Crazy Money! – Sale of Fine Art Paid Nursing Home Costs
It’s Crazy Money Day!
The high cost of nursing homes and assisted living puts people under tremendous financial strain. One London family faced that challenge with a 90-year-old woman suffering from debilitating dementia. In an effort to raise funds for her care, they invited an expert to appraise the contents of the woman’s home. Nothing appeared interesting until entering the woman’s former bedroom. Hanging above the bed was a painting that she had inherited from her father. It was a depiction of Mary holding baby Jesus with two angels at their side. It was discovered to be a 16th century masterpiece entitled The Depiction of the Madonna and Child. In May, it sold for over $300,000. The proceeds allowed the family to provide quality care for their relative.
We need to be aware of the potential costs of nursing care. They vary from state to state and the needs of the individual. They’re higher for those suffering from dementia or Alzheimers.Consumer Affairs prices the average cost of nursing home care at between $7,500 and $9,000 a month. Assisted living is half of that. In-home care is another option. People cover the expenses with Medicare, Medicaid, VA benefits, long-term care insurance, life insurance, savings, private pay, or a reverse mortgage. Few of us have precious artwork hanging in our homes. So to care for loved ones, let’s wisely steward the days God has numbered for us.
Now if you’ve been blessed with My MoneyLife, I invite you to discover the Crown Stewardship Podcasts. They focus on helping you find freedom in your finances and career. You can subscribe on Spotify and iTunes, or listen at Crown.org.