Being Prepared Financially Should Include a Plan for Chronic or Terminal Illness.
Because people today are living longer than ever before there is a higher likelihood of you becoming chronically or terminally ill.
At age 65, you face a 70%¹ chance of developing a chronic illness like Alzheimer’s Disease, a serious stroke, or crippling arthritis. It’s a hard reality to face because it’s not simply the thought of being ill; it’s all the additional hardships and arrangements that come with it. A little bit of planning today can go a long way toward making tomorrow easier.
Consider the Who, Where, and Hows of becoming chronically or terminally ill.
Ask yourself, “If I were to become chronically or terminally ill …”:
… who would take care of me?
Most care is given by a family member. The financial and emotional burden on
that care‐giver can be daunting.2
Being able to pay a family member to care for
you can help them make ends meet.
… where would I live?
Most people prefer to remain in their own home but need to make some
modifications for safety and comfort. Having access to money to give you the
freedom to make whatever changes are needed can be a relief. …
... would I be able to continue to be a part of my family’s daily life?
You might need to hire someone to drive you to events and celebrations. You’re
in control when you have the monetary means to do what you need or want to
It’s important to consider your financial and emotional well‐being when planning.
A chronic or terminal illness can cost thousands of dollars each year, ranging from the costs of nursing care, transportation, prescriptions, etc. to the simple expense of buying groceries. The out‐of‐pocket medical expenses for an average 65‐year‐old couple retiring in 2013 will be $220,000.4
Not everyone who retires will become chronically or terminally ill, but if you do, does your current strategy provide you with the income you will need to protect yourself and your family? Dealing with the financial impact can make the emotional aspects of chronic and terminal illness even worse. Feelings of depression and worthlessness are common, but it doesn’t have to be that way. A little planning can go a long way toward making sure that your golden years are bright.
Life Insurance can help.
Being educated about the realities of life with a chronic and terminal illness is an important step in preparing for your future. There are ways that life insurance can help. One possible alternative is having a life insurance policy that will allow you to access some or all of your policy’s death benefit when you’re living so you can use the money if you need it.
A financial professional is your advocate to help you prepare for the future.
Speak with a financial professional today
to find out about how you can prepare for the financial impact of chronic or terminal illness so the emotional impact is a little easier.
The following sources are believed to be the most current available.
¹U.S. Department of Health and Human Services: National Clearinghouse for Long Term Care Information, 2013.
U.S. Department of Health and Human Services: National Clearinghouse for Long‐Term Care Information, 2010.
More older people with disabilities living in the community: Trends from the National Long‐Term Care Survey 2004. AARP Public Policy Institute. September 2010.
Fidelity Investments 2013. Based on hypothetical couple retiring in 2013, 65 or older with average life expectancies.