What Could Go Wrong With Assisted Living?
Assisted living facilities often brand themselves as a glamorous and practical option. Retirement planners might encourage you to sell your house and move to assisted living. They argue that your children do not want to inherit your house, anyway; they don’t want to deal with the sweltering heat and the terrifying trifecta of natural disasters, vicious wildlife, and unpredictably skyrocketing costs that awaits them in Central Florida. If you believe retirement planners, then selling your house, spending your money on yourself, and letting your children inherit whatever is left is the best option for all parties involved. Is assisted living really the practical, stress-free option that its proponents say it is? If it were the best option for everyone who could afford it, then wouldn’t we be seeing the indoor shopping malls built a generation ago being rethemed as assisted living facilities? For help envisioning a future where you live in an assisted living facility and weighing this against other options, contact an Orlando estate planning lawyer.
Every Renter Is at the Mercy of Rent Increases
Yes, owning a home is expensive, between the mortgage payments, the cost of repairs, the property taxes, and the homeowners’ association fees. You can max out a home equity line of credit just as easily as you can a credit card. No matter how much homeowners might feel the pinch financially, they are in a more secure position than renters.
When you rent an apartment, there is always a chance that the rent will increase beyond what you can afford; even rent control laws do not entirely prevent rent increases, not that Florida has any rent control protections to speak of. An assisted living facility is a rented accommodation, and if it is affordable when you move in, there is no guarantee that the rent will not increase so much that you will no longer be able to afford to live there. The only protection against this is paying for assisted living through long-term care insurance, which you can only get if you are healthy enough that you will not need to move to assisted living in the near future.
What If the Assistance at Assisted Living Isn’t That Helpful?
By definition, residents of assisted living facilities need less help than nursing home residents. Some don’t need any help at all; they just moved there because their empty nest was too big and empty. Ideally, assisted living staff will provide as much or as little help with housework and food preparation as you want or need. This could mean that you pay for services you do not use. As with rent increases, assisted living service availability is subject to change. The facility might eliminate the services you use or want to use without warning.
Contact Gierach and Gierach About Assisted Living Decisions
An estate planning lawyer can help you make a wise choice about whether to move to an assisted living facility and, if so, how to pay for it. Contact Gierach and Gierach, P.A. in Orlando, Florida to discuss your case.
Source:
msn.com/en-us/health/other/i-tried-assisted-living-for-7-000-a-month-but-felt-it-was-way-too-expensive-i-bought-a-small-home-and-now-live-on-my-own/ar-AA2571po?ocid=msedgntp&pc=ACTS&cvid=6a26f59e2243451b9183036e5b3e0507&ei=30
