Quote:
Originally Posted by gomoho
My mother is in a memory care facility that is absolutely lovely and only a few years old in Oxford. Her care is $5050 a month. She started in assisted living in 05 and was paying around $2900. When she left assisted living last year she was around $4500. So I guess the point I am making is the $9000 number I've heard might be high, but at the same time you can see how the costs have gone up in just 8 years.
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The costs go up about 5% a year in assisted living, as a general rule. What gets more expensive is the personal care. As you age, or have increasing care needs the costs become prohibitive unless you have savings or long term care. Long term care kicks in when you have a need for assistance with bathing, dressing, grooming, toileting, eating-Activities of Daily Living as they are called, and you need at least two of those, maybe three depending on your insurance, in order for it to kick in. Add in mobility and transfer needs, and memory loss, and you are at the top of the list of costs.
I would suggest, if you have social security and other benefits, and could afford about $3,000 a month of your own personal income, that you get a long term care policy that would give you about $6000-$6500 a month assistance at todays rates; with an annual increase in the benefit. You should also look at a policy that allows you to hire someone to live in and care for you, or come in to care for you, at areduced rate of benefit so you have choices.
I do not sell long term care. I am a licensed Assisted Living Administrator, Retired.