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Speaking From Experience on Long-Term Care
Long Term Care is getting to be a real hot issue with many of the baby boomers that are approaching retirement. This is due to the fact that so many of these individuals have been faced with the not so enviable task of taking care of their parents due to a Long Term Care situation. While most people realize the need for this insurance, many do not follow through with a policy due to the fact that Long Term Care policies are not cheap.
A friend of mine summed up the need for long term care in one sentence. He said that long-term-care is a wonderful product because, “You just don’t want people to be relieved when you die.”
This article is from an individual that has gone through the experience, yet had a long term care policy to pay for her parent’s needs. It is a powerful real life story that can illustration why long term care is imperative.
Having worked in the long-term care (LTC) industry for the past 18 years, first as a nursing home administrator and then as an LTC insurance agent , I thought I was absolutely prepared for everything. After all, I assist clients daily with the realization that someday they might need long term care.
It’s been another matter to experience what I do for a living when the one who needs the long-term care services is someone I love. Seven years ago, my father had a stroke. He recovered his ability to function daily with the assistance of therapy. However, four years after the stroke, more debilitating symptoms began. He was diagnosed with progressive supranuclear palsy. For the past three years he has needed assistance with all of his activities of daily living.
His wife has assistance seven days a week with his care that is paid for by his LTC insurance policy . You must understand that my father is a total care patient – he needs assistance with getting out of bed, transferring to a wheelchair, bathing, dressing, feeding himself – well, you get the picture. I am convinced that without the daily assistance from his fabulous caregiver, he would have long ago been in a long-term healthcare facility.
Seeing my father’s health decline has been quite difficult. He is no longer able to have a conversation with me – but we watch old westerns on TV together and share a laugh.
It has been, to say the least, a difficult journey emotionally. However, the financial burden is nonexistent. I can’t imagine having both of these issues to deal with – one is quite enough.
Knowing what I know, I made sure my family was prepared financially for these care needs, and you should too. I encourage you to support those who might be your primary caregivers by purchasing long-term care insurance . Preparing to maintain your independence and quality of life should be an essential part of your financial plan .
Not only is LTC insurance about asset protection – even though that is what most consumers think about when discussing the product. The support of your primary caregiver is an important feature as well. Being a primary caregiver can be backbreaking. The emotional and physical toll of caring for someone 24 hours a day is exhausting.
As you plan for retirement, you MUST accept responsibility for your healthcare needs. Failing to accept that your health could fail and you could be dependent on someone for daily assistance is like leaving your house unlocked while you go on vacation. Would you consider leaving your house unlocked? Then why not consider your long term care needs?
by Stacia Vetter, CLU, CLTC, LUTCF
The author is assistant vice president and long-term care specialist with National HealthCare Corporation. She is also a recipient of the LIFE Foundation’s 2006 realLIFEstories Client Service Award.
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