Caring For An Aging Parent - The Financial and Emotional Impact - YouTube

Good morning Sir, Ready to get  up? Let me get your feet up.

How are you doing today?

Long-term care is expensive and can wipe you out  financially and emotionally in this video you  

will learn why your family needs you to consider  long-term care and the planning that goes with it  

welcome to another episode  of the Financial Fast Lane  

in this channel we discuss retirement planning  topics specifically for those age 50 and over  

I am the author of the Holistic Retirement  Planning Revolution and today we are talking  

about long-term care now to introduce this topic  I'm going to start with a three-minute video clip,  

it's a touching video with an important message,  it's actually a TV commercial that was produced  

by Gillette razors but really worth watching and  then I will discuss what we can learn from it.

Good morning sir ready to get  up let me get your feet up

How you doing today? okay good morning. I remember  uh always looking at my dad's arms like when I  

was like eight nine ten years old he had arms  like Popeye he was a tugboat captain and I so  

admired his physique and now it's a different  story you know and that's just the way it is.

So my dad had a stroke and now he can't get around  he can't walk and he needs me to help him out  

and my son Luke and I have been doing it  and uh I'd do anything anything for him

I can give you a really good mohawk  

you look like a punk rocker there's a definite  role reversal that happens i have to wake him  

up in the morning and take care of him  and groom and shave him and shower him  

it's actually an honor to do that for your  father because he did it for me when i was a kid  

my dad's got the greatest face his squishy  face is just amazing he's sort of thin skin  

that i don't want to cut it at all so i  got to be careful with that with that face  

he'll just say do this do that you got  to make sure that you shave my neck down  

got to do my my lips up it was really  particular about his side burns  

that's where your sideburns start i'm not  gonna touch your sideburns okay good okay  

how am i doing so far dad okay you know it takes  me like a half an hour to shave my father because  

i have to be so careful intently without raising  okay well there we go okay good i love that face  

hi i'm uh i'm one of the lucky ones a lot of my  my my friends my age did not have their dads and i  

still have my dad he always says to me he looks up  at me after i pour love on him for the whole day  

and he says i don't know what i did  to deserve you and i say dad i got you

i got you daddy  

i think you would agree that that is a touching  video and you can certainly feel the love of  

between the son and the father now that  situation if we really think about it  

is it's really a remarkable scenario but it's it's  very unpractical for many people right the amount  

of time required to take care of someone like  that full-time most people are not in a position  

or children are not in a position to leave work  and and take care of of an aging parent and so  

there's a lot of things that need to be considered  the impact on your children the the financial  

impact on either spouse or your children the whole  family so there are many things a myriad of issues  

to consider and maybe you have some personal  experience or know someone who has had experience  

with long-term care needs of a family member  and if it's not if there's not a good plan it  

can really create a lot of problem emotionally and  financially long-term care when these three words  

are spoken you know what comes to mind many people  associate long-term care with a nursing home  

and in fact long-term care has little to do with  nursing homes so some other words that are used  

to define long-term care would be extended care  assisted living custodial care first you want to  

understand the differences between acute illness  and chronic illness acute impairment results from  

a sudden event such as a heart attack aneurysm  a broken hip or a stroke in a lot of cases you  

know the condition is if it's properly treated an  an individual can make a you know a full recovery  

but on the other hand chronic impairment is  a condition that cannot be cured or fixed and  

needs to be managed most extended care events are  driven by chronic illness or chronic impairments  

that limit a person's ability to get through  the most basic daily routines we call these  

the activities of daily living or adls so the six  physical adls would include you know transferring  

your ability to walk get up get out of bed  toileting bathing dressing eating incontinence  

so in addition to physical limitations it could be  cognitive such as you know dementia or alzheimer's  

so long-term care is a subject that is on  top of mind of many people in america today  

well it may be something you're considering  for yourselves another reason to consider it  

is for the benefit of your family it is common  for people to mistakenly think that they're  

already covered in you know for a related  long-term care event you know through medicare  

or through medicare supplements but they are not  medicare does not cover custodial care now there  

is medicaid but you want to understand some things  about medicaid medicaid is not free if you have  

qualified funds or low-cost based assets there  is a serious tax considerations medicaid pays  

little or nothing for home care which is what most  people want or adult daycare or assisted living  

medicaid is of no help in protecting emotional  and physical well-being of the caregivers  

for all the years that you are at home before  you might be required to go to a nursing home so  

medicaid is only going to cover nursing home when  you've spent down all of your almost all of your  

assets providing care to chronically ill people  often makes the healthy caregivers chronically ill  

there are a variety of ways available and to  possibly remove this potential burden from  

your family a long-term care plan doesn't mean  that your family is not willing to care for you  

it's really just the opposite having a good  plan allows your family to supervise and to  

make sure that you have good care but not  necessarily provide all the daily care  

traditional long-term care insurance is kind  is a isn't what we call use it or lose it  

you pay for premiums for something  that you hope you never have to use  

it's really outdated um compared to some of  the newer types of long-term care coverage  

that are really very powerful and flexible these  newer type of long-term care plans we refer to  

them as asset-based long-term care policies or  hybrid policies and they offer a provision that's  

called a live die or quit so the older type of  long-term care offers only a live provision so  

if the customer lived and required long-term care  the policy covered the cost but there are no die  

or quit provisions with the asset-based long-term  care there is a diet provision so if you don't  

end up needing the or requiring long-term care  then your beneficiaries receive an inheritance  

the asset-based long-term care also offers a quit  provision if a customer chooses to quit the policy  

you can actually receive all or part of your money  back so in this way the asset-based long-term care  

offers the customer you know protection  as well as a lot of flexibility  

so these types of plans have been a big  improvement over the older long-term care plans  

we don't like to think about it you know but as  we age we become increasingly frail statistically  

70 of us will need some form of long-term  care for either physical or cognitive reasons  

ignoring the risks and rolling the dice  

can have serious consequences to not just  you but to your family and loved ones  

both financially and emotionally i hope you found  this information beneficial i have a free download  

in the description below with more information  with some statistics and that you might want  

to check out i want to thank you very much and  i look forward to seeing you in the next video