Great Uncle Pat
Our four choices for long-term care
Great Uncle Pat’s death epitomizes a ‘good death,’ a
lucky fate shared by 10% of the American population. Unless we count
suicide as an option,
we mortal beings face four long-term choices as we contemplate the
last years of our lives:
Get Lucky
‘Get lucky’ was Great Uncle Pat’s long-term care strategy. His planning
can be summed in two words: Do nothing. The more hedonistic among
us may label this as the “Eat drink and be merry” strategy or its
close cousin “Let tomorrow take care of itself.”
Since this works for only 10% of the population, we have to ask
ourselves: Do we feel lucky? Viewed realistically, we have nine-in-ten
chances of needing some level of long-term care assistance during
our lives.
Cultural factors play a role in long-term care planning. Caring
for the elderly at home until they die is expected in some cultures.
For these families, long-term care means unrelenting stress and backbreaking
work for the next generation, usually a daughter or daughter-in-law.
Denial also plays a role in long-term care planning
for many seniors. They know their time on earth is limited; they
know many people spend
time in nursing homes; they know they should get their affairs in
order. Yet many stubbornly ignore their children’s and friends’ entreaties
to plan beforehand. Perhaps these seniors refuse to acknowledge their
mortality because they fear such thinking will hasten their demise.
Besides, didn’t their great uncle drop dead one day without
ever seeing the inside of a hospital or nursing home?
That you are reading this book is indication that ‘Do Nothing’ is
not a comfortable choice for you.
Enjoy your success
For the fortunate few who enjoy great financial
success, planning for long-term care is simply deciding which assets
and/or income
will be diverted to pay for necessary care when the need arises.
To use an insurance industry description, these individuals may ‘self
insure’ their risks of needing long-term care.
Interestingly, some wealthy people who can afford to self-insure
purchase long-term care insurance. Anecdotal accounts from insurance
sources indicate a desire by people of significant economic means
to protect their asset base from potentially massive costs of extended
long-term care.
Let someone else worry
If ‘Do Nothing’ does not work for you and ‘Enjoy Your Success’ seems
unlikely in this lifetime, then letting someone else worry for you
may be your best choice.
