Retirement and Assisted Living

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Last week, I found out that my husband's 88 year old grandma was admitted to a nursing home 45 minutes away from San Francisco. That was a seemingly odd choice until I found out the reason why grandma was put in a nursing home so far away: long term care facility cost was too expensive in the city. The facilities that my husband's uncles looked into were charging $200-300 per day. That's right, per day. Imagine at $300 per day, $8400 per month, that's $108,000 per year. I was astonished. I never thought about assisted living up til now. It was a real eye opener for me. Sure, I've heard about nursing homes but I never thought about the costs.

We don't know how we will age, what our health will be when we retire, and even if we are fortunate enough to be in great health up til our 80's, there's always the big "what if's". What if something happens much later down the line and your family could no longer take care of you? Assisted living is a reality that we ignore until it creeps up upon us.

If we don't prepare ourselves for our retirement and put long term care expenses into the equation, it will become a huge financial burden for our families. So it'd be wise to plan for possibilities for the future. The scary thing is the rising cost of nursing homes continue to skyrocket so who knows, maybe by the time I'm old and unable to take care of myself, the cost would be $600 per day? Who knows, right? The sad thing in all of this is most individuals do not have the financial resources to take on this kind of expense, like grandma. So her only other alternative is getting government assistance through Medicaid and Medicare programs to pay for her nursing home care costs.

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