54... That Seems So Old...

I got an email from an old friend today telling me that his younger brother- who is just a few years older than me- is now a grandfather. I think he may be 40… Definitely no older than 42.

How insane is that??? Of course he started early in life. Doug & I, we started late. When Brenna is 20 Doug will have just turned 56 and I will be hitting 54 about 10 days later. If the girls follow that example Doug & I had better live to our 80s to have our grandchildren hope to remember us.

Wow. That seems so far away and, well, OLD. I’m sure it probably felt that way to my mom who is now of a “certain age” but in no way seems old. She is very vital and active.

As is my grandmother, so if I care for myself I should be able to see those grandchildren.

Included in that care is making sure my will is in place (and updated every so often), retirement accounts, health insurance, life insurance and long term care insurance. In fact, all but the last are already in place and helping to secure my future.

Long term care is something that I know many people don’t think about- until it’s too late. Like anything, the best time to begin is before you need it. The age I see referred to most often is 50- which is still quite young. And, like all insurance, the earlier you begin contributing to your plan the lower the premiums are.

I know that many think that there are other options for care, but Medicare only pays for limited, skilled rehabilitation services with a maximum of 100 days in a nursing home; Medicaid is only available when an individual qualifies for nursing home level services; and savings, 401K, personal retirement and IRAs are usually counted on to serve as “principal” that will generate ongoing revenue rather than be spent on caregiving services.

National Health Administrators is working to promote awareness about the need to plan for long term care. They can provide you with information about long term care, help you find the right insurance plan and even discuss payment options to fit needs and budgets.

Be in charge. After all, it's your future.