Can you believe it? 7 out of 10 people turning 65 will need long term healthcare services in their lifetime. 1. Which means we may not like it, but there will be a day the majority of us will need it. What’s the big deal?
Well, it is a big deal – and it isn’t just about you. There are side effects to your immediate and extended family, as well as to your own care if you don’t address it.
Take Marge for example. She lived a long and healthy life, but her last few years were rough. She fell and was never herself again. Her family was forced with the decisions of where Marge needed to be, who would take of her and how. Her children were all very busy with their own families, lives and businesses. There was only so much time, support, and effort each of them could offer. Two of her children were successful. Two were not - and they were counting on their inheritance. Money for Mom’s care was not an easy subject. Marge was very close with her children and it proved especially hard for her youngest child to cope with. After nine months of chaos, no one wanted to be around each other for Thanksgiving. Is this really what Marge would have wanted?
How about Bob? He and his wife retired right on time—65 and alive! They were ready to take on the world when Bob suddenly had a stroke despite his apparent good health. A couple years went by and he was diagnosed with Alzheimer’s disease. At the age of 67, his wife Carol was forced to make some hard decisions. She could not take care of him physically. She was scared of leaving him alone and slept with one eye open at night. Money wasn’t an issue, but Carol worried that if she started spending it to get the help he needed, it would wreck all their retirement dreams. She was right. After three years of needing a full-blown memory care facility in the end, her retirement would never look the same. Both Carol’s health and her financial resources suffered greatly.
No one wants to be a burden on their family. No one wants to cause pain to their family. Yet the choices we make or don’t make have lasting and profound side effects. Just imagine for a moment that Marge or Bob had planned for the unexpected... how could these stories have turned out differently? How will your story turn out?