Recently, our own Deb Newman appeared as a guest on Lori LeBey’s podcast, Alzheimer’s Speaks. This podcast covers all things Alzheimer’s and Dementia. Through discussions and learning, the show aims to give a voice to those suffering from these ailments and empowers them to live purpose filled lives.
During Deb’s conversation with Lori, the two unpackaged why owning long term care is one of the smartest planning decisions you can make (especially as someone with a predisposition for diseases like Alzheimer’s) and how to make the decision affordable despite the expensive stigma.
Shedding some light on cost savings, Deb mentioned the shared care option. This allows spouses to split a predetermined amount of care that can be utilized more or less by each spouse depending on each of their needs. Deb explains that while we often like to comfort ourselves with the idea that we will never need care, we need to prepare ourselves for the certainty of uncertainty. In reality, the likelihood that either you or your spouse will need care at some point in your lives is quite high. The shared care plan allows married couples to protect themselves without feeling like they have each purchased a plan they may never fully claim.
Another innovation in the LTC industry that Deb and Lori discussed is a long term care rider on life insurance policies. This gives the individual the option to choose claim their LTC rider if they require it, but will also pay out a death benefit as a normal life insurance policy would if care is never required. Again, this gives the individual piece of mind that their investment will not go unused.
Finally, Deb and Lori discussed the misconception that long term care is always provided in nursing homes. The notion of death and sickness is often at the forefront of people’s minds when thinking of a nursing home, causing people to shy away from making the decision to purchase this insurance even when it’ affordable. Deb explained that despite the misconception, most long term care is provided within the comfort of your own home amongst those you love. “In the end, making this important decision is really a matter of exchanging permission with your loved ones to utilize this important tool when and if the time comes in order to protect the health of those that would otherwise have to assume the burden of your care.”
To listen to the full episode of this podcast, click here.