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Ignorance Is Bliss…

Burying your head in the sand? Psychologists say the “ostrich problem” – ignoring information that can help us – arises because of the need to avoid negative feelings.

Despite evidence that monitoring can be good for us – for example stepping on the scales when trying to lose weight – there are times when we intentionally avoid such information.

Researchers think people ignore what is going on around them to avoid negative feelings, often of guilt, that accompany being presented with reality.

We get the ostrich problem. Planning for long-term care is not really uplifting. No one wants to talk about losing independence and needing assistance. But it’s important to have a plan and may be necessary to protect assets and income to sustain your family’s standard of living.

It’s November. And, once again, Long-Term Care Awareness Month.

 

You or a loved one will likely need LTC or become a caregiver.

Just think about the reasons for needing care. They range from cognitive diseases like Alzheimer’s to physical limitations from accidents or medical conditions like ALS, cardiovascular disease, diabetes, MS, etc.

 

Test your awareness. What do you know about long-term care?

Risk: The government projections are that 70% of people age 65 and older will experience a long-term care event in their remaining years. True or False

More info…

Cost: The median cost of a private room in a nursing home is over $97,455 annually. True or False

More info…

Funding: Most people believe that Medicare is a funding source for long-term care expenses. True or False

More info…

Planning: Today 78% of adults have not discussed their long-term care desires with their spouse/partner, adult children or other family members. True or False

More info…

LTCI: Only 11% of long-term care delivered in the U.S. is paid by private long-term care insurance. True or False

More info…

We’ll make it easy for you to score your knowledge. All answers are True.

 

Do you have a plan for long-term care?

Have you thought about care venues? Or care providers? Do you know the costs associated with your preferences? How will you pay for this care without compromising your family’s standard of living or retirement portfolio?

The following three questions will help you develop a plan for long-term care:

 

If you needed LTC, where would you want to receive care?

 

If you needed LTC, who would provide the care?

 

If you needed LTC, how would you pay for it?

If you will think through these three questions and write down your desires you are well on your way to having a plan for long-term care.

The next step is to discuss your desires with family and others who need to understand your plan. Then be sure your funding strategy is in place.

 

We ask clients to consider two factors as they explore LTCI

Even a modest policy can offset considerable expense and protect important assets. The new norm is “some coverage is better than none.”

By the way, November is also National Alzheimer’s Disease Awareness Month. Alzheimer’s and other forms of dementia comprise the #1 reason for long-term care insurance claims.

November is also National Family Caregiver’s Month. Unpaid family caregivers contribute $450 billion of the $725 billion currently spent annually on LTC.

 

We get the ostrich problem

Planning for long-term care is about dealing with the reality of needing assistance as we age. We’ll be the first to acknowledge this is not a fun conversation. But ignoring information to avoid the reality of needing long-term care is not a solution.

Six facts you must know before buying long-term care insurance.

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