Who is Going to Take Care of You When You Need Assistance?
Who is going to Take Care of You When you Need Assistance?
President & C.E.O. of Matthews Financial & Insurance Solutions
We as humans have been on Earth for over 10,000 years. But: we did not start retiring till 1889 in Germany. Back then we retired then we lived for couple of years then we died. During those years we lived we usually lived near our kids and grandkids.
But; over the last 50 years many things have change. Our children now are living in different cities due to better economic opportunities for themselves. The life expectancy of person in 1900 was 47 years old. While now it’s 78 years old due to advancement of science. Even with the advancement of science we still get sick. We have strokes, cancer, Parkinson’s, diabetes or we have mental illnesses like Alzheimer’s or dementia. We all know 1 person who might have any of those diseases. So, there is 2 questions I ask you? Who is going to help you when you need assistance? And How are going to pay for their assistance?
When we are talk about who is going to help us with assistance the 1 thing we thing of is our family our spouse, kids, grand kids or other family members. Before we assume that they are going to take care of us we need to ask few questions. Can they help me? If you need 24 hour care do your family members have the time to assist you in bathing, eating or dressing to name a few. Do they live close enough to help you on day to day operation? Do they have the health to take care of you?
The 2nd think you should ask is do they personality to take of me? Do they have the patience to take care of me or are they impatient? The last question is do they have money to take care of you. If they are bread winner of their primary family how can they take excessive time off to take care of you? If they are allowed to take the time off can do they afford to take care of you, 4, 8, 12 or 24 hours a day?
If we don’t think of our primary family members to assist us we usually look at another relative for help that family member is Uncle Sam. We think, “Hey I been paying him all these years he should help out.” But; that is not necessarily the case. It will help us with our health insurance once we hit a certain age with Medicaid and Medical but; he won’t help us with assistance of our day to day lives unless we do a few things. Here are the few things. We must spend all of our hard earn money and assets before he assist us or we must put those things in special trust 3 years prior to needing his assistance. Have you ever seen Uncle Sam facilities? They are not exactly the Ritz Carlton.
The other thing that comes to mind when we think of assistance is we are going to pay for it ourselves. We are balling! We saved enough money in our lives that we can afford to pay for assistance. I am glad you can afford assistance. The question you must ask yourself is how long and how much can afford for assistance at my house. If not at my house at a facility? Can I afford to pay $20,000- $105k in assistance? Depending on how much help I need.
The last idea we think about when we ask who is going to help me is insurance. Yes, long term care insurance cost and so does assistance. But; there is more than just your normal long term care insurance that can give you insurance for assistance. There are life insurance policies that have a rider that allows the death benefit to pay for long term care and so does annuities.
I am not saying that long term care insurance is answer. What I am saying is when thinking about retirement don’t just think about travelling around the world, starting a new hobby or golfing every day. But; ask the question who is going to assist me when I need help? No man or woman is island by themselves.
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