Generous and anonymous donors have contributed enough money to keep an elderly woman from having to leave the facility where she is comfortable.
For the past three years Carrie Rausch, 108, has resided in an assisted living facility. She remains active and is comfortable in the facility. However, living such a long life has put a strain on her finances.
Even after selling the home 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.
This story is reported by FOX News in "Supporters raise over $40G to keep 108-year-old in home."
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.
Another option that people may want to consider is purchasing long term care insurance.
For more information about estate planning in Orlando, FL (and throughout the rest of Central Florida), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: FOX News (Jan. 12, 2017) "Supporters raise over $40G to keep 108-year-old in home."