As we approach the end of November, we also get closer to the conclusion of National Long Term Care Awareness Month. Bear in mind, however, that the push for awareness does not and should not stop after the 30th. Long term care is a concern that affects every individual, no matter the time, date, age, gender, or any other factor. Long term care awareness is an endless initiative concerning each and every American, and every person must take part in it.
Just recently, we posted two articles: Long Term Care Planning for Singles and Long Term Care Planning for Couples. We tackled the issues faced by single individuals and couples planning for long term care. We also presented ways in which they can address these challenges in hopes of alleviating some of the stress brought about by planning. Through these posts, we sought out to assist people as they safeguard growing old safely in today’s world.
As we wrap up this three-part series, we would like to highlight what long term care planning means to people after going through this life-altering event: divorce.
No one enters into a marriage and sees it ending a different way than “till death do us part.” People invest so much of themselves into the marriage thinking that it is a lifetime commitment. For many, they expect the whole nine yards.
However, that is not always the case. For many couples, the happily-ever-after ends abruptly. For some, it takes decades for their marriage to dwindle down. Whichever way a person’s marriage ends—a few months into it or a lifetime together—divorce packs an emotional punch that is hard to bounce back from.
Gray Divorce in America
Divorce has become a common result in America’s marriages. In fact, the country has the highest rate in the world with approximately 45 percent of marriages expected to face this fate. For some, divorce is the best solution to get out of a situation that has grown toxic. This, however, does not remove the potentially devastating consequences.
Divorce among the older generations is becoming more common and acceptable. And what is surprising and alarming about this is that silver or gray divorce is becoming more acceptable in the generations perceived as traditional. In fact, people aged 50 and over are now twice as likely to get a divorce compared to the 90s the despite decrease in the overall divorce rates in the United States.
Divorcing in your 50s presents a great deal of problems. For one point, this is the time when retirement is finally within reach. This is the time when couples have more or less established quite a few investments and properties. They may also be in their peak earning years. While divorce does not completely shatter financial security, it can certainly shake it up.
Unfortunately, a number of older Americans barely get back up after the blow. According to a 2014 report from the General Accounting Office, 11 percent of divorced men and 18 percent of divorced women over the age of 65 live in poverty.
Long Term Care and Divorce
It is no secret that aging in America is costly. Older adults often have to contend with the increasing prices of care services with their reduced post-retirement income. On top of that, they are also living longer. Despite the benefits that longevity brings, the added years could also mean more sick years.
Going into the marriage, couples often believe that they can rely on each other for care when they get sick or grow old. After all, that is what the vows entail, right? When divorce happens, older individuals often find themselves feeling as if they are back to square one.
One of the many points to consider during a divorce is the spouses’ long term care plan. This may be the last thought of anyone during a divorce, but this does provide a silver lining in the situation. Married couples who received marital discounts on their long term care insurance policies get to keep them even after the divorce gets finalized. Also, unlike other types of insurance, these policies are issued to each person individually. This means that divorced spouses get to keep their own policies.
Talk to Us and Spread the Word
Initiatives, programs, and organizations must continue the push for long term care awareness. The country is experiencing so many changes, and individuals must take the necessary steps to be covered. Do not forget to share this post with your friends and family to help us get the message across.
Additionally, if you have thoughts to share on how to deal with long term care planning; please let us know in the comments box. Share your tips and advice to our readers who might be going through the same challenges. Let us all help one another through the simplest ways!