[SantaClaus]

We are still in the "planning for retirement" stage and I've been able to find lots of great info about budgeting for the "active" stage of our retirement at TV, but I'm finding little to no info about the costs associated with assisted living, again, preferably at the villages. There is an 11 year age difference between my wife and I and I don't want one of us to have to give up an active lifestyle because the other needs a bit more care. As near as I can tell there are two facilities for TV residents, but I've been unable to find any kind of ball-park pricing. I just need a very rough idea so that I plug it into my planning, so any help would be appreciated.

[Nlnicholson]

Check out Sumter Place Sumter Place | Sumter Place. We have a family member there and are very pleased with the quality of care.

[TraceyMooreRN]

Freedom Pointe is a CCRC--you can "purchase" into the Independent Living and then progress to each facility (one person or both) as you progress with age--they have nursing facility (the rehab)--you can live there fulltime if you buy their lifetime? package. There is also a memory care building and assisted living. Bring your wallet--the cost of this care is big--but pays 100% if care is needed.

[kittygilchrist]

Santa, surely you have an Earth Benefactor Retirement Plan?

[buggyone]

This is a good time to think about long term care insurance. Look for a reputable company, look for inflation guard of at least 5 percent per year, and look for no lifetime cap on benefits.

[red tail]

no one has answered his question. santa is looking for a ball park figure for planning purposes, not a catalog of places.

[SantaClaus]

Originally Posted by kittygilchrist

Santa, surely you have an Earth Benefactor Retirement Plan?

My benefits package took a big hit when the elves unionized ;-)

[Nlnicholson]

Since long term care prices vary with regard to care needed it's very difficult to give a ballpark figure. The assisted living place places you in a category and you are charged accordingly.as your needs increase so does your cost. Best to contact the places and get an estimate from them

[ahayward65]

I looked at the site mentioned but there are no prices mentioned. What is the monthly cost?

[tippyclubb]

Why don't you contact the assisted living places and ask them? There was a link to Sumter Place above and here's another one.

Freedom Pointe at The Villages | Florida Independent Senior Living | Retirement Community

My father-in-law was in assisted living and the cost was $2500 a month, but that was five years ago.

[SantaClaus]

I understand that rate scales with service, but I guess the question is more "how do you budget for something you can't schedule"? I doubt I'll live much into my 70s, but what if I end up needing assistance for 10 years, or nursing for 3? How do you budget for such? I know we'd all like to spend the morning on the back nine and then slip painlessly away recuperating on the Lanai, beer in hand. But is that all we "plan" for and then just hope it works out? Or do we worry that the pile is never big enough to cover every contingency and therefore never retire? What are you planning for and are you prepared for it?

[SantaClaus]

I'm sure that I will contact the ALFs directly at some point, I'm just not ready to sit through the hard-sell, so I thought I'd ask here first. I assume this has to be on a lot of folks radars at TV.

[jane032657]

Assisted Living is going to cost you to start at least $3300 for a studio apartment and probably more by the time you need it. Add on someone to help you with a shower, about $200 a month; $250 medication management; add on for help with dressing, escort to meals, mobility assistance. If you need memory care, triple your costs.

Long term care is one solution, best idea is to have your kids pay for it to protect their inheritance if you have kids. Costs of LTC go up, last year we had a 50% increase which had nothing to do with us as nothing has changed for us, it is that the companies are fewer and fewer who are providing it because of the payouts.

If you are a Veteran, you and your spouse may be eligible for up to a few thousand dollars a month as a couple, less as an individual, and that application takes about 6-12 months and cannot be applied for until you need it.

There is Medicaid support for people who do not have enough but that covers the assistance and not the rent.

There is no easy answer to this. Also the proceeds of your home can go toward monthly rent payments but if you want your spouse to stay in the home you may not have enough for Assisted Living.

The Villages has no shortage of Assisted Living. There are many here now and many in progress of being built. They are all expensive.

As I have said many times before on this forum, don't just look at how beautiful the building is. Talk to residents, talk to families, and also find out about staff turn over. If staff leave in droves, there is a problem. Who is the Administrator and what is their personality ( I am a licensed Assisted Living Administrator but not running a property at this time) Make sure the Administrator has personality and is approachable and cares as much about mission as margin.

Look at past surveys of the property, ask for them, they are public documents. See where the facility is strong and weak.

If you need help, call me, I am a sponsor on this site.

The Other Daughter: Assisted Living and Elder Care Services

Jane Bloom
The Other Daughter

[JourneyOfLife]

It is a good idea to plan. Some of the planning is not financial, but that is usually one of the biggest concerns for most people.

IMO, LTC insurance with inflation protection is a good idea... assuming you and/or your wife are insurable and can afford it. Even though premium costs have been increasing, insurance is often a good way to lay off much of the risk. It might seem expensive, but so is the cost of LTC.

You can find all kinds of planning information/resources on the internet.

It would be a good idea to acquaint yourself with your State's Medicaid rules about LTC, just so you understand them... if for no other reason, just in case. Understanding the rules are helpful in planning for worst case scenarios if you or your spouse wound up on Medicaid.... since you mentioned a concern about the pile being big enough.

It looks like Florida has a Long-Term Care Partnership Program. If you are considering LTC insurance, definitely worth a look. Many states have these programs now days to encourage people to buy LTC insurance.

AHCA: Florida Long-Term Care Insurance Partnership Program

Average or Median nursing home costs in areas can be found on the internet by state, but costs vary by town and facility. You can call specific facilities in your area, they will tell you... probably email you a fee schedule if you ask. Same goes for Assisted living.

2012 median cost of care data as provided by Genworth for certain areas of Florida

Florida Long Term Care Insurance Costs, Information, Partnership Policies and Quotes for Miami, West Palm Beach, Tampa, Jacksonville & More


Some basic planning info

Home - Long-Term Care Information

[Bizdoc]

Keep in mind that Freedom Pointe (CCRC) and SumterPlace are the only places where Villages amenities are available. I assume that you're looking at assisted living here because you want those amenities. Note that SumterPlace will be building another assisted living at Buffalo Ridge.

AL is not cheap. You are paying for rent, 3 meals a day, activities, transportation, and some level of health care. As nice as SumterPlace is (and my parents lived there before moving to skilled nursing), you may find it restrictive. Call SumterPlace and talk to Cathy Jackshaw - she can give you a good estimate based on what level of care you need.

The step after assisted living is the tough one - skilled nursing is going to run $250-350/day each. And that is today's prices. Expect that to double (or more) in 10 years.