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