Results 1 to 8 of 8
  1. #1
    div_0305 is offline Platinum level (1000+ posts)
    Join Date
    Nov 2004
    Location
    VA.
    Posts
    1,908

    Default Spinoff: What are your plans for your own eldercare?

    I'm curious how many of you have already made plans and what those are for your own eldercare? Looking at the options for DH and I, I am leaning away from an LTC policy--they are extremely $$ and the coverage is not like what they used to offer. Some online articles I've read have also come to similar conclusions about them for "most" people. But it is an important part of financial planning, and I do not want to burden my children in any way based on poor planning.

  2. #2
    Join Date
    Feb 2006
    Location
    .
    Posts
    8,486

    Default

    Well DH will likely die well before me (he's very type A and always stressed out.). We haven't thought about any policies yet...just trying to save for retirement and the kids' college expenses. If we stay on track, we should have enough money for long term care. I'm hoping at least one of my three kids can help me out, not necessarily financially, but providing emotional support. Probably my middle child.


    Sent from my iPad using Tapatalk
    DD (3/06)
    DS1 (7/09)
    DS2 (8/13)

  3. #3
    niccig is offline Clean Sweep forum moderator
    Join Date
    Aug 2004
    Location
    CA.
    Posts
    22,803

    Default

    I went back to work to save more for retirement. I'm 5 years younger than DH and expect to keep working after her retires. We're still in our 40s so haven't considered any LTC policies. I agree with not placing burden on DS. I know 2 people whose parents moved into a retirement complex with different levels of care, I've told DH we should consider that option.

  4. #4
    gatorsmom is offline Pink Diamond level (15,000+ posts)
    Join Date
    Oct 2003
    Posts
    16,327

    Default

    DH and I are in our mid 40's and have funded our retirement plans, so that is something. I inherited half of my dad's retirement plan when he died suddenly so that pretty much covered it in one quick moment. DH sold his company and put even more in retirement for us. But he recently found out that the company he sold to which he now works for has an excellent pension plan once your are fully vested (can remember how long). He had planned on retiring early but is now considering staying because of the excellent pension. We have life insurance, short term and long term disability insurance (provided by the company). We have a will. I'm not sure what else we really need right now, it feels like we are still a long way away from needing elder care.
    "People are made for happiness. Rightly then, you thirst for happiness. Christ has the answer to this desire of yours. But he asks you to trust him." -St. John Paul II

  5. #5
    daisysmom is offline Sapphire level (2000+ posts)
    Join Date
    Sep 2011
    Posts
    2,745

    Default

    Saving for retirement and money to make personal health care decisions (instead of feeling forced into a system) are what we have done.

    But maybe more importantly, we are trying to prioritize our health now in our 40s by losing weight and exercising our bodies and minds. We are both doing "team sports" ourselves, in an effort to feel connected in groups other than family or work groups. We have read a lot about dementia and Alzheimers since both of DH's parents suffered and died from this - so we eat lots of blueberries and walnuts, and eliminated most processed foods, sugars and grains (along lines of the theory that Alheimer's is "type 3" diabetes). WE read Wheat Belly and Grain Brain.

    Having watched DH go through the decline of his parents and the tremendous burden that put on him and his siblings, we are adamant that our DD never have to go through this. My parents have the same philosophy and knock on wood, are in pretty good health and have full mental capacity right now. But I think they have a plan on what to do should that change. Some of DH's friends joke around that if anyone of them lose their minds, they might all go hunting and there may be an unfortunate hunting accident. You never know until you go through this first hand how hard it is on children/caregivers.

  6. #6
    Join Date
    Jan 2010
    Location
    Portland Metro area (Oregon)
    Posts
    5,339

    Default

    Beyond planning for retirement, we haven't done much. We'll have 2 pensions (military, and public servant), and then whatever I have in my retirement account. It should keep our standard of living about the same.

    We bought a "forever house" planning on being here, well, forever. We purposely made sure we could get a wheelchair through the doorways, it's all 1 level, and it can easily be fitted for grab bars and such.

    DD(12) currently expects to move in with us when we're old, LOL, and has told us this, "because Sis 1 and Sis 2 have husbands, and kids, and I don't, and I'll live longer than them, so I'll just move back in. But don't worry, my kids can have my room until I need to move back into it."

    FIL and step-MIL both died very suddenly and unexpectedly in the last 3 years. Thankfully, they had some serious foresight, and they had pre-planned everything about their final wishes. DH and I have discussed getting our final affairs all figured out to ease the burden on the kids, but we have yet to do anything beyond choosing where we want to be buried. We need to get on this, as it gives me great anxiety not having it done.
    --Mimi
    Mom to Lala (2004), Bonus Mom to Big Sis 1 (1991) and Big Sis 2 (1992)
    Grammy to Big Kindy Kid (2011), Big Pre-K Kid (2012),
    Grandbaby Appendage (2014), and New Baby Grandboy (summer 2017)

  7. #7
    div_0305 is offline Platinum level (1000+ posts)
    Join Date
    Nov 2004
    Location
    VA.
    Posts
    1,908

    Default

    I meant to write thank you to all of you who posted, and was waiting to see if more would respond. I enjoyed reading your plans and thoughts about the issue, and I learned a lot, too. I totally agree that prioritizing our health now is key in planning for eldercare. Also, to update all of you, from the research I've done, I have decided against a long term care policy. The companies selling these seem to be in a huge financial mess right now, and one recently lost a lawsuit from their shareholders. They are increasing people's premiums like crazy, and their policies are becoming more and more restrictive and full of caveats.

  8. #8
    maestramommy's Avatar
    maestramommy is offline Pink Diamond level (15,000+ posts)
    Join Date
    Apr 2005
    Location
    Southern N.H
    Posts
    17,081

    Default

    We haven't made any plans yet, but looking at my dad, and at MIL (who also has Alzheimer's), the biggest thing is that we don't want to burden our kids. It's a crapshoot as to which one of us is more at risk for this. But Dh made it clear that he didn't want to be kept around, and that if the money is fine, to put him in a home. When I asked if that's what he was going to do with me, he said, "whatever it is that you want, you have to tell me." For him, if he started getting too impaired, his plan is to leave the house in the middle of a blizzard, or go climbing on some ridiculous expedition. And no, he's not joking.
    Melinda
    Mommy to
    The Gift 10/01/05
    Elfgirl 5/25/07
    Sparky 6/27/09

    "Sunset to Twilight, Our Family's Journey with Alzheimer's." http://maestramommi.blogspot.com/




Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •