This article, "Divorcees Without LTC Insurance Risk Financial Ruin", by Cathy Sikorsky, an elder law attorney, really resonates with me. I am divorced and post-divorce, I was my mother’s primary caregiver for about 8 years. While this article was directed to advisors, it provides wise counsel for everyone, whether contemplating divorce or not.
Fundamentally, long term care is a very costly life event, not just in terms of dollars, but physically, and emotionally as well. Long-term care, and ways you can protect against the inherent risks of a long-term care event, are issues that should be addressed with your financial advisor, period. The sooner the better! That conversation should not be just about you, but your aging parents, too, because sometime in the future they just might become your responsibility.
The article is worth a read for the eye-opening statistics:
- The disparity between men and women in the decline in standard of living after divorce (45% compared to 21%)
- The percentage of adults (17.2%) who expect to become caregivers in the next two years or at some time in the future and how that is different depending on your current age.
- The amount of time family caregivers spend providing care each week (23.7 hours if not living with recipient, 37.4% if living with them). It is somewhere between a part-time job and a full-time job.
- The number adults who will likely need care themselves.
Gratefully, long-term care insurance is a part of my long-term financial strategy. How about you?