By George T. Leamon, CLTC – Lutgert Insurance
I hear people say, “My children will take care of me”. What does that mean in your family? Does that mean that they will move in with you or have you move in with them and their family? Does that mean that they will provide hands-on care such as bathing you? Or does it mean that they will provide for you financially?
As part of your planning, it’s imp01tant first of all to acknowledge that living a long life is a near certainty, that the longer we live the more likely we are to need some type of day to day assistance; that Medicare, Medicaid, and the Veteran’s Administration do not provide for the type of care that we are most likely to need. The care most likely to be needed is having someone come into our own home to provide assistance.
It’s then imp01tant to acknowledge that an extended care situation will have a tremendous impact on your family. What would the impact be on your child’s life if they become responsible for your care twenty-four hours a day? Think about the impact even if they provide care only eight hours a day. What does that do to their family time? To their career? To their other responsibilities and commitments? What would it mean to them financially?
I firmly believe that spouses and children will do all they can to provide care but it can be very difficult. They will do the right thing. But having a plan in place can help them in this new role as caregiver.
So, for your planning, make your loved ones aware of your care preferences. Do you want to stay in this area if you need care or would you prefer move to another pat1of the country where you have family or friends? Would you want to move in with your children or, like many, do you not want to be a burden to your family members? Do you want to receive care at home for as long as possible or would you prefer to be in a setting such as an assisted living facility where there are other people around, there is help as needed, and there are a variety of social activities planned?
If care is needed, how will you pay for it? Have you considered investigating long-term care insurance as an option to provide the financing for extended care services? Many people are unaware that long term care policies will pay for a caregiver to come into your home to provide care there. Many people are also unaware that they can insure for a p01tion of the cost ifthey feel that they can afford to pay the remaining p01tion of the cost of care.
Do a favor for yourself and for your loved ones. Have a plan for the eventuality of needing care. Let people know your desires. Set up the financial resources. Let your family know what resources are available either in the form of assets or insurance to pay for your care. Then, enjoy the peace of mind that comes from good planning and get out there and enjoy the years that you’ve been given!
George T. Leamon, CLTC | 239.280.3246
Blog: GeorgeTLeamon .com