I got a phone call today from a man that he had been caring for his elderly father with Dementia for the past 5 months, he sounded stressed and burnout. He was considering placing his dad in a residential care home. When I discussed how much it would cost to place his father in a care home, he said “we can’t afford that”. As we went through alternative options besides care home placement he quickly realized that his dad was barely able to pay for any senior care. The sad part is when he expressed that if he did not have an alternative plan soon, it could cost him his marriage. He explained his struggle as a caregiver as comparable to taking care of a mentally disabled child.
This was not the first time that I came in contact with a family that could not afford senior care. This brought to mind the issue of pre planning for Long Term Care. Especially at a young age most individuals do not think about planning for Long Term Care, because they are healthy, and most of the time they are focusing on what is happening currently in their lives. There is also the assumption that Long Term Care insurance is expensive, and people assume that senior care is affordable and insurance will pay. Like I mentioned in a previous blog. Private insurance does not pay for Long Term Care. I encourage you to find an insurance company that specialized in Long Term Care policies and start pre planning for your senior years.