This is a question you should ask yourself long before the answer needs to be acted on. Too often, when people begin preparing for their golden years, they only worry about retirement and finances; they open a savings account and start putting away for the future. But what good will those savings be if you haven’t secured the quality of life you’ll have in your old age?
That’s the thing about preparing for old age: you can’t forget to plan for the old part.
That’s not to say that you won’t live a healthy retirement with full independence for a long time, but the nature of our bodies is that they break down over time. It’s statistically proven that, eventually, some area of your health will give way. When that day comes, you won’t want to be considering the question ‘who’s taking caring of me?’ for the first time.
So, really: who is taking care of you when you can no longer take care of yourself?
“My kids, of course!”
This is a common answer, but unfortunately not a solid one. While it’s true that some people are cared for by or move in with their adult children, it’s not unusual for children to be unavailable to help their parents in their old age.
Caring for an adult person who cannot assist in caring for themselves takes a great deal of time, energy, and money. You have no idea where your children will be in their lives by the time you need their help, and there are plenty of situations in which they will be unable to be there for you.
If your child lives far away for business, they won’t be able to physically be with you on any kind of regular basis. If your child has a stressful job or is a single parent, taking care of an additional person could be too overwhelming for them. Your child may also be going through some financial issues of their own at the same time you need to rely on them, and you may find that there just isn’t enough to go around.
Relying on your children as your only plan for the future is idealistic at best, and if you don’t intend on having children, the result is the same. So, if you can’t leave your personal care to your children, what options are left?
Well, there are private nurses and caretakers that dedicate their lives to ensuring the well-being of seniors. These individuals are highly qualified and specifically trained in everything you’re going to need in your old age, including compassion and empathy. There is also the option of a long-term care facility, which would allow you to be housed and taken care of by a dedicated staff of professionals. Regardless of which option you end up going with, these services cost money.
That’s what makes it so important to decide these arrangements well in advance so you have plenty of time to work out funding, which will reduce stress-levels when the time comes to act on these choices.
Fortunately, there are things you can do to ensure that long-term care doesn’t bleed your bank account dry. Warren Weiss Agency offers Long-Term Care Insurance specifically designed to do just that: help support the costs of a long-term care facility that would otherwise be a pricey expense, especially if the need to move into one was a sudden and unexpected change.
Speak to a Warren Weiss Agent today to find out more about our Secure Legacy Program and what you can do to make sure you are fully cared for in your golden years.