memory care leases

Timmyd

I started touring memory care places in case it comes to that. For those who have a PWD in memory care, do you have a lease that specifies a specific rate for a specific term? If so, how long is the lease? Are there any interesting terms to the lease that let you get out of the lease?

Month to month for memory care sounds scary if I am trying to financially plan for the future. I am concerned that I would place DW at a rate that seems affordable. What if she settles in and is comfortable, and then the rate could be raised at any moment to an amount that is unaffordable?

Carl46

My wife's care is month to month. The MC takes Medicaid if she runs out of money.

I suggest you talk to a CELA about how to manage your finances so that you can afford the care you need.

l7pla1w2

My DW's MCF is month-to-month, and she can leave with 30 days notice. I was offered two rates: 1) a rate that gets adjusted annually; or 2) a higher, but permanently fixed rate. I opted for (2), because DW is otherwise very healthy and likely to live quite a few years. Last year's rate increase was something like 10%.

The MCF also has a daily rate (1/30th of the monthly rate) for respite care.

BPS

My wifes MC is month to month. They can raise the rates due to rising costs or due to her needing more care. It costs $9,800 per month currently. It went up $500 a couple of months ago due to costs and my wife fell a week ago and broke her arm so she is needing extra care. I don't know when they will adjust for that but the next care level from where she is is an additional $1,000 per month. They require 2 years privet pay before they will except medicaid when she runs out of money. I have talked to an elder care attorney and there are some ways to shield some assets if she makes it the 2 years.

terei

I honestly have not seen any facilities that guarantee a rate for a fixed number of months. All I have seen are month to month with the ability for them to raise rates. If your wife needs additional services in the future, due to a decline in ADLs or other health issues, they will surely add to your fees, it just comes with this type of service.

Dio

Ours is month to month with 6% annual increase.

hiya

about to start….ours is one year, start date up to 12 months