| James and Irene Norris spent their lives surviving. | | | | and secure. Rather than seeing your memories |
| The two owned and operated a small business | | | | sold, you can hold on to the things you worked |
| together for over 60 years, surviving the stock | | | | so hard to attain. |
| market crash, the Great Depression, seventeen | | | | Long-term care planning doesn't mean the end of |
| U.S. Presidencies, and two World-Wars. All while | | | | your livelihood. It means taking a small amount of |
| raising two sons. | | | | time to decide what options you and your family |
| But there was one thing they didn't plan on: | | | | will have in the future. It means making sure you |
| long-term care. | | | | have something left to pass on to the next |
| Once they closed their small business and became | | | | generation. |
| too frail to care for each other, they became | | | | When is long-term care needed? |
| trapped in an unfortunate financial situation that is | | | | Long-term care is generally something to consider |
| becoming all too common today. After several | | | | when someone can no longer perform basic |
| medical problems, they were forced to choose | | | | functions themselves. Generally, it means they |
| some sort of custodial care and they moved into | | | | need a medical professional to assist them with |
| a nursing home. Even though they had savings, it | | | | various tasks. This can be as simple as getting out |
| quickly disappeared when faced with the monthly | | | | of a chair or as complex as cooking a meal or |
| nursing home costs. Medicare offered little | | | | bathing. Both mental and physical ailments can |
| support, because it does not cover stays in | | | | bring about a need for long-term care including |
| nursing homes for extended periods of time. | | | | strokes and car accidents. Alzheimer's disease is |
| The bills continued to come and they soon | | | | just one of the many mental conditions that |
| realized they no longer had adequate financial | | | | requires extensive long-term care. According to |
| resources to survive. They reached a | | | | the Center for Disease Control, 14.2% of all |
| turning-point and, after working their whole lives, | | | | nursing home residents suffer from Alzheimer's |
| they were forced to make the most painful | | | | disease. This can be extremely costly and can |
| decision of their lives. In order to qualify for | | | | destroy your financial security quicker than you |
| Medicaid, they would not be able to hold onto all | | | | think. |
| of their resources. They had to sell everything | | | | What long-term care options will I have? |
| they worked so hard to earn, in order to receive | | | | Most people automatically think of nursing homes |
| Medicaid. Their prized possessions that had been | | | | as the only long-term care options. While it is true |
| so carefully collected through the years were | | | | that nursing homes account for a large |
| gone in an instant, sold to pay the medical bills | | | | percentage of long-term care, it's certainly not the |
| that had piled up. | | | | only option available and depending on your ability |
| Part of the reason they had to sell was because | | | | to perform tasks you may have a wide-range of |
| of Medicaid requirements, but much of their selling | | | | options to choose from if you plan ahead. |
| was due to a lack of planning. The Norris family | | | | Insurance that helps cover costs of nursing |
| had never consulted a financial planner or worried | | | | homes, assisted living facilities and even in-home |
| about saving for retirement. Had they even spent | | | | health care are all options that can be considered. |
| a small amount of time earlier in life with a | | | | What's the next step? |
| financial planner, they would have probably learned | | | | When deciding what type of long-term care |
| a few techniques which would have allowed them | | | | planning you should do, it's always best to consult |
| to hold on to more assets and still legally qualify | | | | with your closest family members. Once you |
| for Medicaid. | | | | have decided to pursue long-term care planning, |
| Once on Medicaid, they were limited in their | | | | there are various options available to you through |
| options. They were forced to choose only the | | | | the help of a trusted financial advisor. |
| care that Medicaid would cover, rather than what | | | | With just a small amount of financial planning, you |
| would truly make them comfortable in their finals | | | | may be able to spend your final years in comfort |
| years. Finally, when they passed away, the family | | | | and stability, without all the added financial stress |
| was left with thousands of dollars worth of debt | | | | and anxiety. Your family members will be able to |
| from medical expenses and funeral arrangements. | | | | spend time around you sharing their love and |
| This lack of preparation is common. It happens | | | | support, instead of dealing with debt and |
| every day to hundreds of middle and | | | | foreclosure. You will be filled with pride knowing |
| upper-income families across the United States, | | | | that all you worked for is still intact. Just a small |
| and it can easily be prevented with some basic | | | | amount of long-term care planning could ensure |
| planning. Rather than watch your life's work slip | | | | that the dreams you achieved in life don't |
| away because of costly medical expenses, with | | | | disappear overnight. |
| just a little planning, you'll you be able to leave a | | | | And you may find that you are able to leave this |
| legacy behind that will make your family proud | | | | world a little bit better than you found it. |