Plan & Tell

In the long-term care insurance segment, there has been a bunch of noise (might I say criticism) about how one will receive payment for care (either a cash benefit or as a reimbursement benefit).  Let’s be serious about this … when you need a source of money for care, does it really matter if it is from a cash or reimbursement policy?

I know, you are going to make the argument that cash is always best.  It can be if the person wants their spouse, children, sibling, neighbor, or any other untrained person to provide their care.  I accept that argument BUT …

Let me ask this question … is becoming a caregiver something that the family member or neighbor wants to do or is capable of doing competently?

I understand what taking care of a family member means. I grew up in a family where that happened.  My mother, being the oldest child and only daughter, took on this responsibility in my family. 

It started with my great grandfather Orrin when I was very young (he died when I was 3), then it was my grandmother Irene while I was in high school, then my aunts Doris and Amelia while I was in college, and finally my grandfather Eddie for my son’s first 2 years of life. 

In my family, it was a rolling wave of my mom taking care of generations. During that window of time between caring for my great grandfather and my grandmother, there was a decade and a half of relative “normalcy” where mom had a career and raised her family.

But, when the bell rang, she gave it all up to become the caregiver for her family.

Consider this – she provided care to her family member for a period of time that was longer than when she was worked.  I asked her why she did that and her answer was that “someone had to step in and help … it was the way she was raised …”

Think about your family and where everyone is today.  What is the likelihood of a relative being able or willing to forego their career and provide care for you?  Is that a likely scenario?

A little self-reflection is important when you want to make the argument that “my family will take care of me.”  You need to ask yourself and them if that is something that they are willing to do.  Then, if they accept the challenge, ask “are they willing to make that commitment for the rest of your life – however long that might be.”  And, are they comfortable in providing you with more than supervisory care if you need it.

Remember, they may be helping with more than transferring from a bed to a chair or dressing or eating a meal.  There may be uncomfortable tasks such as bathing and dealing with toileting and continence issues. 

Is that something that you and a family member, friend, or neighbor would be willing to endure?

Now, consider this … most people will experience this scenario if they accept their default plan which is the plan of hope.  The plan goes something like this …

Hope that you remain healthy.

But, if you are not, hope that it is not a significant issue.

And, hope that you have resources to address the issue,

then hope that it does not last a long time that devastates you, your family, and your plans.

This is why I have been telling you that the most important thing anyone can do is have a plan. This is also why I say that the second most important part of this is to share their plans with your family members or whomever will manage your affairs when you are no longer able to.

Your plan is one of the most important things that you can do for yourself and your family. 

Contact my internal sales partner Kelley Hilliard at (844) 623-4251 or via email at kelleyhilliard.isp@oneamerica.com to secure your copy of the Step by Step Guide to Long Term Care along with the Care Planning Worksheet.