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Yes, selling the house will produce income for them to get help, which is a blessing, so many people don't have any assets and make a few dollars over the limit for assistance.
If they go to an Assisted living facility then the house sale will give them a cushion for care, 3k monthly and the rest from the sale.
Not to be alarming, but statistically 40% of caregivers die before the person they are caring for. Those are the odds that your dad is facing, he needs help not just cheaper rent and your moms needs will only increase as this awful disease progresses. Please help him find a place that will help him take care of her, for both their sake.
If they are willing, start looking at decent, local NHs with them (as it should be their decision). Make sure any place they seriously consider accepts Medicaid. Even if they start out paying privately, once they are in a place they like, they cannot be kicked out if they go onto Medicaid. My MIL is in a very nice facility on Medicaid. Also, taking them to see NHs in person dispells the concept of "bad old smelly nursing homes" that they fear. New places are pretty nice. If they owe a lot on their home, it may be time to let that anchor go as it may drive some very distorted and unproductive decisions regarding their future care. It would be money well spent to consult an elder law and estate attorney regarding their actual best options. Good luck!
Yes, the price of senior care is shocking. I think that everyone that hears for the first time how much it is, is set back on their heals.
Your parents earn too much, I doubt that they would qualify for a rent control apartment.
In AL there is not much extra to pay and a potion of the expense is tax deductible.
The thing to remember is that with AL, they have very few expenses outside of the cost of AL; plus, part of the AL price tag is most probably deductible from their taxes.
Also, do they have savings/assets? You need to figure out their "safe withdrawal rate" from those funds that can supplement their SS/Pension income.
Yes, when we saw that the price tag for Independent Living for mom was going to be 5K per month, we blanched, but SIL, who deals in finance showed us that mom could easily afford it because she would be paying with pension AND withdrawals from the nest egg.