I would like to know what statistics back up the paragraph, "This leads to the fascinating American rite of passage where adults with retirement savings and assets transfer these assets over to their children, prepay for anything they can possibly pay for in advance, and empty their bank accounts. In the US it’s normal to intentionally impoverish yourself to avoid being personally responsible for the cost of your long-term care."
As an elder AND a Geriatric Social Worker, I have never found this generalization to be true. After paying $5000/mo for my father-in-law to be incarcerated in an SNF (he was alcoholic and this was the only way his wife could keep him out of the house), my mother-in-law had to be convinced to separate her assets for her own LTC, which she indeed needed. He ended up only on Medicaid only 1 month before he died after 8 years of private pay.
I believe your statement was a gross exaggeration. Send me links to prove me wrong!
I would like to know what statistics back up the paragraph, "This leads to the fascinating American rite of passage where adults with retirement savings and assets transfer these assets over to their children, prepay for anything they can possibly pay for in advance, and empty their bank accounts. In the US it’s normal to intentionally impoverish yourself to avoid being personally responsible for the cost of your long-term care."
As an elder AND a Geriatric Social Worker, I have never found this generalization to be true. After paying $5000/mo for my father-in-law to be incarcerated in an SNF (he was alcoholic and this was the only way his wife could keep him out of the house), my mother-in-law had to be convinced to separate her assets for her own LTC, which she indeed needed. He ended up only on Medicaid only 1 month before he died after 8 years of private pay.
I believe your statement was a gross exaggeration. Send me links to prove me wrong!