| |
My mother-in-law recently
passed away after a long and courageous battle with cancer.
Throughout her battle, our family had to deal with many
emotional and legal issues. Over the next couple weeks, I’ll
be discussing these in more detail in the hope that you and
your loved ones will be prepared for life’s difficulties.
The physical impact of caring for a sick loved one is
enormous. Everyday tasks that we often take for granted,
such as eating, bathing, or going to the bathroom become
major chores. As my family found out, trying to provide all
of the care within the family quickly became unmanageable.
The additional duties significantly impacted all the
relatives involved physically, financially and emotionally.
For many, the cost of insurance that provides help with
long-term care seems prohibitive. But the cost of not having
it are far greater. You can’t underestimate the emotional
impact a long-term illness will have on a family. It is like
a heavy, dark cloud that can’t be lifted. The assistance
paid for by a long-term care insurance policy provides the
family the ability to deal with the emotional issues instead
of focusing on meeting the physical needs.
Without long-term care insurance, caregivers are on call
24/7. There are no days off, no ‘punching-out’ of the time
clock for a quick break. Those caring for loved ones suffer
from sleep deprivation and high stress levels. Healthy
habits such as regular exercise, balanced diet and regular
sleep go out the window. Studies have shown that long-term
caregivers have a shorter life span and increased health
problems than their same-age counterparts. My own
father-in-law had only a few hours of sleep each day for
weeks. We soon became concerned for his health.
For some families, it’s even worse. Weeks drag on into
months and months into years if their loved ones suffer from
illnesses such as dementia or Alzheimer’s. In my
mother-in-law’s case, she was able to remain fairly
independent until the last six weeks. But others dying from
cancer have needed intense care for six months or more.
Of course we feel pain, grief and fear when someone we love
is ill. But caregivers focus so much on the needs of their
loved ones that their own needs go unmet. They feel guilty
expressing their own problems when their loved one is
suffering so much. The physical exhaustion makes dealing
with their emotions even more difficult. It’s hard to be
objective when your world is turned upside down. And to whom
do they turn? They can’t easily tell the one they’re caring
for how they feel. Caregivers often stuff their own needs
and go into ‘survival mode’, just trying to get through one
day or one hour at a time.
Compounding all of these difficulties is the financial
impact of long term care. In our case, my father-in-law is a
pastor of a small church and they were very understanding,
giving him the freedom to care for his wife without costing
him his job. But what if he was working a regular 9 to 5
job? Sick days only last so long. If other family members
aren’t able to pick up the slack, who will?
Few can afford professional nursing care at $25 an hour for
an extended period of time. The cost of custodial care is
not covered by most health insurance plans or Medicare. And
Hospice only takes over when a terminally ill patient no
longer seeks treatment.
If you’ve never considered long term care insurance, please
think again. I now understand that long-term care insurance
is as much for the family as for the patient. The
unfortunate truth is that many of you reading this article
will find yourself on either the giving or receiving end of
long term care. Having long term care insurance will go a
long way in reducing the inevitable suffering that long term
illness brings, both for the caregivers and the patient.
Selecting the proper long-term care policy isn’t always
easy. Consult with a reputable advisor and get quotes from
several different companies. I will be happy to help you in
any way I can.
If you have a specific question or would like more
information give me a call toll-free at 1-877-827-1463 or go
to www.guardingyourwealth.com. You can also reach me by
email at jeff@guardingyourwealth.com.
Mr. Voudrie is a Certified Financial Planner, nationally
syndicated columnist, and the President of Legacy Planning
Group, Inc., a Private Wealth Management firm in Johnson
City, TN.
|
|
|
