Planning for Long-Term Care is for those you love

BY BRIAN M. JOHNSON, MBA, CLTC | DIRECTOR, ADVISORS INSURANCE BROKERS

Caring for a loved one is never easy.

Physically, it is often dangerous; having to lift someone from a chair or bed or needing to stand next to him/her while bathing can put the caregiver in harm’s way.

Mentally, it can be draining. The caregiver is always on the clock, watching every move their loved one makes.

Financially, providing care for a loved one often results in the caregiver using their own savings and maybe leaving their job because of the responsibility they now have.

Emotionally, it’s devastating watching someone you love become dependent on others. The stress alone sometimes causes the caregiver to become sick as well. Many people can relate to this scenario; however, when you’re going through it, loneliness and depression are common.

When everything is good, many of us will say “I’ll do anything I have to do for my mom, dad, spouse, etc;” which is a noble and selfless thought. However, when and if that time comes that you suddenly find yourself providing care for another, you learn quickly how hard it is.

In our country, a record 10,000 people per day are turning 65. With people living longer in retirement, social programs like Medicaid are under immense pressure and a lack of caregivers. There is a perfect storm brewing on the horizon. Many of the clients and advisors we speak to every day are focused on protecting a life’s worth of savings, which of course is important. Yet we find that clients’ main motivation in planning for extended health care is to avoid being a burden to those they love. If you relate to this, then you’re probably wondering about what you can do.

We can piece together a plan using a combination of family and community supports, personal income and assets, Medicaid (Welfare) and some variety of LongTerm Care insurance.

Even if your plan involves family caregivers, they would act more as care supervisors than as care providers. By using a properly designed insurance policy and taking into consideration any disposable income you may have, in conjunction with the right legal documents, a plan can be affordably implemented. If you can’t afford insurance and are relying solely on Medicaid, proper research now can help ensure you and your family understand your benefits and rights.

No matter what your plan entails, it’s also wise to start lining up caregivers, community programs and volunteer organizations so that it’s easier to get access to providers when and if the time comes. Our office uses a comprehensive Long-Term Care planning questionnaire as a as a road map for our advisors and their clients. All this can also open a dialogue with family members, which is important in formulating a plan for extended health care.

Long-Term Care is the biggest risk we all face. It must be planned for if we want to protect our families and ensure we have options for our care.

To request a copy of the planning questionnaire, please call 518-371-5522 ext. 154. n

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