Just recently, our family was struck with a few unfortunate events that made my husband and I realize that regardless of how savvy and organized our family members are, there is still much that needs to get done if they become dependent on someone else when they are older. For example, his aunt is currently in the hospital and is not expected to be released. We need to make long-term care arrangements for her and have to work with the finances she has saved up, as well as her pension and any other sources of income she has coming in. Although this experience has taken quite a toll on the entire family, this situation made us realize that you need to be prepared for EVERYTHING.
His aunt knew that since all her family members had passed before her (her parents, husband, and sister) she needed to have some financial security in the event that she needed someone to care for her. She must have read the article, Women are Caregivers but Who Cares for Them, because she was prepared for such an event. We are fortunate that we don’t have to reach into our own pockets to provide the services she needs during her last moments, and she was smart in taking every possible situation into consideration when planning for her own future.
Although I hope to not need these services anytime soon, or ever, I guess one can never be too prepared. It isn’t fair to rely on family members to provide services, since their financial situations may not allow for such help. Planning for your future goes beyond retirement and should also take into consideration moments when you may need access to nursing care facilities. Genworth Financial can help you prepare for the future.