Sometimes, I think my mother might be a superhero. At 58, she takes on several roles. From 7:30 a.m. until 5:30 p.m. Monday thru Friday she is not only a grandma, she is also the daycare provider for any where from one to three grandkids ranging from one year old to five years old. From 7:30 a.m. until 9:30 p.m. she is not just a daughter, but also the “on call” caregiver for my 81 year old grandmother who resides at “The Barrington of Fort Thomas”, an Assisted Living facility just minutes away from her home. Sometimes out of necessity, she manages to be the sitter for three grandkids and the sitter for my grandmother simultaneously. She does all this while taking on the normal jobs (mediator, housekeeper, guidance counselor, cook, event planner, etc.) that go with being a parent of three young adult families, and the wife of a working husband.
As hectic as her life seems to be, I have realized that it is not all that unique. I’ve seen several of my clients come to their appointments with grandbabies in their arms. In many more instances, my clients are asking to meet at later hours because between 9 and 5 they are the babysitter for grandkids, or they spend the majority of their daytime hours taking their own parents to doctors and spend their daytime hours at their elderly parents’ sides, especially after the death of their spouse. While my clients typically only have to worry about being the caretaker of either their parents, or their children, or their grandchildren, there are a handful, like my mother, who are “sandwiched” in between doing a job they have looked forward to their entire lives, and one they have dreaded as they watched their parents age.
What makes things easier for my mother is the fact that my grandparents had the foresight to purchase long term care insurance when they were able back in the 90’s. In this instance, the long term care insurance has paid off in several different ways. When my mother can’t be with her own mother, she knows that she is getting great care at a top-notch assisted living facility. As my Grandmother has slowly declined and needs more assistance than ever before, my Mother has been able to fall back on this insurance to provide additional care as well. Because the long term care insurance covers such a significant amount of the Barrington’s bill, mom is also able to pay additional caregivers to be by my grandmother’s side when needed, keeping her out of the Nursing Home for as long as possible.
My grandparent’s plan led them to purchase long term care insurance. That purchase has had a positive affect on four generations: Grandma is getting great care as she ages, my mother can rest assured of it (and all though we all worry about aging parents, it help her to maintain her sanity), my brother and I are getting the best (and cheapest) daycare for our kids, and our kids get to have as many popsicles and cookies as they can eat.
Long term care insurance, when available, can be a great option. However, it’s important to understand that it is not the only option. When getting your “Ducks in a Row”, don’t forget that you need to account for more than just the typical estate “death planning”… make your life a priority and get schooled on the options available to you regarding long term care. Schedule time with your advisors to research whether long term care insurance is a viable option—and if its not, see an Elder law attorney about other ideas that might work for you and/or your spouse. Getting educated is the first step towards getting your Ducks in A Row. Find out how by attending one of our seminars.
