Two Reasons to Plan Ahead for Long Term Care

A big aspect of personal finance revolves around family. A financial plan is crucial for the success and overall well-being of an entire family unit. Whoever the head of the family is has the responsibility of ensuring the entire family is sufficiently supported – emotionally, physically, and financially. As time passes, the older members of the family often require a financial plan that will account for both their physical and financial needs. 

Recently, I was introduced to a couple that could benefit greatly from a long-term care plan for two main reasons: independence and dignity. 

Let me provide some background to their situation. 

Both the husband and the wife were retired successful small business owners. Unfortunately, the husband became ill about a year ago and was ultimately diagnosed with dementia. His wife wants to do everything she can to keep her husband safe, healthy, and happy. Her husband now requires around-the-clock care that is costing the family $8,000 each month.

Independence is the ability to stay in your home for as long as it is a viable alternative. I know I always sleep better in my own bed than at a hotel. We are all comforted by the familiar surroundings in our own home. The husband in this scenario would greatly benefit from maintain his independence.

Considering the husband spent the majority of his working years as an independent business owner, he is probably proud of his accomplishments and successful career. He probably isn’t thrilled with the idea of depending heavily on others. His children and wife should be able to simply be his children and his wife. Taking on the responsibility of a caretaker is very taxing on a family member. Being able to put this responsibility on a professional can lift a huge weight. 

Apart from this man’s dignity, his independence is at jeopardy as well. Sacrificing the freedom to go about his normal day-to-day life will mean taking a huge blow to his independence. A long-term care plan will allow this man to maintain some dignity and independence in his situation. 

Fortunately, we were able to provide this successful, independent couple with a much more attractive option - a long term care plan. We were able to have a family meeting with their children and other key decision makers in an attempt to provide transparency and keep everyone in the loop. It was very clear that the family’s goal was to keep their father and husband in his home for as long as possible. 

Planning for the future is important, especially when retirement years are near. If you are in your 50s, we recommend going over your retirement options now rather than waiting until your options are more limited. Allow the professionals at Blackbridge Financial to help you evaluate your options for long-term care and make sure that you have a plan to protect yourself and your family. Schedule a consultation with us today!

Securities offered through LPL Financial. Member FINRA/SIPC/ Investment advice offered through Independent Advisor Alliance, a registered investment advisor. Independent Advisor Alliance and Blackbridge Financial are separate entities from LPL Financial.