The Cost of Care

Who takes care of my spouse and children when I die?  Many of us have asked ourselves this question at some point in our lives.  However, most of us are less inclined to think about the question. .. what happens when I or my spouse gets sick and needs care either at home or in a facility?  What affect would this have on my children?  What does my family legacy look like?

I hope all of us live long happy lives. But that may not occur for all of us.  Reality is such that many of us will have a need for assistance with everyday functioning as we grow older.  As our bodies age, there is a higher likelihood that we will need professional help at home or in an institution when we recover from illness.

The physical and emotional demands of attending to everyday needs of a family member over extended periods of time are significant. It’s  impact on lifestyles of families can be enormous. It is a prudent choice to have some form of long term coverage in place. With luck, you may never use it, however, should the need arise, your loved ones do not have to bear the additional responsibility of finding financial resources to cover for your care.  Long term care coverage could potentially allow your spouse to access care at home or in a nursing facility if they needed. 

What exactly will long term care insurance provide for you? Long Term Care Insurance is insurance which will pay a daily or monthly benefit amount for care services you receive if you are unable to perform two of the following for an extended period of time: bathing, feeding, dressing, toileting, transferring, and continence.  This care can be provided in your home, in an assisted living facility or a nursing home. 

Long Term Care coverage can become an integral part of your financial planning foundation.  In much the same way life insurance and disability insurance are when done properly and in the context of your overall financial plan.  Long Term Care Insurance is not just about the money it provides or that you may save.  It’s about your peace of mind and that of your family.  It’s about maintaining your ability to stay in your home as long as possible.  It’s about knowing you can get help should you need help.  It’s about maintaining some independence that illness or old age may take away. 

However, not all long term care insurance products available  in the marketplace today are suitable for everyone. There is much confusion on what this type of insurance achieves for you and this has stopped many from exploring the concept altogether. I encourage you to have a conversation with your loved ones on this difficult topic. Your financial advisor can be a great resource in helping you navigate through the myriad options available.  Please feel free to contact me by email cindy.wilson@gvfinancial.com or by leaving your questions in the comment box below and I will be glad to answer them.