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Guarding Your Wealth for Seniors
The Real Reason For Long-Term Care Insurance
By Jeffrey D. Voudrie, CFP
Oct. 10, 2005 - My mother-in-law recently passed away after a long
and courageous battle with cancer. Throughout her battle, our family had
to deal with many emotional and legal issues.
The physical impact of caring for a sick loved one
is enormous. Everyday tasks that we often take for granted, such as
eating, bathing, or going to the bathroom become major chores. As my
family found out, trying to provide all of the care within the family
quickly became unmanageable. The additional duties significantly
impacted all the relatives involved physically, financially and
emotionally.
For many, the cost of insurance that provides help
with long-term care seems prohibitive. But the cost of not having it are
far greater. You can’t underestimate the emotional impact a long-term
illness will have on a family. It is like a heavy, dark cloud that can’t
be lifted. The assistance paid for by a long-term care insurance policy
provides the family the ability to deal with the emotional issues
instead of focusing on meeting the physical needs.
Without long-term care insurance, caregivers are on
call 24/7. There are no days off, no ‘punching-out’ of the time clock
for a quick break. Those caring for loved ones suffer from sleep
deprivation and high stress levels. Healthy habits such as regular
exercise, balanced diet and regular sleep go out the window.
Studies have shown that long-term caregivers have a
shorter life span and increased health problems than their same-age
counterparts. My own father-in-law had only a few hours of sleep each
day for weeks. We soon became concerned for his health.
For some families, it’s even worse. Weeks drag on
into months and months into years if their loved ones suffer from
illnesses such as dementia or Alzheimer’s. In my mother-in-law’s case,
she was able to remain fairly independent until the last six weeks. But
others dying from cancer have needed intense care for six months or
more.
Of course we feel pain, grief and fear when someone
we love is ill. But caregivers focus so much on the needs of their loved
ones that their own needs go unmet. They feel guilty expressing their
own problems when their loved one is suffering so much. The physical
exhaustion makes dealing with their emotions even more difficult. It’s
hard to be objective when your world is turned upside down. And to whom
do they turn? They can’t easily tell the one they’re caring for how they
feel. Caregivers often stuff their own needs and go into ‘survival
mode’, just trying to get through one day or one hour at a time.
Compounding all of these difficulties is the
financial impact of long term care. In our case, my father-in-law is a
pastor of a small church and they were very understanding, giving him
the freedom to care for his wife without costing him his job. But what
if he was working a regular 9 to 5 job? Sick days only last so long. If
other family members aren’t able to pick up the slack, who will?
Few can afford professional nursing care at $25 an
hour for an extended period of time. The cost of custodial care is not
covered by most health insurance plans or Medicare. And Hospice only
takes over when a terminally ill patient no longer seeks treatment.
If you’ve never considered long term care
insurance, please think again.
I now understand that long-term care insurance is
as much for the family as for the patient.
The unfortunate truth is that many of you reading
this article will find yourself on either the giving or receiving end of
long term care. Having long term care insurance will go a long way in
reducing the inevitable suffering that long term illness brings, both
for the caregivers and the patient.
Selecting the proper long-term care policy isn’t
always easy. Consult with a reputable advisor and get quotes from
several different companies. I will be happy to help you in any way I
can.
If you have a specific question or would like more
information give me a call toll-free at 1-877-827-1463 or go to
www.guardingyourwealth.com. You can also reach me by email at
jeff@guardingyourwealth.com.
About Guarding Your Wealth:
“Guarding Your Wealth” is a
nationally syndicated weekly personal finance column written by Jeffrey
D. Voudrie, CFP. Mr. Voudrie is the President of Legacy Planning Group,
a private wealth management firm that employs sophisticated proprietary
strategies designed to protect and grow its clients' investments. Please
visit his website,
www.guardingyourwealth.com to read past articles under the Guarding
Your Wealth Article Archive.
In addition to being a nationally
syndicated columnist and Certified Financial Planning Practitioner, Mr.
Voudrie provides personal, private money management services to clients
nationwide.
Looking for an energetic expert who
is passionate about financial and wealth management? Mr. Voudrie is an
excellent speaker who will excite and inspire your audience. Mr. Voudrie
is available for a limited number of speaking engagements, television
appearances and radio talk shows. For booking information, email e-mail
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