Preparing for the Unknown (11-10-15)

The month of November brings us many things from daylight savings time to beautiful fall colors to snow in some parts of our country. As the month ends, we all come together with family and friends to offer our thanksgiving.

So, why during what is a joyous time of celebration should people think about planning for long term care? There are a number of reasons.

We are living longer and having fewer children to take care of us as we age. Our children have families and careers of their own. Many of the baby boomer generation want to receive care in their home instead of in a facility. While some people might have retirement investments allocated for their long term care, unfortunately the majority do not. These few reasons don't take into account the people who need some form of short term or long term care due to an accident.

I know what you might be thinking – this won't happen to me, right? Statistics from the U.S. Department of Health and Human Services show differently.

  • 40% of people currently receiving some form of long-term care are between the ages of 18 to 64 years old

  • Approximately 70% of individuals over age 65 will require some form of long term care services; i.e. home health care or facility care, during their lifetime

  • Projections show that about 12 million people will need long term care of some form by the year 2020

Planning for your long-term care needs takes discussions about what you want, where you want to be, who you want to take care of you and how you want to provide funding for that care. The questions need to be asked and answered. The homework needs to be done. We can help you!

One family was fortunate that their parents did their homework and funded for their possible long term care needs with insurance at a time when it wasn't the popular thing to do. After buying insurance, the father became the primary caregiver for his wife who developed Alzheimer's. When the father had to go into the hospital for surgery, his wife was able to go into a nursing facility. The insurance policy they bought years before protected the assets of the family while their mother received the care she needed. Their father was able to live a quality life loving his wife without the pressures that came with being a primary caregiver.

While families are gathered together talking about their good old days and their dreams for the future perhaps some time could be taken to discuss the "what ifs." Preparing for the unknown is always better than living through it without a plan.

Planning can turn a chaotic time in your life to one of the most peaceful times.

Long Term Care Insurance 101 is only a few keystrokes away. Life Happens at www.lifehappens.org or The American Association of Long Term Care Insurance at www.aaltci.org are both excellent resources for statistics, area costs for care and general information about what to expect while planning.

World Class Insurance is only a phone call away.

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