After examining the cost of long-term care, Terry Robison decided that the Holiday Inn is a better deal than a skilled nursing facility.
The Dallas Morning News reported on Mr. Robison’s Facebook post, in which he estimated that a skilled nursing facility would cost approximately $188/day. On the other hand, Mr. Robison found rates at Holiday Inn (with senior discounts and long-term stay discounts) as low as $59/night. He pointed out that staying at the hotel came with bonuses such as pools and free breakfast.
Of course, while staff at the Holiday Inn provide daily housekeeping service, guests certainly don’t receive any of the medical and personal care that make a skilled nursing facility a necessity for many. Staff at these facilities assist residents with daily activities such as bathing, getting dressed and eating. Nurses and medical staff manage medicine for their residents, ensuring that the right person takes the right dose at the right time. Someone is available, 24/7, in the event of an emergency.
And that care comes at a cost. The 2018 Genworth Cost of Care survey shows that a private room in a skilled nursing facility in the Dallas area averages about $7,134/month or $85,608/year. Because those costs are so high for many people, 75% of individuals and 50% of married couples will exhaust their life savings within one year in a skilled-nursing facility.
That doesn’t have to be the case.
There are a number of legal and financial tools available to help plan for the cost of long-term care. The key, however, is to develop a plan before a health crisis strikes.
Read the full story here: https://www.dallasnews.com/news/texas/2019/02/27/texas-man-describes-plan-retire-holiday-inn-facebook-post-gone-viral. Genworth’s survey is available here: https://www.genworth.com/aging-and-you/finances/cost-of-care.html.