For the past three years Carrie Rausch, 108, has resided in an assisted living facility. She remains active and is comfortable in the facility. However, living such a long life has put a strain on her finances.
Even after selling the home she and her deceased spouse built in 1934, Rausch eventually ran out of money to pay for her stay in the assisted living facility. The facility does not accept Medicaid, so Rausch was going to be forced to move into a nursing home.
Her daughter decided to set up a GoFundMe account to see if the money for Rausch to stay where she is comfortable could be raised. It quickly was.
Donors have contributed enough to keep Rausch in the assisted living facility for a year. If any of the funds go unused, they will be donated to the church Rausch attends.
This story is reported by FOX News in "Supporters raise over $40G to keep 108-year-old in home."
As people continue to live longer and longer on average, running out of money at the end of life will become a bigger and bigger problem.
On a policy level, it means that Medicaid will have to spend more to care for impoverished elderly people, which has elder law advocates concerned about any attempts to cut or reduce the program.
On an individual level, this means that people, in Cincinnati and elsewhere, need to plan to save more money than they might think is necessary, just in case they live longer than expected. Any excess left at life’s end can, of course, be distributed to heirs in an estate plan.
Another option that people may want to consider is purchasing long term care insurance.
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526).
Reference: FOX News (Jan. 12, 2017) "Supporters raise over $40G to keep 108-year-old in home."