My parents are in their mid 70's and are rapidly getting to the point of needing an Assisted Living facility.
In our area of the country, a good facility will run $50K/year for the both of them, assuming only one of them needs the added medical attention.
I have run their numbers through FireCalc and see that there shouldn't be any problem for 10 years. But, after that, it becomes real fuzzy. That brings me to the issues I'm struggling with.
1) How do I estimate how long they'll need the care? Both are insulin-dependent diabetics. Dad has congestive heart failure, had a stroke 8 years ago, and is for the most part confined to a wheelchair. Mom just doesn't get around very easily any more. My gradparents all lasted into their mid-late 80's, but none of them had the medical problems that my parents have.
2) What if one or both of them need nursing care in the future? That throws all the financial estimates out the window.
Anybody out there dealt with these issues?
In our area of the country, a good facility will run $50K/year for the both of them, assuming only one of them needs the added medical attention.
I have run their numbers through FireCalc and see that there shouldn't be any problem for 10 years. But, after that, it becomes real fuzzy. That brings me to the issues I'm struggling with.
1) How do I estimate how long they'll need the care? Both are insulin-dependent diabetics. Dad has congestive heart failure, had a stroke 8 years ago, and is for the most part confined to a wheelchair. Mom just doesn't get around very easily any more. My gradparents all lasted into their mid-late 80's, but none of them had the medical problems that my parents have.
2) What if one or both of them need nursing care in the future? That throws all the financial estimates out the window.
Anybody out there dealt with these issues?