What Happens If You Outlive Your Savings?
The Benefits of the PACE Program for McGregor Residents
One of the common fears expressed by family members of McGregor residents is what happens if their loved one outlives their assets. This is a legitimate concern: After you’ve gone through the process of moving your parent to Assisted Living, it can be scary to consider having to go through that process again—and putting your parent through another stressful move.
More and more people are living beyond the age that they anticipated, which stretches how far their savings and assets need to go to provide for their care.
This is one of the benefits of McGregor for our residents: We have the PACE program, which is an income-qualified program. If your loved one outlives their financial assets, the PACE program will utilize their income in part and the remaining shortfall will be subsidized by PACE and its resource partners. This means they will not have to leave McGregor Assisted Living and can continue to live where they are comfortable. It’s worth noting that this is not the case with all senior care providers: In some communities, if a resident has outlived their assets and can no longer pay privately for their care, they would need to find another Assisted Living provider. This can be extremely frustrating for the family, who now has to start their search all over again.
McGregor is designed to meet the needs for all of the seasons of a person’s life, offering a continuity of care. If you have concerns or questions, please feel free to reach out to our team. We are happy to talk to you about enrollment in our Assisted Living facility, how to determine your loved one’s eligibility for PACE, and any other questions you may have.