Carrie Rausch, age 108, can remain in an assisted living facility for at least one more year because of generous donations, according to FOX News in "Supporters raise over $40G to keep 108-year-old in home."
For the past three years, Rausch has lived comfortably in an assisted living facility. However, living such a long life put a strain on her finances, even after selling the home that 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.
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 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.
Long term care insurance could also ease some concerns for an aging population.
An experienced elder law attorney can help create the best plan to meet the needs of you and your family.