Our neighbors, all in their 70s and older, are on the waiting list for Frasier Retirement Community in Boulder. There are about 800 people on the waiting list. And we have several neighbors in the same situation.
Take a closer look at the numbers.
The cheapest option is a one-bedroom apartment: Entry fee: $457,633. Monthly fee: $6,886 (includes food, housekeeping, utilities, and entertainment). — Second person: an additional $1,875 per month.
OMG Fees
For a couple, that comes to roughly $570,000 upfront + $8,761 every month.
And the entry fee does not mean you are buying the apartment. You don’t own the property. There are different contract options: the fee can be non-refundable, in which case it is lower, or a portion of it, say, 50%, can be returned to you or your heirs later.
And this does not mean healthcare is free. Doctors, medications, hospitalization, lab tests, and other medical expenses still require Medicare, insurance, or out-of-pocket payment.
Chasing Rainbows
I assume the economics work something like this for many Americans: sell the home they’ve lived in for 30–40 years, take advantage of the substantial appreciation in its value, and turn that accumulated equity into the next 15–20 years of comfortable living and care.
But what happens if the money runs out before the end of your life? And Frasier is far from the most expensive option in Boulder.
At the new Academy Boulder community, the entry fee starts at around $960,000 and goes up to $2.7 million+.
I look at these numbers and still don’t quite understand the economics of this business.
On the one hand, a huge entry fee, $100,000 a year in ongoing payments, and healthcare on top of that.
On the other hand, 800+ people on the waiting list.
The population is aging. Which means demand for these services is likely to keep growing for decades to come. Let readers know what you think
THANKS FOR SHARING WITH FRIENDS AND SOCIAL MEDIA
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Categories: United States
Don’t shunt loved ones off to a death camp staffed by replacements.
The neighbor tweeted to her son that I rescued elder after picking them up from surgery recovery at local nursing home.
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This what USA capitalism does to all of us . To dream a home is a joke. Retirement is never same again. We need a better capitalism that every one get a peace of pie not top 90 percent own 90 percent of wealth, very beautiful article. please copy a link to your social media as well kindly.
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top 90 percent own 10percent of wealth, very beautiful article. 10 Percent owns 90 percent .. Sorry for my error. Thank you Mike always we listened your interview always great …indeed Majid
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As the economy continues to deteriorate, thanks to KI and robots replacing more and more jobs, looking closer at our situation, in every country, it is obvious that very soon, multigenerational households will make a combat to survive, just as it was during the life of our great grandparents and grandparents. Multigenerational family household are found throughout Central and South America, China, the Asian countries and India. As the blue and white collar jobs continue to disappear, bankruptcies and evictions increase, more and more displaced families and individuals become homelessness. Let’s not be fooled by the lying media, portraying a rosy, happy picture 24/7, that everything is okeydokey. Bollocks! Victory gardens must be considered, again, small, medium and large, according to budget. Forgotten ways must be revived to weather the storms.
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People can not get sick any more , please remember they can try charge your insurance for 1 Million dollars for heart 5 by pass surgery stay 1 month in the hospital medications and etc…. food…… When they sent you a bill read fine print all hospitals in USA has financial assistance just apply over internet make sure your computer is updated and no virus in it. Then apply according your level you may end up 0 or 300 at most… Never give the full amount 1 Million at all. All hospitals are must help patients poor middle class or rich?i want you right now choose hospital close to your home. Call financial assistance department or on the net Pitts bug Hospital in PA. If i am wrong write me i will find you money through Mike blog… You never have to pay hospital ER etc… Know the law… We are going towards medicare for all? Your house is not accounted or cars?
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UCLA (UCLA Health) Financial Assistance (Charity Care) — how to apply
UCLA Health has a Patient Financial Assistance Program that can provide up to a 100% discount for eligible patients with low income, uninsured, or under-insured status. It generally applies to emergency or other medically necessary hospital services. uclahealth.org1Step 1: Get the application + documents
Step 2: Submit your application (hand-deliver or mail)
UCLA Health says you can submit the Financial Assistance Application with supporting documents by either method:
Hand-delivery (Mon–Fri, 8:30 am–4:00 pm):
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Why retires has no savings accounts.. from 2027 every one on Medicare you have medicine share of cost 2300 plus when you pick up brand name from 2027 Jan you will have addition cap by United 800 so total out of pocket will be 3200 now for a couple will be 6400… now you have to pay PARTB 235.00 and charge you for medicine and package 50.00 when you adding it up no one can survive next year. Specially USED SSA would pay all your 3200 for medicine but 2027 it has been disabled totally by PR Trump? So more people will go to RV life or out of USA… I love Ireland… for stay !
nothing easier than borrowing, nothing harder than paying it back.
Please pray for all American EUROPA how we can pay for 2 persons 3200 x 2 for medicines out of pockets called this time no help from any one?
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