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