LONG TERM CARE, ONE OF THE TOUGHEST CHOICES TO TAKE 'ACTION' ON...
If you think about it from the moment each of us wakes up each day we are called upon to make a 'choice'. The day starts with everyone making the first simple choice of opening your eyes to a new day...a new beginning. The second, you get out of the bed in order to take action on the new day.
From the moment you elect those two choices and take action on them, you know what happens, "right?" Those are the 'door openers' to a day of choices. Next thing you look up and without even realizing it your entire day, until you make your final choice of the day to to go sleep is all about choices.
However, choices are only the beginning step...'action' is what makes or breaks the day. Life is about change, and the choices and action you take creates maximum growth, or no growth at all. We all have the power then to change our lives every day that gives way to potential growth on some level.
Let's take a moment to take a look at the risk associated with the choices that leads to action of the choice. "Risk'...everyone has that cloud floating over their heads every single minute of the day...Risk is like the barometer of our actions.
What is your risk tolerance? High, moderately high, medium, medium low, or conservative? Once the risk factor is meshed into choice and action then the fun begins! Know why? Life is always changing whether it's our circumstances, relationships, even our bodies age a little more every day. The level of risk taken on the action of choices delegates the degree of growth we experience.
Within each of us is given then the power to change and grow through 'choice-action-risk'. However, those who choose to rarely open their eyes, or take no action to get out of bed and start the whole wheel rolling may think they are conserving and safeguarding themselves against the inevitable...'change'. To those I say, "Get up and choose to claim the power of the day because as Evelyn Waugh says..."Change is the only evidence of life!"
Some changes we have absolutely no control over like the weather and time.
The weather is going to be what it is going to be, our choice when it pertains to weather is in making the choice to take action to remain in it or seek shelter for protection and comfort against the elements.
Time on the other hand, reaches it's tentacles out every second of every day. The medical field has had tremendous success with innovative treatments and technology that allow so many people to be able to survive critical illnesses thus allowing them a longer life. Unfortunately stopping one from aging as time marches on has yet to be conquered.
Surviving a critical illness does add longevity and some walk away after experiencing a critical illness with no repercussions. But, what about the many who survive but in the end require long term care?
Long term care is one of the toughest choices to take action on. The choice of the kind of care needed....
In-home care/ Assisted living care/ Nursing home care/ Hospice care
The reality is, if you live long enough, one day you will need long term care. Or you might end up needing long term care due to an unexpected life event, such as an accident or unexpected serious illness. At some point you will need help with at least two to the ADLs [Activities of Daily Living]:
Bathing / Continence/ Dressing/ Eating/ Toileting/ Transferring
These four life choices cannot be ignored with the uncomfortable long range risk of 'no action'. Some type of action has to be taken even if you end up on Medicaid.
Are you a member of the large group of people who never made the choice to include long term care in you retirement portfolio? You realize the resulting action from that choice has left this high risk issue on the table?
An unexpected critical illness event ending in the need for long term care has the ability to evaporate a substantial portion of assets in a retirement portfolio. In Southern California Residential Care Facilities cost range from $33,000/yr - $72,000+/yr. The only preventative measure from long term care eroding assets is to make the choice to include some form of Long Term Care Insurance in your retirement portfolio.
In order to fully understand what Long Term Care is, you must first understand the differences between Acute Care and Chronic Conditions.
ACUTE CARE is provided by a hospital in which the goal is to cure the patient and restore him/her to health. For example: If Mrs. Smith breaks her hip, the hospital will provide care until that hip is healed and she can be restored to health.
CHRONIC CONDITONS cannot be cured but merely managed. For example: If Mrs. Smith had a stroke resulting in an inability to feed herself, she will need assistance for as long as she lives and her ultimate death may not be from the original stroke.
Take 'action' and contact your insurance professional to have the discussion on what you need to do to incorporate a long term care product into your portfolio to safeguard your retirement income and assets from eroding.
