My wife is a long time nurse and educator and as such she is constantly keeping me aprised of the trends in the healthcare field. One of the most pressing issues we have been discussing has been the increasing need for long term care in our generation. Consider the following; 80 million baby boomers have just begun to hit the Social Security rolls. Add to that our current financial woes and we are presented with the makings of a real problem. At the same time, science is making remarkable progress in helping us live longer. (When Social Security started the average man didn’t live to age 65, now there is a good chance they will make it to 85.) And, of course, all this new science comes with a very high procetag.
So, what are people like you and me to do in light of such a daunting problem? Author w. Neil Gallagher has twenty years exxperience in the field and he has a number of suggestions for us in his new book “The Money Doctor’s Guide to Taking Care of Yourself When No One Else Will.” In spite of its wordy title, the book offers very practicle advice on subjects such as:
How to choose the right nursing home, should you decide to go that route
How to ensure that you and your loved ones are protected financially—long-term care (LTC) insurance, living trusts, income annuities, offshore corporations, and more
The physical, emotional, intellectual, and spiritual dynamics of aging
The pros and cons of alternate care options—self-care, private pay, Medicare, and Medicaid
How to be a good caregiver—valuable information you need to know, whether you’re stepping into or continuing your care giving role
I know I am adding this important book to my reading list and I would suggest that any of you with elderly parents make the same decision. All too soon, we are all going to be facing these decisions.