An obituary of Gaye McCutchen,  who was highly educated and accomplished, deliberately makes mention of the long-term care insurance (LTCi) she owned, and how beautifully it worked.

I cannot tell from the obituary whether Ms. McCutchen collected from her policy for days, months, or years. But I can tell from the obituary that her LTCi made a striking difference in the quality of her life.

Here’s a quote from the obituary:

“Thankfully, her foresight in purchasing Long Term Care Insurance (LTCi), many years ago, made it possible for her to use her policy to pay for excellent home care during her illness. We thank all of the caregivers provided by Home Care Solutions, but special thanks go to Emelda Buezo and Charlene White. Gaye loved these dear ladies due to their warm and caring nature and upbeat spirit.”

Maybe Ms. McCuthen had the money to pay for all the care she needed from her savings. One thing I have observed, though, is that when people are sick, they don’t have time (or often cognitive ability) to finagle/buy/sell/liquidate/re-organize their estate to pay for unplanned, expensive long-term care costs. Often, the treatment of their illness is all-consuming, time-wise, physically, and emotionally.

People (and their loved ones) dealing with illness are often fearful and in no position to shrewdly re-arrange their finances. We often see affluent people who can afford the right long-term care resist getting the type of care they need.

Being ill and physically dependent, after a lifetime of independence is an incredibly sad thing. It must only compound such sadness when savings start flying out the window to pay for care costs, as well.

LTCi ownership is about having dignity, options and choices without hesitation or pause, just like Ms. McCutchen did. It is necessary to plan in advance if you want to ensure the type of quality outcome Ms. McCuthen had. LTCi premiums are not necessarily expensive. What can be expensive is needing long-term care for anything but a short period of time, and not owning LTCi.