Losing a spouse is one of the most devastating occurrences in one’s life. On top of the emotional turmoil that comes with it, surviving spouses are left to deal with the onslaught of financial decisions and estate matters. It can be tiring and overwhelming even to think about it.
Often, it is the wife that gets left behind. As women generally live longer than men, they are more likely the care providers to ailing spouses. They assume the role of primary caregiver, which may consequently risk their own well-beings. They push the limits of their own bodies to provide the care that their spouses need. Moreover, their life’s savings are spent on the husband’s care expenses, leaving depleted resources to the wife when her long term care needs arise.
Long term care planning is vital, but it becomes especially true during times like these. When the spouse is left to deal with health issues without a partner, the need for long term care preparations becomes more apparent. Planning for these instances will greatly safeguard an individual’s future. It provides the safety net that assures the surviving spouse’s well-being.
To help these individuals, ALTCP has gathered DOs and DON’Ts in safeguarding long term care for surviving spouse.
Considerations
Long Term Care Cost (interactive map indicated)
Widows are often left to tackle the substantial costs of long term care on their own.
According to Genworth’s Cost of Care Survey for 2016, the average cost for a year’s worth of a stay at nursing home is $92,378 for a private room and $82,125 for a semi-private room. Assisted living facilities can cost a person $43, 539 a year and adult day health care cost $17,680. Home health care is not far behind with $45,760 for homemaker services and $46,332 for home health aide. (Visit the link for a Long Term Care Cost Interactive Map detailing the prices in each state.)
With the high costs of long term care in America, the feasibility of covering these expenses have become a growing concern among older adults. As more individuals live longer, many find themselves underprepared for the expenses that come with long term care. Others resort to dipping into their retirement funds or relying on their children for care.
Financial Stability and Income Sources
Determining your status when it comes to your finances is an important step to take. As the remaining spouse, updating your finances is necessary for figuring out what the next step should be.
DOs
Do work with professionals in securing your finances
Financial advisors will give individuals the proper guidance when it comes to their finances after an event such as this.
Talking about finances might be the last thing a person wants to discuss during events such as this one. The death of a spouse is a difficult time, and understandably, individuals ought to grieve and come to terms with it.
Keep in mind that although this is necessary, it does not have to be rushed. Do it at your own pace, but keep in mind that it is necessary.
Do make sure that your long term care is covered and updated
The need for long term care coverage after caring for a spouse becomes more apparent because of firsthand experience. Surviving spouses understand the difficulties of becoming primary caregivers that they see why long term care coverage can immensely make a difference in one’s lives.
While you still can, you ought to take the necessary steps and measures to ensure that you are fully covered.
Do lean on family members and close friends during difficult times
Emotional support during times like these can make a huge difference. Family members and close friends can understand what you are going through. They can provide the helping hand that you might need as you try to navigate this time in your life.
Moreover, they can provide valuable advice and guidance as you try to get back on your feet. They can assist you in arranging documents and other matters that might be stressful and trivial.
DON’Ts
Do not assume that your family members will provide the care that you might need
While they can be the crutch that you need during a difficult time, bear in mind that you should not rely on them fully for all matters. Many surviving spouses are left to rely on family members for their long term care because most of their resources went to the case of their deceased partner.
Surviving spouses depend on their children for financial aid and physical care. When this happens, family members are often at risk emotionally, mentally, physically, and financially. In fact, 40 to 70% of caregivers show clinically significant symptoms of depression.
To keep this from happening, take the necessary steps in safeguarding your future. You can start by finding out how much you know about long-term care through ALTCP long term care assessment tool. Adjust plans accordingly as early as you can.
Do not make rash decisions
Losing a loved one is difficult. As you are emotional and vulnerable, try not to make life-changing decisions without really giving much thought into it. Rash decisions when you are in this state are very much possible. Do not put your house on the market or give your money to your children or charity.
Talk to your trusted friends and family members before deciding on anything.
Share Your Stories
Do you have any long term care planning stories you would like to share? Or perhaps tips on how to manage care needs and costs? Let us know in the comments section! We’d be glad to hear more from you.