Broker Check

Have you had any experience with long term care?

| March 30, 2020
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What happened? Who and where was care provided? What was the impact financially, emotionally, and physically?

1) People are living a longer life because of advances in medicine and technology.
 
We are living through strokes, cancer, and cardiac events.

With people living to age 90+ they are more likely to get Alzheimer’s or Parkinson’s. These are extended care situations that can typically have an impact of three to 15 years.
2) If there were a long term care event – how would you pay for it?
 
There is no guarantee such an event will come at a time that is convenient to market performance and your portfolio.

It could be hard to build your account back up when you are withdrawing substantial amounts of money from your portfolio to pay for the type of care you want and need.
3) If there is a long term care event it will impact the entire family – including the spouse and adult children.
 
It is not about the person receiving the care, it is about his or her family. 

Family typically provides the majority of care — if there is not a plan in place, this could provide tension among family members. 

Families are now smaller and may be geographically dispersed — if adult children move away, who will provide and/or organize care? 

Do you think all of your adult children will help the same amount? (typically that’s not the case… and this can be a pain point for the adult children facilitating care).
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