Planning for longevity and figuring out how to pay for it if we need extended care is increasingly in the news, especially for women and those with a history of longevity in their families. The resulting risk of needing assistance with daily living activities that we take for granted now (such as getting in and out of a shower or tub, getting ourselves dressed, or preparing our meals and taking our medication) is the subject of research and innovative technology. But are we prepared to pay for this care in the future?
Aging Solo?
Aging brings with it the journey of greater risk of needing some assistance in our daily lives. And for those under the age of sixty-five, are we prepared to pay for the aftermath of the diagnosis of health issues such as Parkinson's disease, multiple sclerosis (MS), accidents resulting in traumatic brain injuries (TBI), or a cancer diagnosis and treatment? These are the disruptors that we may face during our lifetime. We find out too late that our health and income replacement plans (disability coverage) are not meant to cover these chronic care needs. And we do not want to deplete the funds or become a burden to our friends and family.
The cost of long term care continues to rise, and there are several reasons why:
- A large population of aging baby boomers needing care
- Impacts of COVID
- Shortage of qualified home health care workers
- Wage increases for professional care providers
Relying on Medicaid comes with a steep cost. You may have to spend down your assets — are you prepared for that scenario? The good news is that there are solutions.
The Trust: Here to Assist
Like some of the other solutions that you have come to The Trust in the event of a liability concern and other risks, you may face challenges that would result in the need for professional and monetary assistance. Since 2000, The Trust recognized the risk and need for a long term care education and insurance program by engaging a specialist team, Burling Insurance Group LTC, to address your needs and concerns. The risks and consequences of not being prepared for a long term care event can drain your finances and strain your relationships, but planning now can help mitigate those challenges.
To help you better understand your options, below are eight frequently asked questions, or situations, which have surfaced during our many conversations with Trust members. Some of these may sound familiar to you but you may not have addressed them or may have put them aside for now.
- What is long term care insurance?
- What is the difference between my income replacement disability insurance and long term care insurance? I thought they were the same.
- Who needs long term care? I am a 50-year-old healthy woman living solo and have a private practice. If I do not have the money to pay for my care someday, I will just sell my home and use the proceeds to help pay for my care. How much am I looking at for care in my home should I need it 20 years from now?
- My spouse and I are in our early seventies. Are we too late to the party to get long term care insurance?
- Will a long term care insurance policy limit our choices as to where and from whom we can receive care?
- In my family there is longevity. My grandparents on both sides lived until their nineties and never needed much help in their home before they passed away. Why should I consider long term care insurance?
- I have heard long term care insurance is expensive and for a lot of people, it has been a waste because their plan was never used. Wouldn't I be better off saving that money in a CD or money market fund?
- My parents purchased a long term care policy for themselves about 15 years ago. Now their rates have gone up and they are thinking of canceling their policy. My siblings and I were incredibly relieved when they became insured, and we do not know how to advise them. Can the long term care specialist at The Trust help us out?
We invite and encourage you to find out the answers to these real-life questions and concerns by visiting the long term care page on this site. While on that page, feel free to schedule a complimentary and confidential 30- or 60-minute virtual /telephone meeting with a Trust long term care insurance specialist.
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About the Author
Gail Steingold, CLTC, LTCP, is the founder and principal of Burling Insurance Group LTC and has been the Consulting LTC Insurance Specialist to The Trust since 2000. She is recognized as a versatile expert in her field with more than 25 years of experience garnered from both the insurance and long term healthcare industries. Gail specializes in both corporate and association sales with an emphasis in the legal and psychology professions but also provides in-depth counseling on options for mitigating the consequences – both financial and emotional – to individuals and families and business owners nationally. Gail is known for the depth of her knowledge of the everchanging LTC landscape and her commitment to designing a plan that meets her client’s needs and concerns regarding the extended long term care event. She understands the continuum of care having worked on all sides of the LTC table- her years as a speech /language pathologist working in hospitals, skilled nursing facilities, and delivering services in the home care settings and later in community outreach as director of marketing for the Warren Barr Pavilion, then a hospital-based Medicare-certified skilled nursing facility. Gail holds a Bachelor of Science and Master of Science in Communicative Disorders from the University of Wisconsin-Madison and certifications in long term care planning and insurance.
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