This item came into my inbox recently.
First, I would like to thank the author, Michael Wolff, for baring his private thoughts and opinions as he journeys through a difficult time. His mother’s health has fatigued greatly, but ultimately has not failed. The essay explores the difficult decisions the family had to make, and how his mother ended up where she is. If we are lucky enough not to have first-hand experience in similar events, then most likely we know someone who has had a close family member suffer as his mother has. He writes a very thought provoking piece.
As for Long-Term Care insurance, the essay uses the consideration of purchasing Long-Term
Care Insurance as the bookends to relate the experiences of his mother. He duly notes that his mother has Long-Term Care Insurance, and that he and his family are thankful there is some relief from all the costs.
He ultimately decides not to purchase Long-Term Care Insurance.
“My bet is that, even in America, even as screwed up as our health care is, we baby-boomers watching our parents’ long and agonizing deaths won’t do this to ourselves. We will surely, we must surely, find a better, cheaper, quicker, kinder way out.”
In a sense I can appreciate that reasoning, it’s ultimately necessity is the mother of invention. As I have personally dwelled upon the “problem” that is providing Long-Term Care, I fear that there will be a tremendous and long curve leading up to the ultimate “way out.”
Mr. Wolff’s mother truly has had a difficult end to her life, but think about how drastically worse it would have been without his mother’s Long-Term Care insurance. $180 a day, his mother’s current Long-Term Care insurance benefit, is no chump change.
Well, I guess I just do not carry his optimism of a timely fix to the problem. He has children, and even muses “My three children deserve as much.” [in reference to his mother’s carrying of a Long-Term Care insurance policy] So, why risk their fortunes on your generation for the sake of an insurance policy?
Raymond Lavine
Harley Gordon offers this perspective: Peeling the onion, selling is not telling, is not resonating with people.
It is the same with weight. We talk about it but more and more people are obsese or carry weight of 20 or more pounds which as we age will cause health issues.
I use Harley’s term “consequences” — there are consequences to our decisions to ourselves and to our family. Health and care giving issues have consequences to a person’s family. Ask them this question — you may not want to pay a premium or have a caregiving plan — but if you are frail, ill, or injured, how will it effect your family?
If a person cares about their family — they will do something.
Perhaps in time, I will be competent that there is no selling by me — people will own because they see the value because it is the appropriate thing to do. People want to own not because I create a need — people come to terms with the consequences with what would happen to a persons family if there is no extended care plan.