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Tuesday, May 20, 2014

Review Journal Article...A Must for Seniors

Review Journal....May 20, 2014
 
Aging Americans Not Planning for Assisted Living

 
 
Having owned an insurance agency for over 30 years, I learned long ago that...
 
People Don't Plan to Fail
 
They Fail to Plan
 
I've heard every reason as to "why" people don't want to purchase insurance, but one thing I've never encountered.....
 
An Insured Refusing to Cash a Check !
 
No...this is not an advertisement to buy insurance, but it is a warning to PLAN.
 
It's easier for YOU to make a decision, rather than placing others in a position to make it for you.
 
Most of us are past that time of life where taking care of young kids is a concern....but we are at that point of life where THOSE SAME KIDS may have to someday take care of YOU...unless you've PLANNED.
 
The article in the Review Journal states that 70% of Americans will need some type of long-term care after the age of 65.
 
...and it's nothing to take lightly !
 
And those of you who never married, are now widowed, or never had children, are the most vulnerable.
 
Here are other FACTS...
 
50% of people age 40 and over have been caregivers to friends and relatives.
 
60% of people age 40 and over have provided care to a parent.
 
As the article also points out....
 
Care giving is not only an EMOTIONAL challenge, but a PHYSICAL one as well.
 
The average age of a spouse caregiver is 67, and 58 for those who have cared for a parent.
 
33% of Americans in these age groups are deeply concerned, yet 67% have done little or no planning.
 
Only 32% have set aside money for living assistance, and 28% have modified their homes to make it easier to live as they get older.
 
Just what does assisted living cost ?
 
Sit down !
 
53% of Americans underestimate the cost of a nursing home.
 
(nursing homes average $6,900 p/month)
 
33% of Americans underestimate the cost of assisted living, of which 20% believe a home health aid costs approximately $1,000 p/month.
 
(the actual cost of a home health aid is approximately $3,400 per month)
 
What's the answer?
 
Simply stated
 
...PLAN...
 
If you are married, TALK to your spouse as to what your wishes would be.
 
If you are widowed with children,, TALK with your children as to what your wishes would be.
 
If you are single or widowed without children, TALK to  a professional counselor as to your wishes.
 
Most importantly....no matter what category you find yourself in......
 
CHECK YOUR FINANCIAL SITUATION.
 
Long-term care insurance coverage may not be an OPTION, but instead, a REQUIREMENT.
 
Here's another article recently published in the Las Vegas Review Journal about this topic.  It's informative and thought provoking.
 
 
....because if you don't die at the right time, you will in all probability be the object of this article....be it a care giver, or one who needs assistance.
 
You've lived your life on your terms to this point.....
 
Don't allow others to control it for you at the most vulnerable time of your life.
 
Dick Arendt
 
 
 
 
 
 
 

 

1 comment:

  1. From Dorothy Yu...to...Anthem Opinions

    Long term care may be little late for me. Knowing the cost of nursing home is very helpful. We also need to prepare ourselves for emotion readiness as well. When reality kicks in is how to face the facts of life. Be prepared and be ready for anything!!!

    ReplyDelete