My in-laws are preparing to move to a continuing care retirement community. They chose one close to the home they have lived in for the past 31 years. The apartment they selected is beautiful especially after a few cosmetic changes are made prior to move in. They are in reasonably good health for their 80s and are both sharp as tacks. They are ready financially for this time of their lives through proper planning and long- term care insurance. Yet, it has been a stressful time for them.
Just making the decision to move was huge and many more decisions soon followed. The decisions about what to take with them or give to a family member, have at times been overwhelming for them. Some sacred family items surprisingly go unwanted by the rest of the family causing moments of grief in the middle of a day of packing. Their patience at times has run thin. But they persist. It is the next step in their lives. It is the right decision.
They are smart for planning for this time of their lives. Too many people assume they will never have to make the decision. They stick their heads in the sand and tell themselves they will die in their sleep sometime in their late 80s without being sick or needing to be cared for. “Long term care insurance is for other people” they say. However, in just 10 years an estimated 24 million Americans will need long term care services according to a recent report from American Action Forum. People require long-term care due to an illness, accident or the impact of aging. Please dispel the myth that Medicare will pay for this type of care because it simply won’t.
My in-laws are wise. They planned ahead and continue to do so. This next step in their lives is their decision as have all the decisions that have followed, all the way down to the type of carpeting that will go in their new apartment. They will be well taken care of. They are ready.
Will you be ready when the time comes? What is your plan?
Long-term care insurance policies contain exclusions, limitations, reductions of benefits, and terms for keeping them in force. Your financial professional can provide you with costs and complete details. All policy guarantees are based upon the claims paying ability of the issuer.