“June 22, 2012 – Patient needs assistance at home, currently does not need medical care. Patient lives very remotely and may not be able to find certified caretakers,” read the physician’s comments on the “Evaluation of Cognitive Impairment” form. And just like that, the patient (my client) became eligible to start receiving long term care insurance payments. “Diagnosis: G30.1 Alzheimer’s”
With this diagnosis, many of us would immediately spring into research mode. We would take a deep dive into the science around this disease, build an understanding of the future symptoms and also determine what care would be needed as the disease advanced.
Many of us would, but not everyone. Because in order to begin the research, we must first accept the reality of our new circumstances.
Three Years Later…
His wife (also my client) called me two years ago, asking me to review his policy with her. We discussed his diagnosis. I recommended that she hire home care, as originally recommended by the doctor. I also suggested that she research other options that would probably be needed in the future, like assisted living.
His long term care insurance (LTCi) policy currently pays $208 per day for home care, assisted living, nursing home care, and more. This couple is eligible to receive over $6,000 per month! It would have begun payments on the first day he needed care, covering up to four years at home and unlimited time in an assisted living facility.
Last Month: Still Not Claiming Long Term Care Insurance Payments
His wife called again just a couple of weeks ago, asking for another policy review. I could tell she was stressed and distracted. Her mind was unfocused. She was too distraught to fully digest my answers to her questions. She also had questions that had nothing to do with the LTCi policy.
I could feel the fear, as she was finally facing the reality of her husband’s condition. I wish I could have sat with her, rubbed her shoulders, and given her a hot cup of tea. In retirement, this couple had moved to a very rural area in Colorado and they have limited access to traditional care.
By the way, even in very rural areas, there are fantastic alternative solutions available, including ways to locate qualified caregivers. Especially, like my client, if your LTCi provides the financial coverage for these needs.
The High Cost of Delayed Filing
Primary family caregivers typically suffer physical, mental, and financial problems twice as often as non-caregivers. Purchasing a LTCi policy will significantly ease these challenges. But that’s only the first step.
You also have to acknowledge the seriousness of the situation and ask for help. You’ve faithfully paid the premiums all these years. This help is yours to receive.
The husband’s long term care insurance payments could have already provided many tens or hundreds of thousands of dollars in claim payments by now. Their lives could have been far less stressful with more joy and dignity.
With LTCi, as with other things in life, planning ahead can greatly reduce suffering. This couple did the right thing, the wise thing, when they bought their LTCi. When they heard the Alzheimer’s diagnosis, they sunk into denial. Very, very powerful, unnecessesarily stressful denial, with expensive consequences, both financially and emotionally.
Your LTCi purchase is about preserving wealth. But more importantly, your LTCi purchase is about having dignity, options, and access to high quality care when needed.
We have control over whether to be honest about the truth or deny it.
Take the first step in planning for an easier life. Click here to receive a free quote for long term care insurance.