The Most Important Planning Your Family May Ever Do

We plan our lives and our finances so that our families can live the lifestyle we choose, both today and in the future. Your plans probably reflect living a long life – into your 80s and beyond. And so you put money aside for retirement. And you buy health insurance now and fund future health insurance premiums, including Medicare, in your retirement planning. But unfortunately, this does not cover one of the biggest expenses that you may incur in the future for a possible event that could be life-changing for your family.

The major gap that we see in most people’s retirement planning is that they plan on living a long life but they fail to ask a natural and fundamental “what if” question:

“If in fact I live a long life, what if my health declines in my later years and I need help to get through the day?” 

This is a critical question. It is practically inevitable that at some point, your health may decline to the degree where you need some assistance with activities of daily living. For example, what if for an extended period of time in your later years you need help with eating? Or getting dressed? Or other activities of daily living? Will your family be able to provide this help without disrupting their lives? Would you even want to ask them to provide this very personal care? Or would you prefer to hire outside caregivers for this assistance?

When asked these questions, most people indicate that they clearly would prefer to hire outside caregivers. They do not want to become a burden on their loved ones and cause them to experience the adverse physical, emotional and financial consequences of putting their lives on hold. That makes sense. But should that day arrive, you and your family will discover two unsettling facts:

  • * The costs of assistance with activities of daily living are very high. The median cost for home care is over $4,000 a month and assisted living facilities can cost even more. The cost of semi-private nursing home care is even higher: over $7,500 per month as a national average but in some areas it may be $10,000, $15,000 or even more per month.
  • * Your health insurance, including Medicare, will generally not cover these costs. You and your family would be forced to cover all of your extended care expenses out of your income or deplete your life savings, or both. The alternative would be to have your loved ones disrupt their lives in order to provide the care you need – if they are even in a position to do so.

And that’s when you and your family will be forced to ask: “What now?

Wouldn’t it be better for you to ask “What if?” today?

This is where RPW Solutions can help. We can show you how to ask “What if?” today so your family won’t need to ask “What now? later on.

We are long term care insurance experts and advocates who can help you develop your own “help care” plan. And we can present you with options for enabling your plan. This is your life and your family – with the right information, you will know what’s best for you and your family.