{"id":2749,"date":"2023-05-15T09:41:00","date_gmt":"2023-05-15T09:41:00","guid":{"rendered":"https:\/\/alcleanscarpet.site\/Weatherby\/2023\/05\/15\/having-the-talk-about-long-term-care\/"},"modified":"2023-06-08T05:09:34","modified_gmt":"2023-06-08T05:09:34","slug":"having-the-talk-about-long-term-care","status":"publish","type":"post","link":"https:\/\/alcleanscarpet.site\/Weatherby\/having-the-talk-about-long-term-care\/","title":{"rendered":"Having \u201cThe Talk\u201d About Long Term Care"},"content":{"rendered":"

Few people are fully comfortable thinking about getting older.\u00a0 Whether we are contemplating ourselves getting older or our loved ones, most would prefer not to think about the aging process and the various physical and cognitive deteriorations that tend to accompany that process. \u00a0As life expectancy has increased over time, the portion of people who will require long term care of some sort at some point in their lives has steadily increased as well.\u00a0 According to a United States Department of Health and Human Services website, 70% of people turning age 65 can expect to use some form of long-term care during their lives<\/strong>.\u00a0 See http:\/\/longtermcare.gov\/the-basics\/who-needs-care\/<\/a>.<\/p>\n

That long term care will not come without some staggering costs.\u00a0 In April 2014, the State of Connecticut Office of Policy and Management issued the \u201cCost of Long-Term Care in Connecticut\u201d<\/em> (\u201cReport\u201d) which provided the average costs for different types of care in Connecticut as of September 2013.<\/p>\n

According to the Report, the average daily cost for home care provided by a live-in companion was $211 per day.\u00a0 For 24-hour care that equates to about $6,425 per month.\u00a0 Even in the short term those costs are significant.\u00a0 Yet many individuals will require some degree of assistance for many years.\u00a0 Nursing home care is even more expensive.\u00a0 The daily cost for residency in a semi-private room in a skilled nursing facility was $390 per day, which works out to about $11,870 per month.\u00a0 Furthermore, as the Report clarifies, those averages are merely that – the actual costs can be even higher since the published average daily rates do not include things for which facilities may charge extra such as physical therapy, cable television service, linen service, and hair care. And with the lag time in gathering and publishing data, the Report reflects figures that are now a year and a half old.\u00a0 The Report states that the average annual inflation rate for care cost increases between 1988 and 2013 was 5.5%.\u00a0 A link to the Report in its entirety can be found at:<\/p>\n

\u00a0http:\/\/www.ct.gov\/opm\/lib\/opm\/hhs\/ltc\/cost_of_ltc_in_ct_-_2014.pdf<\/a><\/p>\n

These long term care costs can be enough to exhaust the net worth of most individuals or couples.\u00a0 There are very few families with sufficient net worth to handle those costs long-term without planning and assistance of some sort.\u00a0 The bottom line is, sooner or later it is crucial for everyone to have a frank, thoughtful discussion about long term care issues and planning with spouses and other loved ones.\u00a0 But being willing to have \u201cThe Talk,\u201d or even to broach the subject with those unwilling to think about it, can be difficult.\u00a0 Recently the insurance company Genworth produced a short video where a number of big name celebrities shared their own perspectives based on personal experiences:<\/p>\n

Clearly Genworth\u2019s aim in producing that video was to try to spur folks to engage in long term care planning that includes the purchase of their products.\u00a0 We believe that comprehensive planning using the legal tools available combined with an integrated financial plan will produce the best results for our clients. In many cases the purchase of long term care insurance or related products would be a wise part of the planning for many clients. However, there is no single panacea; there is no single legal document or insurance product that is right for every client.\u00a0 We think it is worthwhile for everyone to watch the Genworth video for purposes of considering how to have \u201cThe Talk\u201d with their own loved ones, even though it may be incredibly uncomfortable.\u00a0 The personal anecdotes and observations shared in that video do tend to resonate with our own insecurities and anxieties about the topics presented.<\/p>\n

Please call us at 860-769-6938 if you have any questions about the issues presented above or if you care to discuss any other planning issues with us.<\/p>\n

https:\/\/weatherby-associates.com\/having-the-talk-about-long-term-care<\/p>\n","protected":false},"excerpt":{"rendered":"

Few people are fully comfortable thinking about getting older.\u00a0 Whether we are contemplating ourselves getting older or our loved ones, most would prefer not to think about the aging process […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2749","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nHaving \u201cThe Talk\u201d About Long Term Care<\/title>\n<meta name=\"description\" content=\"As life expectancy has increased over time, the portion of people who will require long term care of some sort at some point in their lives has steadily increased as well.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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