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mxvu OP t1_ixg1ftu wrote

Reply to comment by Special_FX_B in How much is memory care or Assisted living in NJ? by mxvu

Thank you for your reply. Did Medicare or insurance cover any of your cost?

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Special_FX_B t1_ixg90vn wrote

Not Medicare. She had a Long Term Care policy. In about five years they siphoned off almost all of her assets, $650K. She was going to have to go on Medicaid in a couple of months but she got sick and passed away.

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mxvu OP t1_ixpeoo2 wrote

So they slowly accumulated her bank accounts, properties, any assets to offset to balance of the assisted living? I’ve heard of this, but didn’t know it was part of a policy per se.

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Special_FX_B t1_ixqf6fl wrote

It’s not. The insurance paid a portion of the cost. The rest came from pensions, Social Security and other assets she had accumulated.

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mxvu OP t1_ixybhuy wrote

Oh boy. Did insurance cover a decent amount?

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Special_FX_B t1_ixyo9d1 wrote

She bought the policy with a lump sum of about $100,000. I think it paid about $1,700 a month.

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