What happens if money runs out for Independent Care?

Yes, unless there is great wealth, given the number of years we live, money will often "run out". The important thing here is to "have the talk" because if spending habits, as you describe them, are not good, the money will run out more quickly. It is important that you do not supplement their own money with your own or the funds of other family members unless you have a good deal of wealth assets; you will surely need this money yourself in your own future. When money runs out the facilities that are lived in will be less nice than when they can be paid for, in general, and in many places. But Medicaid would need to be applied for, and placement would be in facilities that accept it in payment for care.

My grannie was on Medicaid and the facility was lovely. So don't worry about them having to go to a sub-standard facility when they run out of money.

With your grandmother's illnesses the level of care she needs will only increase, so keep that in mind when deciding whether the current facility can meet increasing care needs. This will make a difference if they can stay together or close.

I would get the care they require now and worry about later, later. None of us know what tomorrow holds, so we want to do what is best for today when dealing with our elders.

If grandma has Alzheimer's she should not be allowed access to money, period. Executive function is one of the 1st things that go and money management is at the top of that list. She may promise to do better and blow money later that day, her brain is broken and she can not help it. So she can not have access without controls in place.

When their house is sold, put that money in a safe interest bearing financial vehicle, I know nothing is paying much now but, the money must be kept safe and only used for them. Do not let them give any money or assets away, it will effect their ability to get public assistance, if needed, for 5 years from the date of the transaction.

Someone will have to keep an eye on the money and start the process to get assistance before they are completely broke. The facility should have someone that can help you understand how they handle these situations and what is available to help them. They have many years of financial security and that makes them very blessed, it gives them choices.

Best of luck finding the best care possible for both of them.

If their money runs out then they apply for Medicaid to pay their facility bill.