When most people think about retirement, they picture pursuing their hobbies again, spending more time with their children and grandchildren, traveling and generally just enjoying themselves and all they’ve worked so hard to accumulate in their working lives. The last thing on most people’s minds is preparing for the very real likelihood that they will become unable to care for themselves at some point in their retirement years.  This makes sense.  After all, you’ve been taking care of yourself your whole life.  You’ve worked hard, maybe raised a family.  It’s difficult to imagine a time when you may be unable to perform the basic activities of daily living such as eating and bathing.  Often, this reality only comes home when people see their own parents or other older relative go through this process.

Take Jack, for example. He’s a 55-year-old accountant who’s done well for himself.  He’s married, has 3 beautiful, bright and successful children and is at the height of his career. He plans to retire a few years early, if the finances work out, and travel the world, which is something he and his wife Angela have always wanted to do.  Everything was looking up for Jack.  Then, Jack got a call from his father’s neighbor.  He had found Jack’s father, Thomas, a widow of 5 years, wandering around the neighborhood after dark, unable to find his house that he had lived in for nearly 40 years.  Thomas was diagnosed with dementia that would likely progress into Alzheimer’s.  He would need long-term care. But, he didn’t have Long Term Care Insurance.

Now, Jack and his wife are trying to figure out how they can assist his father in paying for the care he needs.  They aren’t able to bring Thomas into their busy household with 3 teenagers and busy work schedules.  So, they’re spending the rest of Thomas’ savings and a substantial amount of their own savings to pay for Thomas’ care.  Now, Jack’s early retirement plans are unclear.  He’ll likely have to work as long as he can to keep everyone afloat and to ensure that his father gets the care he needs.  And, Jack has learned that he must look into purchasing a Long Term Care Insurance policy immediately to insure that he and Angela aren’t in the same situation in 15-20 years when they’re hoping to enjoy their retirement.

Jack’s story is not unusual nor rare.  Many Americans find that they aren’t aware of long-term care or the need for Long Term Care Insurance until it’s too late and they’re scrambling to pay for or make arrangements for themselves or an aging parent or relative. We are all aware that we need to save for retirement, that a 401k or other retirement plan is a good idea and that preparing for retirement, generally, is something we’re are all obliged to take care of ourselves.  But, many don’t factor in the important and critical role that Long Term Care Insurance plays in a health, robust retirement plan.  Paying for long-term care services out-of-pocket can dwindle your savings and assets in a matter of a few years and threaten your plans for a peaceful and secure retirement enjoying the things you’ve always wanted to do.  Don’t make the same mistake Thomas did.  Follow Jack’s example and look into a Long Term Care Insurance policy today.

If you’ve done you’re research and are aware, generally, of what long-term care insurance is, when shopping for a plan, there are a number of other things to consider.  Long-term care insurance plans can be complicated and often offer many options for level of coverage, type of coverage or care that is covered as well as payment options, among many other factors.  But, we can help you navigate the many choices in Long Term Care Insurance plans and help you insure that you live out your retirement years on your terms and are able to care for your aging relatives.  Simply fill out this form to get started. Thanks for reading today’s blog. We really appreciate it.