DO YOU CARE ABOUT LONG TERM CARE?

Thirty years ago, how the words would flow
With passion and precision,
But now his mind is dark and dulled
By sickness and indecision.
— Rush, Losing It

We're living longer than ever (see longevity over the last 100,000 years). That progress doesn't ensure we'll have a high quality of life in our final years. We may be unable to care for ourselves financially or physically. Babies don't mind but we're not babies. We can plan.

Ken's Parents

Gerontologist Ken Dychtwald explains what happened to his own parents.

The tale of Ken Dychtwald's parents

At least Ken's parents had long term care insurance. Coverage is harder to get these days. My first full-time employer, MetLife stopped selling coverage in 2010.

Plans typically provide cash for

1. cognitive impairments (inability to think, perceive, reason, remember), or
2. the inability to perform two of the five activities of daily living without help (bathing, eating, dressing, toileting, transferring positions of the body)

Provisions vary. There are limits and exclusions (the fineprint taketh away). Yet coverage can provide valuable financial support.

Since we think we'll be immune, we're reluctant to prepare. If your parents need long term care, your inheritance can melt away. One strategy is to buy insurance on them (if they qualify).

What Do People Live For

Ken showed this video at CALU 2011. You don't need to know Taiwanese to be moved by this quintet. They have an average age of 81, various ailments and a dream.

Dream: the adventure of five Taiwanese average age 81 (based on a true story)

We too can dream and do. Why wait? Get on your bike and ride!

Links

• Long term care takes planning (Financial Post, Oct 2012) (new)
• Dealing with the staggering cost of dementia
• Longevity over the last 100,000 years (Ken Dychtwald at CALU 2011)
• Three ways for hockey players (and you) to save for retirement
• Are you saving too much for retirement?
• The four financial risks
• Long Term Care (Riscario wiki)
• image courtesy of Nicolas Raymond (Montreal)

Podcast 118 (3:22)

direct download | Internet Archive page | iTunes

PS Why not care about the long term before you need long term care?