Golden Years: Could Living Out Your Life in a Holiday Inn Be Cheaper Than a Nursing Home?

iStock.com/vgajic
iStock.com/vgajic

In a wry commentary on the financial and logistical issues that come with advancing age, a number of people have proposed a more economically sound alternative to assisted living. Rather than enter a nursing home, they're suggesting an extended stay at a Holiday Inn hotel—continental breakfast included.

Here's the theory: If you assume an average daily cost of $188 for a nursing home—although according to the U.S. Department of Health and Human Services, the national average is actually $253 for a private room—the $59.23 nightly rate for seniors at a Holiday Inn hotel compares pretty favorably. The rate includes housekeeping services, free continental breakfast, complimentary toiletries, exercise equipment, and laundry. Socializing is available via lobbies or bar happy hours.

Variations on this unique strategy date back to at least 2011, with some mentioning a brochure that's been disseminated making a case for hotel retirement. More recently, a Facebook post by Virginia man Terry Robison was picked up by Michigan CBS affiliate WWMT and has renewed interest in the idea. There are obviously some gaps in such logic, specifically the idea that a hotel is equipped to monitor and care for elderly occupants with the same qualifications as staff in a nursing home or assisted-living facility. A maid can change bedding but is highly unlikely to assist with bathroom needs or helping physically compromised patients get around. You're also not going to find a Holiday Inn hotel tackling the potential liabilities involved in dispensing medication.

Then again, for those without such needs, it's not as far-fetched as it sounds. People on a fixed income, such as Social Security, might find good reason to consolidate housing costs in an extended-stay environment.

The idea speaks more to the financial crunch experienced by the elderly. People who are no longer able to live on their own are often faced with funding their "golden years" out of pocket, as health insurance and Medicare or Medicaid only cover such facilities in limited circumstances. Many people wind up dipping into savings, annuities, or reverse mortgages; others find they don't have the means to pay at all. The fact that a hotel chain can provide some of these services at a more reasonable cost than locations dedicated to assisted living is a rather alarming indictment of health care options for an aging population.

[h/t WWMT]

12 Creative Ways to Spend Your FSA Money Before the Deadline

stockfour/iStock via Getty Images
stockfour/iStock via Getty Images

If you have a Flexible Spending Account (FSA), chances are, time is running out for you to use that cash. Depending on your employer’s rules, if you don’t spend your FSA money by the end of the grace period, you potentially lose some of it. Lost cash is never a good thing.

For those unfamiliar, an FSA is an employer-sponsored spending account. You deposit pre-tax dollars into the account, and you can spend that money on a number of health care expenses. It’s kind of like a Health Savings Account (HSA), but with a few big differences—namely, your HSA funds roll over from year to year, so there’s no deadline to spend it all. With an FSA, though, most of your funds expire at the end of the year. Bummer.

The good news is: The law allows employers to roll $500 over into the new year and also offer a grace period of up to two and a half months to use that cash (March 15). Depending on your employer, you might not even have that long, though. The deadline is fast approaching for many account holders, so if you have to use your FSA money soon, here are a handful of creative ways to spend it.

1. Buy some new shades.

Head to the optometrist, get an eye prescription, then use your FSA funds to buy some new specs or shades. Contact lenses and solution are also covered.

You can also buy reading glasses with your FSA money, and you don’t even need a prescription.

2. Try acupuncture.

Scientists are divided on the efficacy of acupuncture, but some studies show it’s useful for treating chronic pain, arthritis, and even depression. If you’ve been curious about the treatment, now's a good time to try it: Your FSA money will cover acupuncture sessions in some cases. You can even buy an acupressure mat without a prescription.

If you’d rather go to a chiropractor, your FSA funds cover those visits, too.

3. Stock up on staples.

If you’re running low on standard over-the-counter meds, good news: Most of them are FSA-eligible. This includes headache medicine, pain relievers, antacids, heartburn meds, and anything else your heart (or other parts of your body) desires.

There’s one big caveat, though: Most of these require a prescription in order to be eligible, so you may have to make an appointment with your doctor first. The FSA store tells you which over-the-counter items require a prescription.

4. Treat your feet.

Give your feet a break with a pair of massaging gel shoe inserts. They’re FSA-eligible, along with a few other foot care products, including arch braces, toe cushions, and callus trimmers.

In some cases, foot massagers or circulators may be covered, too. For example, here’s one that’s available via the FSA store, no prescription necessary.

5. Get clear skin.

Yep—acne treatments, toner, and other skin care products are all eligible for FSA spending. Again, most of these require a prescription for reimbursement, but don’t let that deter you. Your doctor is familiar with the rules and you shouldn’t have trouble getting a prescription. And, as WageWorks points out, your prescription also lasts for a year. Check the rules of your FSA plan to see if you need a separate prescription for each item, or if you can include multiple products or drug categories on a single prescription.

While we’re on the topic of faces, lip balm is another great way to spend your FSA funds—and you don’t need a prescription for that. There’s also no prescription necessary for this vibrating face massager.

6. Fill your medicine cabinet.

If your medicine cabinet is getting bare, or you don’t have one to begin with, stock it with a handful of FSA-eligible items. Here are some items that don’t require a prescription:

You can also stock up on first aid kits. You don’t need a prescription to buy those, and many of them come with pain relievers and other medicine.

7. Make sure you’re covered in the bedroom.

Condoms are FSA-eligible, and so are pregnancy tests, monitors, and fertility kits. Female contraceptives are also covered when you have a prescription.

8. Prepare for your upcoming vacation.

If you have a vacation planned this year, use your FSA money to stock up on trip essentials. For example:

9. Get a better night’s sleep.

If you have trouble sleeping, sleep aids are eligible, though you’ll need a prescription. If you want to try a sleep mask, many of them are eligible without a prescription. For example, there’s this relaxing sleep mask and this thermal eye mask.

For those nights you’re sleeping off a cold or flu, a vaporizer can make a big difference, and those are eligible, too (no prescription required). Bed warmers like this one are often covered, too.

Your FSA funds likely cover more than you realize, so if you have to use them up by the deadline, get creative. This list should help you get started, and many drugstores will tell you which items are FSA-eligible when you shop online.

10. Go to the dentist.

While basics like toothpaste and cosmetic procedures like whitening treatments aren’t FSA eligible, most of the expenses you incur at your dentist’s office are. That includes co-pays and deductibles as well as fees for cleanings, x-rays, fillings, and even the cost of braces. There are also some products you can buy over-the-counter without ever visiting the dentist. Some mouthguards that prevent you from grinding your teeth at night are eligible, as are cleaning solutions for retainers and dentures.

11. Try some new gadgets.

If you still have some extra cash to burn, it’s a great time to try some expensive high-tech devices that you’ve been curious about but might not otherwise want to splurge on. The list includes light therapy treatments for acne, vibrating nausea relief bands, electrical stimulation devices for chronic pain, cloud-connected stethoscopes, and smart thermometers.

12. Head to Amazon.

There are plenty of FSA-eligible items available on Amazon, including items for foot health, cold and allergy medication, eye care, and first-aid kits. Find out more details on how to spend your FSA money on Amazon here.

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The 20 Most Valuable Companies in the World

The Apple store on Fifth Avenue in New York City.
The Apple store on Fifth Avenue in New York City.
Laurenz Heymann, Unsplash

It seems like the most valuable companies should be those whose products and services we use on a near-daily basis. And according to Forbes’s most recent list, they are: The top five highest-valued brands in the world are Apple, Google, Microsoft, Amazon, and Facebook.

The annual study is based on a complex mixture of metrics that cover revenue and earnings, tax rates, price-to-earnings ratios, and capital employed. Since the data is from 2017 to 2019, the list doesn’t reflect how the coronavirus pandemic has affected the companies in question. That said, it does reflect what many have long assumed: that Big Tech is running laps around all the other industries. The top five are all considered technology companies, as are four others in the top 20 (Samsung, Intel, Cisco, and Oracle). Other companies aren’t in the technology category, but they own lucrative offshoots that are. Disney, in seventh place with an estimated value of $61.3 billion, falls under the “leisure” umbrella—but Disney+ itself would likely be marked “technology.” (Netflix is.)

The list isn’t completely devoid of time-tested classics that don’t involve software or hardware. Coca-Cola edged out Disney by about $3 billion to take sixth place; Toyota placed 11th with a brand value of $41.5 billion; and McDonald’s just cracked the top 10 with $46.1 billion. Louis Vuitton, Nike, and Walmart all also made the top 20.

Just because a brand ranked high on this year’s list doesn’t necessarily mean it’s doing well (and vice versa). Facebook, for example, suffered a 21-percent decrease in brand value compared to Forbes’ 2019 list—the largest loss of all 200 companies included in the study. Netflix’s brand value, on the other hand, jumped a staggering 72 percent from 2019 to 2020. With an estimated $26.7 billion value, it still missed the top 20 by six spots.

See Forbes’s top 20 below, and check out the full list here.

  1. Apple // $241.2 billion
  1. Google // $207.5 billion
  1. Microsoft // $162.9 billion
  1. Amazon // $135.4 billion
  1. Facebook // $70.3 billion
  1. Coca-Cola // $64.4 billion
  1. Disney // $61.3 billion
  1. Samsung // $50.4 billion
  1. Louis Vuitton // $47.2 billion
  1. McDonald’s // $46.1 billion
  1. Toyota // $41.5 billion
  1. Intel // $39.5 billion
  1. Nike // $39.1 billion
  1. AT&T // $37.3 billion
  1. Cisco // $36 billion
  1. Oracle // $35.7 billion
  1. Verizon // $32.3 billion
  1. Visa // $31.8 billion
  1. Walmart // $29.5 billion
  1. GE // $29.5 billion

[h/t Forbes]