Most of us respond to this question by thinking – I’m in good shape today so I will continue to be OK later in life. However, the reality is a lot of us will need some help.
Today’s post shares some insights about how many need help from a recent study of 8,000 older individuals living at home. It was reported in a Harvard Medical School publication. Some findings from the survey:
● 31% reported performing all their day to day life activities without any help.
● 25% performed their activities but did use, for example, a bathroom grab bar or a cane.
● 21% needed help from someone with at least one daily activity
● 18% had trouble being mobile, even when using a device or after making changes in their home.
● 6% had to limit their mobility, even with assistance devices.
The study also found 45% of the participants who were 65 to 69 indicated they did not need any help vs only 4% 90 or older did not need assistance.
A couple important points come out when thinking about these findings:
First – Take time to think about what you would like if assistance is needed. Then, to achieve what you want to happen the most effective thing to do is – buy Long Term Care insurance. It’s also the most economical way to pay for the help vs having to find funds from investments to pay these professionals. Having access to the plan’s special benefit pool means:
● You will not become a burden on family.
● Your children won’t have to face the very emotional and difficult task of providing you personal care!
● You should not have to worry about conflict in your family on whether your savings nest egg is being spent for your assistance vs being retained for the other parent.
Second – Devote more time to taking care of yourself. I am very glad to see more coverage in the media, communication within companies, and in other ways to help people understand the importance of everyone taking care of themselves. Doing this does not mean you will not need assistance in the future. But if it does having better health could result in not needing help as early or as much.
Some say – Wow Long Term Care insurance is expensive. Yes it is but the premium for this important insurance vs the risk is lower than the premium vs the risk of say our car or home insurance!
Call John C Parker on my Google Voice # at 860.451.9793 today if any questions.