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I must be getting old...

November 29th, 2014 at 02:17 pm

and a bit bored. I decided to read up on how much retirement homes cost, and I had no idea the cost could be so ridiculously high. I mean, anywhere from $3000 to $5000 on up per MONTH high!

Of course, these are the nice communities where they have gardens, swimming pools, and yoga classes. Also, I think government insurance will cover some of that? I am not sure how much so. Anybody know?

Still, all I can think of is how much cheaper I can live simply on my own... which I will probably end up doing. Hard to say right now since it's still something that's so far away in my mind.

Then again, Fruggies are well-known for planning ahead. So, just for discussion sake, anybody here ever thought about this yet? Any ideas for a frugal retirement?

Oh, and I hope everyone had a nice Thanksgiving! I am easily avoiding the Black Friday hub bub by... simply having to work haha.

8 Responses to “I must be getting old...”

  1. PatientSaver Says:
    1417299338

    Are you talking about retirement housing communities? If so, these are usually condos, and they are bought and sold just like any other piece of real estate. Assisted living communities are totally different and typically cost about $5,000 a month...or more. The cost is high becus they have round the clock medical staff on the premises, they include 3 meals a day and all sorts of other built-in services.

    Medicare offers a variety of health insurance plans which you pay for, of course. If you're broke and have no assets, Medicaid will pay for you to live in a nursing home; it will not pay for an assisted living community.

  2. Tabs Says:
    1417303974

    Ahh, thanks for the clarification. I'll look into these things at a later time.

  3. MonkeyMama Says:
    1417306088

    Housing is expensive enough in California, without seeking out luxury retirement communities. Big Grin Everyone in my family (even in other parts of the country) has lived out their days in their single family homes. We are more looking at condos, due to the cost of living and personal preference. But nothing age or retirement specific.

    My husband's Grandmother is an exception. She lives in a retirement community rental - not luxurious at all - but they provide meals and I believe they may provide some medical services. I do not know for sure about that since she is so spry and doesn't need any medical assistance, but it seems like most people there are 100+. They probably offer some medical services for those who need it. Anyway, it's crazy insane expensive just because of the part of the country she is in. I mean, the cost is comparable to what any rental would be, with meals provided. I don't believe this is a route any one really money conscious would choose. In her case, maybe she never expected to live this long. She's been there 13 years, she's 90, and she will easily be there another 13 years. She may eventually have to consider something less expensive. Whether that means moving in with family or moving somewhere near us where housing is 2/3 cheaper.

  4. PatientSaver Says:
    1417313663

    The danger in moving into an assisted living place too soon is that once you exhaust your money, they will boot you out, and you'll be forced into a nursing home if you have nowhere else to go.

  5. Tabs Says:
    1417351015

    Thanks for the feedback. So assisted living is a bad idea financially. Got it. I'll read up more on nursing homes in general, but my current plan is just to go at it on my own for as long as I can. All this is really far into the future for me though.

  6. snafu Says:
    1417382171

    We've several levels of senior housing options. Most are mixed housing with age restrictions apartments, townhouses, assisted living and nursing homes bus for grocery shopping, overnight trips to near-by resorts and those Las Vegas trips often advertised for seniors. The really big, travelling craft shows often arrange a transit bus for seniors. Service clubs take season ticket holding seniors to concerts/symphony/live theatre etc. Non season ticket holders often get tickets to dress rehearsals for local events at a modest cost and even performance tickets if sales have been poor and they need to 'paper' the house.

    The complex near us has services on the main floor of the apartment bldg., hair dresser/barber shop, mini mart, dry cleaner stn./alteration, and they is a largish strip mall [90 stores] across the street. What do you think you want, need, enjoy in that phase of your life?

  7. Tabs Says:
    1417399721

    That is fascinating... and expensive sounding. Certainly not my style nor interests. It would appear I will continue to be dull into my old age hahaha.

  8. PatientSaver Says:
    1417436809

    I think most people would agree that nursing homes are the worst choice of last resort. No one would enter one willingly. It is only when you are feeble and have no other choices left that you would do it.

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