In 2000, Jane Gross’ mother was to come back to New York to live with her children as her health started to fail. What started with this premise quickly became an ordeal for Jane. As her mother was transitioning away from independent living towards assisted living, questions became more and more complicated. While she hoped to go to a continued care retirement community (CCRC), she was daunted by the costs.
CCRC’s do cost a lot of money. However, when examining Jane’s mother’s financial situation, these costs may make sense. She payed a yearly premium of over $6,400 on her life term insurance. When living in Florida, for rent she paid $26,400 a year, and then $36,000 a year in New York. She spent two years in a nursing home which totaled $225,000. Over her last nine years, the family spent over $500,000 moving her around so much, not to mention the emotional agony she must have endured during all the moves. The CCRC that was just built in New York costs would have cost about $500,000 (and that’s not even adjusted for inflation) as well over the course of nine years, though it would be much more comfortable, in addition to being in New York near her children. Jane’s mother wouldn’t have had to move as much as she had. Finally, she’d be living with the same people, which would relax some emotional tension.
If you have any questions about this post or need help finding senior-care options for a loved one, call 1-866-483-4896 to speak with a care advisor in your area.