Wellness, always top of mind as the new year starts, is about much more than just fitness and diet. Cultivating long-term well-being demands thoughtful consideration and planning. Pat Bennett, founder and President of Longevity Planning in Portsmouth, says, “People often put together a will to prepare to die but fail to think about what happens if they live.” She understands the importance of long-term care planning after watching her grandparents, who lived to be 100, suffer from Alzheimer’s. For more than 30 years, Pat has helped individuals and families prepare for their future needs. City Lifestyle interviewed her to get answers to frequently asked questions.
What is long-term care?
It is extended care, at home, an assisted living facility, or a nursing home to help with daily activities, like dressing and bathing. Without insurance, it can be costly.
Does my health insurance cover it?
Health insurance does not cover elder care or assisted living facilities; it only covers acute care. Many people will need two to three years of long-term care in their lifetime.
Why buy this insurance?
Most people underestimate the risk of needing long-term care and the emotional, physical, and financial toll it can take on unprepared families. Having long-term care insurance provides peace of mind.
When should I purchase a policy?
Plan while you are healthy because you must medically qualify for a policy. You can purchase long-term care as part of a comprehensive financial plan after age 30.
How do I pick a policy?
Plans can vary, but covering even half the cost of care is helpful. It’s best to talk to a professional who can explain the options and suggest a policy that works for your family.
How do I start the conversation?
My family didn’t talk about aging, but we learned the importance of not waiting for a crisis to start a conversation. Pick a relaxed time. Consider many 'what if' scenarios. Be realistic about where you want to receive care and how you will pay for care. Think about the physical, emotional, and financial consequences when your spouse or children become your caregiver.
My family didn’t talk about aging, but we learned the importance of not waiting for a crisis to start a conversation. Pick a relaxed time. Consider many 'what if' scenarios. Be realistic about where you want to receive care and how you will pay for care.