Are You Prepared For The Costs Of Long-Term Care?18 months. That’s how long it took for Rob and Sharon Miller to go through their family’s life savings. Then they started selling off their investments. All to cover the costs of long-term care for Sharon after her stroke. They had been preparing for retirement. They weren’t prepared for her debilitating illness.
Unfortunately, Rob and Sharon’s story is not unique. 34 million Americans provide some kind of long-term care for a spouse, family member or partner. And 68% of them pay for that care out of their own pockets, adding a financial burden to the emotional and physical stresses they carry.
Savings and investments are diminished—or wiped out completely. Careers, educations and retirements are put on hold. Lives and futures are turned upside down. But there is a way to write a better story about long-term care. Long-term care insurance.
"I purchased long term care after having a meeting with my children. This was about 10 years ago. I explained to them that if I got sick they would need to use my money to take care of me and that it would be expensive. We talked about the long term care and decided it would protect some of my assets and they would not have to bear the burden.
Recently my husband had a stroke. He did not have long term care insurance and when he came home and needed a caretaker it was expensive. Now it is too late for him to get coverage. My advice is to get it early while you are healthy."
- Linda Randall, self-employed psychotherapist living in Chicago and a long-term care client of Our Community Insurance Consultants since 1999.