Senior Moments: Why Long-Term Care?

Much of independent research, as well as common sense, tells us that people in the elder stage of life want to stay in their own homes. One of the most often expressed fears of seniors is that they will be placed in a nursing home against their will. As with much of life, some planning can make dealing with this issue less painful.

The question of how to deal with aging parents is one that all of us at one time or other will have to address. In my business, consequences of the lack of planning become obvious very early in our conversation with our clients and their families. Inevitably, the subject of finances arises, with the unstated but very real doubt that Mom or Dad’s money can last. Care for them, whether in an elder facility or at home, is expensive, and can rapidly deplete their nest egg. If the proper preparations have not been made, there is almost nothing to be done but to pay whatever care costs.

There have been countless times where I have sat in a living room together with the person who now needs help and members of his or her family; most likely one of their children. Facing the sad reality of a parent’s need for help and wondering about how to pay for it is sobering for all concerned. In such cases, I have wanted to address the children in the strongest terms possible, to tell them that there are ways to cushion the effects on themselves and their children when they reach the stage where their parent is now.

I do not sell insurance, but I meet many people who do. Many people who have life insurance can amend their policies to include a long-term care rider. The long term care component draws down on the cash value only if and when needed, and the balance of the cash value goes to the beneficiary. Products like these make sense for those of us in middle age, while we are still healthy and mentally capable. This relatively simple step can go a long way toward cushioning the financial blow when it becomes apparent that we need help sometime down the road.

None of us has trouble understanding the need for insurance on our car or our home, because we deal with both of those items every day. We do have trouble anticipating that we will become infirm and dependent. If we are part of the Baby Boomer generation, chances are that we are in denial that we will be in that position, but being with our aged parents should emphasis the need for us to plan.

My name is Rudy, and this has been a Senior Moment.

Rudy VanDerLaan is owner of Comfort Keepers, which provides non-medical in home care. A further description of available  services can be found at www.comfortkeepers.com