Why The Blue Thong Society Wants You to Plan for Your Long Term Care
We know the last thing you need is something else to worry about. With caring for children, a career, community involvement, and keeping your home and life going, you’re already busy enough. But our nation has a crisis coming and it’s going to affect you and your family deeply.
The US Census projects that by 2030, one out of every five Americans will be a senior citizen. Already almost half of the US workforce – those of us in our 40’s, 50’s, and 60’s – are caring for an elderly parent. 3 out of 4 of us will need long term care at some point in our lives. And this doesn’t just affect the elderly – 40% of those in need of long term care are between the ages of 18 and 65.
I already know what you’re thinking…
Won’t the government take care of us if we need care?
I’m afraid the government isn’t going to do much. Medicare does not provide much coverage for long-term care in most medical situations. In some cases they may provide a few weeks of skilled care at your home, or in a nursing home. But after that, it’s up to you.
In fact, our government has recognized the coming crisis and has launched a campaign urging people to create a plan.
If you happen to have saved hard and become wealthy, you may have enough money to purchase the private care you need. But the vast majority of us, regular middle-class America, are severely underinsured. In other words, we’re heading for trouble.
So why is long term care a woman’s issue?
Research has shown that women bear the brunt of care costs. Women generally live longer than men, and because of this, require lengthier care as they age. And because women are often the caretakers of their family’s health and welfare, the responsibility for caring for elderly parents, an ill spouse, or disabled siblings falls on us. Long term care insurance provides the assistance you and those you care for deserve.
It’s critical that you develop a plan now that considers all of your options.
Long term care includes a wide range of products and services, from home health care, hospice care, medical equipment, to home-delivered meals and more. You should also consider your finances. Many people who believe that they can self-insure for the risk are not taking into account the risk of disability in the early part of their lives. An early disability can wipe out even a considerable fortune, and with the cost of care growing exponentially, even a disability when you are older could cost hundreds of thousands of dollars.
It’s time to talk about the problem.
This is an important issue for us at the Blue Thong Society. We urge you to review your situation with the Blue Thong Society's long term care specialist to learn about the latest options available in the rapidly changing long-term care insurance industry. Remember that planning for long-term care is just another part of a continuous lifelong financial plan. Long-term care planning is an issue for everyone. Having no plan is simply not a good long-term strategy.