Assisted Living Costs
I’ve heard you speaking about long term care costs and insurance on WGN radio. I thought I heard that this was a law/requirement in IL, but I cannot find confirmation for this situation: I enter an assisted living facility and sign a contract for a specific monthly fee that will logically increase over time. With my pension and savings, I am able to pay the monthly fees. Let’s say after 5 or 10 years, the facility fees have increased such that my savings are depleted and my pension does not fully cover the monthly fees. At that point, can the facility “evict” me? I thought I heard a financial expert say that the facility cannot evict me if I run out of personal funds. Is that accurate? Thank you.
Terry Says
So this is an interesting question not only because states have their own rules about Medicaid, but because not all facilities accept Medicaid patients.
Typically, when an individual runs out of assets he/she would apply for Medicaid (as determined by state law –and read this for Illinois Medicaid Asset exemption for the patient as well as “community spouse” remaining outside the facility).
But if the facility does not accept ANY Medicaid patients, then theoretically you could be “transferred” to a facility that does. Check this out before checking in!
