Margie’s Long-Term Care Story:
As a long-term care insurance specialist, I collect stories about the value of understanding the consequences of not being prepared for aging.
The following was written by Margie Barrie, a Think Advisor contributor. Here is Margie’s Long-Term Care Story:
This is my story about the health crisis I’m living through right now.
My clients periodically ask why should I learn about long-term care planning and consider buying a policy?
Jan. 25: I receive an email from my clients, Jeanne and Ray.
We’re meeting tomorrow. We’ve already discussed various long-term care options and have selected the company and benefits. The next step is to apply.
Ray’s email asks why he should move forward with buying this insurance. That’s a great question.
Jan. 19: My husband has an emergency endoscopy.
The result is that he needs to have major surgery as soon as possible. This is life-threatening.
In responding to Ray’s email, I admit that the trauma my husband and I have been going through has impacted my reply.
Here’s what I wrote:
Jeanne and Ray:
I’ve been thinking about your question concerning why you should apply for a long-term care policy.
I’ve also been thinking about what I’m facing with my own husband and his upcoming surgery and medical issues resulting from it. And the need for long-term care.
I think that dealing with the second reason has convinced me that I should send you this email.
Here’s why you should get the long-term care policy.
It’s because of your wife.
There are two reasons I’m saying this.
Reason 1: Ray, you were very smart to marry a younger spouse.
She will be part of your care plan and probably will be able to keep you at home.
When your health changes, and you need care, does Jeanne want to stay at home with you 24 hours a day?
How many times can she lift you, bathe you and do the other activities that are needed to help someone?
And as she gets older — and frailer as we all will — that will become even harder.
Reason 2: This is the most important reason — and the one that scares me the most about my own situation.
Your savings — your assets — will determine the type of lifestyle that you and your wife will be able to have as you age.
If you need to start eroding your savings to pay for care — even for several hours a day — who will that impact the most?