Wondering if anyone can relate to either scenario. Father (78) had a business that didn't make any money. He has no retirement savings. He had 3 strokes and is currently in Long Term Care (application in for Medicaid) but he is improving slowly and there's a chance after hip replacement surgery assisted living may be more appropriate than the skilled nursing facility he is currently in.
I want him to get better but am fully aware if he does he will still need some help (he believes meds are optional and has high risk of strokes which is why assisted living will be important) and that help costs money.
I worry about costs of assisted living given the fact he has no money. I have one sibling with a severe disability. And another that doesn't have a job so I can't ask them for money.
Does anyone have any insight? $5-6k monthly is a lot of money and would put a fairly big strain on my finances. The job to make sure he is taken care of has largely been on me
There aren't a lot of choices when a person is Medicaid without any assets. A faith-based AL type residence could also be an option.
If Dad needs 24/7 care, the LTC is the better choice. He can't afford care at home and he may fall in the cracks where Medicaid can help.
You do not pay for his care. You do not want to affect your future. You may need all the money you have to care for yourself someday.
Your extra money is for your rainy day and for your golden years needs.
Surely, if you have learned one thing now, it is that it does take an entire LIFETIME of savings (and a good deal of luck and hard work) to prepare to have enough to take care of yourself through aging. Children being able to support your aging is a very rare thing; they are busy with their own lives (and hopefully their own savings).
I very much caution you against using your own or your siblings money for the care of your father.
You are aware of Medicaid now and applications are moving forward for it. After a first few weeks to one month after a stroke there is often little more progression toward a return to an independent life. Your father will not be able to afford ALF which are almost always private pay businesses.
I wish all the best and suggest you will, if you stay around the Forum, learn lots of information, and will be able to share your OWN learning experiences with others.
Wishing you, and your Dad as well, the very best.
Let Medicaid take over, as a result, we taxpayers are paying for his care because he did not plan for his old age.
You and your siblings need to start planning for your own retirement years if you do not you will end up just like him with nothing.
Remember " If you do not plan, you plan to fail"