No matter how you go about planning for end-of-life health care, you are never really ready. About five years ago my father-in-law needed heart bypass surgery. He knew by having the surgery he was taking a risk. At first he thought he would go without the procedure, but then he changed his mind. Hindsight would have dictated another choice. He went ahead with the surgery and his life, and the lives of his family members, changed forever. He and my mother-in-law lived in a beautiful retirement community in Florida. They had actually once owned long term care insurance, but about three years before the surgery they decided that on their fixed income they would rather spend that money elsewhere. They never mentioned that decision to their son or me.

One problem that arises when one person in a marriage needs extended healthcare is that the healthy spouse may live long past the one currently receiving care. The cost of caring for an ailing spouse can seriously deplete the resources available for a surviving spouse. It is imperative to be conscientious in preserving as much money as possible while doing everything possible for the loved one needing services now. Families are dealing with these issues everyday and it is tough — financially, emotionally and physically.

It was tough on “Nana.” After his surgery, my father-in-law never fully recovered. He would call for my mother-in-law at all hours because he was unaware of the time. She would respond by getting out of bed and going down the elevator to the nursing facility that was located on the first fioor. This went on for months and months until she finally collapsed. Her physician said that she could no longer live by herself. She moved to Tuscaloosa to live with my husband and me — some 500 miles from the man with whom she had shared more than 60 years of her life. Over a period of about nine months she gradually recovered her strength. About a year later we were able to get my father-in-law into the Tuscaloosa VA Medical Center; he lived there for about a month, then he passed away. Along with my father-in-law, much of the couple’s wealth had also “passed away” in medical expenses, creating a new set of problems for the family.

So much of this stress can be avoided. Health problems are trying enough without adding the stress of tough financial worries. So, how can it be different?

1. If you own long term care (LTC) insurance, do everything you can to keep it.

2. Inform your kids if you are thinking about dropping coverage you have; they may want to pay those premiums for you.

3. If you don’t own long term care insurance, buy it from a strong, reputable company through a knowledgeable insurance professional.

You don’t just own the financial benefit of the policy; equally as important, you are buying peace-of-mind that the last years of your life will be the best they can be for yourself and your loved ones.

Long term health care is a family issue: when one person in the family needs care, the whole family is affected. The primary caregiver can suffer greatly, as in the case of my mother-in-law. My husband is caring for his mother without the benefit of LTC insurance. She has been in a nursing facility now for years and we can literally count the months until all her remaining assets are used up. LTC insurance relieves the financial strain that comes from the high costs of health care, allowing family members to focus upon providing the emotional support and love which are so important.

Owning LTC insurance allows you to spend the retirement dollars you worked so hard to earn as you choose. You can take those trips, enjoy your hobbies and spend time with the grandkids without being concerned about a long term health care event draining your resources. You’ll be surprised by how much freedom you will feel once you are no longer (if even subconsciously) concerned about running out of money.

If properly designed, LTC policies are not too expensive. What is expensive is long term health care — health care facilities in this area now average $4000 to $5000 per month, and they are much more expensive in other parts of the country.

A properly designed LTC policy provides all the resources you need to receive care at home or in an assisted living facility, either of which is almost always preferable to a nursing home. Buy these policies as soon as you can (you should at least start looking at age 50) because you never know when your health may change and you won’t qualify for coverage. Not owning LTC insurance is like owning a home without homeowners insurance or a car without car insurance. Imagine going to the hospital without health insurance: even if you have the resources to pay your bill out of pocket, it’s a huge relief to know you don’t have to!

When it comes to long term health care, don’t be one who says, “Shoulda, coulda, woulda;” there is just too much at stake. If you buy it and don’t need it, you can count yourself blessed. If you buy it and come to need it, you and everyone else in your family will be grateful you did. Requiring others — a spouse, your child, or the state — to pay for your healthcare at the end of your days is a situation none of us wants to find ourselves in.


Article by Babs W. Hart originally appeared in
The Tuscaloosa Business Ink.