Thanksgiving is right around the corner. Most likely, you’re going to spend time talking about your kids, talking about the food, talking about work, and catching up on various world events.
At Long Term Care Resources Pacific Agency (LTCR Pacific), we want to remind you that it’s not often that all your family is in one place, and now may be the best time to talk about some topics that most of us try to avoid – topics related to health, long term care, and post-life plans.
These topics can be difficult. But there are very few opportunities during the year for families to have these conversations, and they are the types of conversations that many of us should not put off any longer.
Important Topics of Conversation
- What is the plan for when your parents/grandparents need long term care?
Are they going to live with one of the kids? Are they going to be in a nursing home? Do they expect or want a home nurse? Should someone consider a new home with space for them to move in? These need to be discussed and understood beforehand.
- What kind of funeral do you want?
This topic isn’t meant to be a “downer.” Rather, it has to do with how much the cost will be and how you all will put it together. Funerals can be $5,000, $10,000, and even more. Some cultural funerals cost more than $50,000. What kind of funeral does the person want and what is the plan to pay for it?
- How will assets be distributed and what does the person want their legacy to be?
It’s one thing to have a will. It’s another to have a true estate plan that the family is involved with. This type of planning is important, not only so that there are no surprises but also so that you can have a plan for how to protect your assets – or grow them – in order to distribute them effectively.
- Is your current Medicare policy still meeting your needs?
This may seem like an unusual question, but the Annual Medicare Enrollment Period ends December 7th, and there are situations in which one individual on Medicare may not be aware that they might be able to change their policies based on their needs. Having this conversation can help family members help with enrollment.
What’s Next?
The reason these conversations are so important is because many of these require smart decisions about insurance and insurance related products. For example, long term care insurance can help someone pay for home nursing and also protect assets for distribution upon someone’s passing. Funeral insurance, also known as “pre-need,” can help people pay for a bigger funeral, and so on.
Many people are not only unaware of these insurance products – they’ve never had conversations about these issues at all. Just talking about it can be an important first step in making sure your future is well planned. If you need help with your insurance needs, contact LTCR Pacific, today.