Why Does My New Boat Make Me Sad?

I know, you don’t feel sorry for anyone with a new boat.  Actually, it is five years old, it’s just new to me.  It was my dad’s, and while he is still in good physical shape, the state of Florida feels he has become ineligible for a driver’s license due to his declining mental acuity.  That means he is in the very early stages of Alzheimer’s.

I paid him for the boat, less the daughter discount, so please don’t think it came to me for free. The real cost is seeing him have to accept the changes time has wrought on his mind, and to a lesser degree, his body.  My dad has had multiple joint related surgeries, including double knee replacements in late 2011.  He still plays golf several times a week and regularly shoots in the 80s.  Sometimes he relies on my brother or another partner to keep count of his strokes.  His short term memory is…what was I saying???

Aging parents are a fact of life many of you may also be facing.  Cherish the time you have; there is but one ultimate outcome.  Hopefully you have given thought to your own long term plan, and in fact have a plan in case the term is not as long you expected. Did you know that there are life insurance policy designs that can address multiple areas of need?  Life insurance can help you save for future needs with cash values.  It can include accelerated benefits in case of long term care needs, and provide a solid way to eventually benefit the loved ones you leave behind.

Preparing for Long Term Care

Typically I am a bright, cheerful person.  My goal in telling you about my new boat is to advise you as gently as possible to PLAN WELL.  Now, right now, ask for copies of your parents’ insurance papers.  Is there coverage that will pay for long term care?  Are there accelerated benefits that can be accessed in case the need occurs prior to passing?  Can you convert the policies to a more suitable coverage?

 Here are a few facts to ponder about Long Term Care In Florida:

  • The average daily cost for a private room in a nursing home is $256, or nearly $93,440 annually.*
  • The average daily cost for a semi-private room in a nursing home is $223, or nearly $81,395 annually.*
  • Among people turning 65 today, 69 percent will need some form of long-term care, whether in the community or in a residential care facility.
  • By 2020, 12 million older Americans will need long term health care. (HIAA, “A Guide to Long-Term Care Insurance”, 2002)

                    ~ Courtesy of the Florida Health Care Association 

If you need an experienced insurance agent willing to spend time helping you evaluate and implement a plan for your future, please call today at 1-877-426-6320 for an appointment.

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