about a 5 year period where you will get some money back based on how long you stay. So, if you leave within a year, you would get most of the money back.