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San Marcos, TX
Joined November 2010
One summer I brought up my parents moving in with us and it turned into a heated argument. I was trying to get my mom to make a plan for potential illness or injury. I asked, “what’s the plan if you fall and break your hip?” She said that wasn’t going to happen, asked why I was picking a fight and was in no way going to consider leaving the home and community they had lived in for 40+ years. I kid you not 2 months later I got a phone call. My mom had fallen and broke her hip. My dad needed full time care due to his cancer recovery. Same day I hoped on a plane and flew across the country to deal with it. This was the 4th time I had to drop everything and fly out for an emergency in 2 years. When my mom was discharged I sat down with my parents and said, “Your decisions are making me choose between you and my children. You have lived wonderful full lives, they have not. They need their mom with them. The next time I hop on a plane in an emergency to take care of you two, it’s to bring you back with me. If you want to stay here, then you’re going into a full time care facility. Expecting that your children to take care of you at the expense of your grandchildren because you don’t want to leave San Diego at the age of 80 isn’t right.” They hadn’t thought of it that way. They were apologetic, and much more open to discussing the home they’d move into if they didn’t move in with me. I’m sharing because recently I’ve seen many posts from others in similar situations, and thought maybe this line of conversation may help. They don’t mind making their own kids lives harder but hurting their grandkids? That they care about.
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Replying to @amelia_tweetz
As a real estate agent, I often see the sale of a home or assets to pay for care. That money will be used for care until you are down to I believe around $3K total assets in this world - then you can go on Medicaid (govt assistance). NO one tells people to buy or invest in LONG TERM CARE Insurance or have a separate savings to pay for care. There is a great Twitter account who talks about this @LTCShop
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I’m grateful my parents got long term care insurance.
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LTCShop.com retweeted
They chose to put their money into a house instead of long term care insurance. Your descendants shouldn't benefit from your decision to rely on taxpayers to bail you out any more than they should benefit from you racking up credit card debt instead of paying cash for purchases.
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“i will just die in my home i wont go to a nursing home” is an ego preserving way of saying “i will make my eldest daughter juggle unpaid nursing care and being my social world with all her other responsibilities”
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Replying to @adesertdryad
Long term care insurance is the best gift to give your children
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This happens more than people realize The caseworker sighed and told him: "Federal law requires state programs to claw back healthcare costs from deceased estates. The house cannot be sold or transferred until the balance is cleared in full." He offered to pay a monthly settlement. They said no. The full $114,000 is due in 60 days, or they foreclose on the property at a public auction
My coworker's mother passed away last November. She left her modest $190,000 house to him clear and free, no mortgage, completely paid off after thirty years of factory work. He moved into the home in January to finally settle the estate. Two weeks ago, a letter arrived from the state Medicaid estate recovery office. Because his mother spent four months in a rehabilitation facility before she passed, the state quietly slapped a retroactive $114,000 lien against the property title. He called the state health department, frantic, asking how a hospital stay could bankrupt an inherited home that had no mortgage balance. The caseworker sighed and told him: "Federal law requires state programs to claw back healthcare costs from deceased estates. The house cannot be sold or transferred until the balance is cleared in full." He offered to pay a monthly settlement. They said no. The full $114,000 is due in 60 days, or they foreclose on the property at a public auction. A lifetime of working-class savings, wiped out overnight by a retroactive healthcare lien. You don't own generational wealth. You're just holding a property title until the state finds a legal mechanism to repossess it the moment you die.
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LTCShop.com retweeted
Replying to @JaneotN
That’s wonderful. 💜 My mom had a massive stroke just after her 88th birthday & has been in a care facility since being released from hospital. Grateful she had LTC insurance, so paying for her care isn’t a worry but life changed profoundly that day.
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Replying to @GeauxGabrielle
Look into long term care insurance. When she was younger my Mom purchased LTC for herself and now that she has Alzheimer's it's the only thing keeping her in her own home. The cost of her (non-medical) live-in aid would be 150k/year out of pocket.
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Replying to @RunEricRun
The old pricing assumed that about 60% of policyholders (about 4% to 5% per year) would cancel their policies before they ever needed a claim. The "extra profit" from those cancelled policies was designated towards claims. When the policyholders held onto their policies, there was no "extra profit". The result: premium increases. This two-minute video explains it better: youtube.com/watch?v=0cphJcNy…
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Replying to @MFintwit
I was being facetious, tail risk does exist which is why people buy life insurance and LTC insurance.
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Replying to @Alice_MiaX
We are starting early. Five of our six kids have received down payment money. We also have long term care insurance to protect against those costs later on.
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LTCShop.com retweeted
Roth IRA's are one of the worst ways to self-fund for long-term care. You're better off using traditional IRA's to self-fund. youtube.com/watch?v=ihqA-bPN…
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LTCShop.com retweeted
The tax advantages of using traditional long-term care insurance are even greater: tax-deductible premiums AND tax-free benefits.
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Replying to @skumWgmi
We planned for it and bought LTC insurance.
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Replying to @skumWgmi
My husband and I just bought LTC insurance. We’re only 53, so locked in good benefits. I’d never want my kids to have to pay for us.
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Replying to @lady_valor_07
I disagree with this. I have long term care insurance for this. I do not want my family giving up their lives to take care of me. I have spent my life taking care of my parents (my Dad got sick when I was in jr HS). Every decision I have made was with the thought that I had to stay near them. I have encouraged my kids to move away and expressed that I want to go to assisted living or a nursing home when the time comes. I don’t want my kids splitting time between me and their own children.
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Get you some long-term care insurance now!!! If you need it later and don’t have it you probably won’t qualify.
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Long term care is really expensive. 💰 I think most people know this, but yet many fail to plan for it. Then, if something happens, their family is left scrambling. That’s when the family often ends up calling an elder law attorney to figure out their options on how to pay for their care. Know there are financial (i.e. long term care insurance) and legal (i.e. irrevocable trust planning) tools to help you proactively prepare for a long term care need.
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Replying to @skumWgmi
The importance of long term care insurance. Now you should be looking at getting some on yourself and your father so the next generations aren't left with the financial responsibility.
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