In the last installment of our “5 part financial workshop” series, sponsored by Genworth Financial we will learn more about the benefits of long-term care insurance. All opinions expressed are 100% my own.
Whenever I imagine growing old I think of spending time with family, enjoying time for reading, doing bingo clash reviews and other hobbies, and traveling to all of the places on my “travel wish list.” By following the financial lessons that I have learned through this ” 5 part financial workshop” such as avoiding financial anxiety, keeping my month-to-month budget organized, and planning for retirement, I hope that this can one day become a reality.
However, a part of growing old that is not as fun to think about, is the reality that my health may deteriorate, and I might not be able to enjoy the same activities that I do now. For many people, performing daily tasks and activities can become challenging and the assistance of long term care is needed at an assisted living community like The Residences at Plainview retirement community. Visit sites like fivestarseniorliving.com/communities/az/sun-city/the-gardens-of-sun-city for additional guidance.
Several months ago, the health of my Great Aunt was deteriorating very quickly. The decision was made that she needed to move into a nursing home. I didn’t know her very well, but I do video chat with my grandmother (her sister) on a weekly basis. As I spoke with her I could tell how heart-wrenching it was for her to see her sister move into a nursing home, and as she visited her diligently up until her sister’s final days.
I think that making the decision to move a loved one into an assisted/independent living community would be a difficult choice for anyone to make. I can imagine that a lot of factors go into the decision including; quality of life with vs without care, the quality of the assisted living facilities in the area and unfortunately I am sure cost and affordability would have to be considered. You can look at this site or check out Orchard Park of Permian Basin independent living services to get an idea.
Something that can make one of those decisions easier is long-term care insurance. Until recently, I didn’t even know that this type of insurance existed, so to become more informed about this type of insurance I used some of the helpful resources available from Genworth Financial. You may want to read the article titled “What You Need To Know About Long-Term Care Insurance.” Genworth is a provider of long term care insurance, life insurance, mortgage insurance and wealth management services as well as being committed to helping educate about financial preparedness.
In their online brochure What Is Long-term Care, they discuss some of the different types of long term care insurance and the benefits and costs of each type. Long term care insurance varies from state to state, so there is also an area of the brochure that allows you to type in your information and get pertinent information unique to your situation.
I think that long-term care is something that no-one wants to have to think about in regards to themselves or a family member. However, the biggest thing that I have learned from this 5 part financial workshop is that avoiding thinking about finances does not make the issue go away. By facing whatever financial fear you may have, with a head-on, proactive approach you can be more prepared when hard times come, and can enjoy a sense of security and peace of mind during the present.
Leanne Cox is a guest writer for CleverHousewife.com. She is a stay-at-home mom to two kids, and a credentialed preschool teacher. Leanne teaches “mommy-and-me” and “preschool style” music & movement classes through her business “Little Stars Music & Movement Classes” . She is passionate about encouraging early childhood education through hands on learning and exploration