A Long-Term Care Story

We have a client, age 98 who is in good health but, of course, can forget stuff, like his meds. He even once fell and forgot to click the emergency alert device around his neck. Actually, he is in okay health, eats well and is very sociable.

He does, however, need care, someone around every day. His daughter goes to his home every day and often even spends the night. An interesting thing about this is that 1) most people want to be cared for at home (at least initially for as long as they can); 2) most of the time the care giver is a family member and 3) most of the time that family care giver is a female.

Eventually, this daughter had to get some respite. She simply couldn’t keep up the daily 50-mile commute each way. So she found a professional day-care organization with a couple wonderful people, a husband and wife team, who have taken over several days of care.

This is a godsend for the daughter. She now has some time for her own life. She still goes to her father’s home often, since these new caregivers are there only a few days a week.

The cost of the 4 days of care is $6,000 per month. Where will it go from here?

So what’s the point of this little story?

It ain’t cheap.

Fortunately, this gentleman has some resources to accommodate this cost. He never purchased long-term care insurance.

Would you? Would you have the resources to, in effect, self-insure or would you invest in long-term care insurance?

By the way, this guy is my dad and his care-giving daughter is my sister.

Just saying.