Have You Ever Been a Care-giver?

Being a caregiver is tough! I learned that the hard way recently when my son suffered a major fracture of his clavicle, severe enough to warrant a 2-hour surgery and 3 days in the hospital on complete bed rest.

Though I can’t say enough about how wonderful the hospital, nurses and staff were to us during our entire time there, the nurses are assigned 6-8 patients each, per shift, and thus cannot be at each patients beck and call whenever the patient wants a pillow adjustment, help eating, getting in and out of bed, getting to the bathroom etc. 

The nurses are certainly willing to do these things, but the fact is they are just not able to be there that often for each and every patient. Thus, the patient often needs a caregiver; even in a well-staffed and well-run hospital such as the one my son was in.

This job of caregiver invariably falls upon family members as they adjust their daily routines to accommodate the needs of the patient. This is no doubt done in a gesture of love, thanks for all the care the caregiver may have once received from the patient (as in a parent being cared for by a son or daughter), compassion or a combination of all three.

This family-member-as-caregiver situation works well for a while. How long depends upon the individuals involved; both the patient and his/her needs and the caregiver and his/her needs. They both have needs to be met, just very different needs, and herein lies the problem.

It is difficult for these diverse needs of both individuals to be met through the actions of one individual (the caregiver) alone, no matter how righteous and dignified the caregiver’s  intentions to do good may be and how physically capable the caregiver may be.

The solution. Professional care. It’s that simple. Whether the care be custodial care, the most common form of care-giving, or skilled care, and whether at home or in a facility, caring for a loved one is something most families will face at some point in their lives.

So first we must know the limits of our personal ability to provide care to a loved one and what kind of care our abilities allow. Once a personal caregiver’s plan of action is complete, the next important issue is that of the cost of the care.

How will the cost of the patient’s needed care be met? Will the patient’s resources be enough without impoverishment? Will the caregiver/family member/s be able to provide funds for the patient’s care?

Lets’ address the possibilities of funding this care one at a time:

1) the patient can pay for care “out-of-pocket” from personal financial resources at a current rate of up to $100,000 per year.

2) the patient can spend down their assets to impoverishment in the hopes of then qualifying for Medicaid (a horrible option as the quality of care and the provider pool is so poor in the Medicaid system/network).

3) the patient could receive funds from family members to cover the cost of care.

4) or, the patient could transfer the risk of not being able to pay for this care to an insurance company in exchange for periodic premium payments.

Now, it’s no secret to anyone not living in a cave that the future of health care in this country is changing dramatically as you read this. Obamacare will change the Medicaid and Medicare landscape in ways that the programs’ creators could never have imagined.

With these entitlement programs being the largest source of our nations egregiously, unsustainable, debt burden, cuts in these programs will continue to be made; there is just no other way.

Thus self-funding or transferring the risk to an insurance company are the only two ways to really be absolutely sure you will receive the care you or a family member need and deserve when the time comes; and if you are honest with yourself, you know that time will likely come.

If you then look at the statistical chances of needing such care, crunch some variables and analyze the costs, you will often see that freeing your family and loved ones (of the financial risk alone), of a family member needing care that could easily cost $100,000 per year for an indefinite period of time, just makes good common sense.

This is done through insurance; specifically, long-term care insurance, and it is one of the types of family protection I specialize in and have been protecting clients’ assets with for nearly 20 years.

If you or your spouse, or both, are over 50, call my office today at 561-337-8000 to find out whether protecting your hard-earned assets with long-term care insurance makes sense for you too.

Remember, the need for long-term care can happen at any age, (I will be happy to provide numerous real-life stories to prove that), and the longer you wait to address your possible need for protection, the more expensive that protection becomes, if you can even get it at all. So call me personally at 561-337-8000 today to learn more.

Real LIFE Family Stories - My Personal Story - By: John J. Lebeau

Friends, the following is a personal story I recently wrote to include on the "Real LIFE Family Stories" page of our company website. It illustrates the importance of insurance, and how the absence of it has just this past year affected the family of a very good friend of mine.

In February 2012, I lost my best friend of almost 20 years to cancer. He was 49 years old. 

Like me, Charles was a single father raising a boy and girl completely on his own. That is one reason we bonded so well over the years, sharing the stories and the struggles of single parenting.

We enjoyed a lot together with our kids in tow; offshore fishing, camping and a myriad of other activities. Now that has ended forever, and truthfully, his death at such a young age has been very hard to fathom, and a wake up call that it truly could have been me.

However, my hurt will never compare to the pain his young son and daughter still feel every day. In addition to losing their only parent before graduating from high school, the house they lived in their whole life is now in jeopardy of being lost to the bank. His daughter is now attending the much more affordable local community college rather than attending a 4-year university. His son will undoubtedly face the same scenario. And they both have lost in numerous other ways as well. Now they live apart from one another with separate relatives, each in no financial position to take on the challenge of another teenager in the family.

For years I urged my friend to protect his family with Life Insurance. He was extremely healthy and could easily afford the modest premiums his age and health would make possible. However, it was exactly for this reason that he always said,

"Hell, I'm as healthy as a horse and have never been really sick. By the time anything happens to me, the kids will be out of the house and on their own with their own families, and all that money I spent on premiums would be wasted, that I could have spent enjoying life or doing things for them."

Not wanting to push the issue with a "hard sell" to my best friend, I always acquiesced, and dropped the subject until the next time I thought I could broach it again. Despite several conversations over the years just like this with his best friend, an insurance broker, my friend never really saw the value in purchasing Life Insurance.

This is the problem with any type of insurance. It is sometimes hard to see the value in insurance, or anything, when you have nothing tangible to show for it.

Sadly, when Charles was first diagnosed with a rare, incurable form of cancer called clear cell sarcoma, one of the first things he said to me was,

"Sure wish I had listened to you about the life insurance!"

Then, half jokingly and meekly he asked,

"You don't suppose I could qualify for it now do you!?"

Friends, I can honestly say that aside from the loss of one of my own parents, this moment was one of the saddest of my life; knowing how much that insurance protection for my friend Charles could have provided to his family that was now completely out of reach and impossible to obtain for them.

Over the years since I met Charles, if he had paid Life Insurance premiums consistently from the day I met him (even for 20 years), the premiums paid would have been a tiny fraction of the benefits and lifetime financial security his family could have been blessed with.

Instead, his children face years of financial struggle without their father while they do their best to process the emotional struggle and pain of losing him.

Friends, don't let there be any chance this could happen to your family!

Call our office today at 561-337-8000 to schedule a review of your family's all-important personal insurance plan.

In the meantime, don't miss these other real-life stories below!

Click on the links below:

Melissa and Mark - A sad story

http://youtu.be/ANXskkYUuoY

The New Year Ahead

For most people, with the New Year come reflections of the past as well as hopes and aspirations for the future. We dream, set goals and make ambitious plans for the year ahead. Obviously, since we cannot change the past, it makes sense to focus on the present and plan for the future.

So, right now, take a brief moment to be thankful and enjoy the present, whatever that may look like for you. Remember, it could almost always be worse, and somewhere in the world someone or many the world over may call you lucky.

Next, take a real hard look at your life as objectively as possible. Think especially of the people in it and closest to you... your loved ones. For most people that is their family. What does the future hold for each one of the family members? Only God knows for sure.

It is just this uncertainty of the future that anyone with dependents must address and manage. Risks must be identified and mitigated, future liabilities funded, etc. This is usually not a complex planning process, and is often executed with the placement of insurance on the lives of those whom others depend upon.

So, with nearly the full year ahead of us, set the time aside today to review your personal insurance portfolio and plan, especially if you have had life changes such as a marriage, birth of a child, job change, parent needing log-term care, etc. since your last review.

Done properly, this review and planning process with a professional insurance advisor could literally be one of the most important financial planning steps you can take in your entire life.

To schedule your personal review and consultation, call our office today at 561-337-8000. 

Best wishes to all, for a happy, healthy and prosperous 2013!