Joe is a 62-year-old happily retired firefighter living the (good) retired life. He and his wife, Tiffany, are receiving his monthly pension payment, seeing the kids and grandkids at least monthly, and spending winters in sunny Florida. He had worked 30 plus years for the CFD. The 5 kids grew up in a loving, stable family environment. They were set-up to enjoy 20+ years of retirement.
While on a FL trip, Tiffany starts to not feel well. They called their doctor’s office in Chicago and schedule an appointment to run some tests. Terrible news, Tiffany is diagnosed with ALS disease. Initially, things are okay and Joe manages to assist Tiffany with things she can no longer do. When the kids are home they pitch in as well. But the situation deteriorates. Within two years, Tiffany can no longer drive. Within four years she cannot be left alone. Tiffany is in a wheelchair which required modifications to their two-story home. Everyday life has become very challenging. Joe realizes he needs support.
Unfortunately, they do not have any type of health care beyond Medicare. The kids are relatively close-by but they have children and careers.
Joe hires a nurse’s aid to help him 70 hours a week at the home at a rate of $20 an hour ($1,400 per week). This helps Joe with the immediate stress, but the emotional toll is heavy. After eight challenging months, the family makes the difficult decision to move Tiffany to a nursing home. For a private room at a nearby facility the cost is $8,000 a month. After three years, the financial burden becomes to heavy, and the family decides to move Tiffany into a shared room at a cost of $5,000 per month. 3 years later at the age of 70, Tiffany passes away.
Joe and the family mourn the loss their mother, wife and grandma. Joe liquidated much of their life savings to cover the medical expenses of long-term care and won’t be able to help support the grand kids. He moved in with the John’s family, his second son.
Summary: Long-term care events can be both emotionally and financially devastating. The cost of coverage can be expensive, and not everyone can qualify for long-term care coverage.
Discussion: