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S/O MM post: when your parents get old
Would you purchase Life insurance or long term care insurance for your parents?
My parents are divorce. My mom (62) is remarried, my dad is not.
I just wrote a big long post about their financial situations, but that's not really necessary. The short of it is that my dad has everything ready for his elder years: long term care insurance, will, living will, no debt etc. I am the executor, so I know he has prepared adequately.
My mom and step-dad, though, not at all. They have nothing even for retirement. They are upside down on their house and just recently got out of the credit card debt they racked up making sure we had necessities as kids. As they get older, I am concerned about what were to happen if they are unable to continue to live independently. We cannot afford to pay for assisted living for them, and we live in a 2-bedroom condo, so no room for them to move in here. My siblings are out of state. In this situation, would you look into long term care insurance for them. I was thinking of trying to get some quotes and seeing if they would split the premium with us as long as they are able to.
Also, if this doesn't happen, does the state care for the elderly? I'm sure this is common knowledge, but I don't know. And are state run facilities as bad as I would guess?
Since they are getting older, I am getting concerned.
Any thoughts or experience?
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Re: S/O MM post: when your parents get old
I don't need to worry about this because my parents have these things taken care of.
Yes, the State will assist if needed, but of course, that means less options and not as nice. I don't know the specifics (if they run places or just send a check every month).
Right now my grandmother has not been able to care for herself for several years (my grandpa is still running around on 4x4s). If he hadn't paid for better insurance their whole lives, she'd have to be in a home b/c it's cheaper, but his insurance covers in-home care.
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My grandmother went through her savings living in an assisted living facility. That's what the money was there for. She has nothing. So medicaid now pays for her rent. In the end she has about $20 a month for anything else she needs. Ummm, $20 won't even cover a haircut, so my mom helps out as much as she can to give her some extras. Her housing is very nice, she gets three meals a day, has a small stove (she doesn't use it), small refrigerator and they do her laundry once a week and clean her studio. I don't know how people do it if they have no money. It's a sad state of affairs how this country takes care of the elderly.
Ditto pps, the state will take care of them if they are unable to pay. I'm dealing with this with my step-dad right now. He has a small pension and between that and social security, he has enough to cover his assisted living facility, but not much else. He gets medicaid from the state to help with medical and prescription expenses. When he requires a facility that provides more care (he has dimentia and will at some point need more help) he will no longer be able to pay for it himself. At that point, his social security and pension will go to the state and they will cover his expenses.