Planning Ahead

When I began writing this blog, I never thought I would write an entry like this one.  Many of us are in the "sandwich generation," still raising our own children while caring for aging parents.

The last nine months have been hair raising for me, learning about major life decisions and senior advocacy.  Although this is a different topic, please continue to read, as planning for your own future when you are a senior citizen or through a tragic event such as an auto accident when you need extended care can change your life without warning.

Look at your current situation.  Do you have life insurance, retirement funds, a will, and plans for your life end?  Have you asked your parents about these topics?  If not, planning for your future and theirs is very important.  Although this blog entry may not save you money now, it can save you and your loved ones money and stress in the future.

We all hope that we will remain healthy and live a long life.  Illness and sudden injuries can suddenly change these plans, some leaving a family to cope with a tragic illness or even death and they not know about the wishes of their loved one.

One of the first decisions that needs to be addressed is a will.  Do you have a will?  If you do, when was it last reviewed?  A will permits your loved ones to how you want your estate to be distributed and if you have children who should care for them.  Not having a will leaves these decisions to the state.

Another major item to consider is life insurance.  As you experience life changes (marriage, children, retirement, etc.), you may require more or less insurance.  Term policies are in effective for a set number of years at a set premium.  After the end of the term, the policy can remain in effective, with a large increase in the premium.  Other policies like whole live and universal life can build a cash value while still providing protection.

Another form of insurance is long term care.  When someone needs extended care after surgery or an illness, they can require extended medical care.  All nursing homes and rehabilitation centers are not created equally.  Having long term care insurance and advanced directives can assist your family in these tough times.  To learn more, check out www.pahealthoptions.com/docs/LongTermCare.pdf.

Start by planning now before you or a loved one needs special care.  If time permits, go to the facility to check it out yourself and speak with others who have a recent experience.  Go to Medicare.gov to look for information on hospital, nursing home, and rehabilitation centers.  It can be shocking to see how local facilities are ranked.

Talking to loved ones about the end of your life is not a comfortable topic.  Let them know if you have a living will (and giving it to your physicians) or are listed as an organ donor on your driver's license allows the decisions you have made to be known.  In a time of an emergency, these difficult decisions may be left to your family.

Have you purchased a cemetery plot or preplanned your funeral?  Some of these decisions can be made now, saving your family money and the necessity to plan while they are grieving.

Finally, let family members know which attorney holds your will, the names of your financial planner and insurance agent, and any other necessary decisions on what type of care or final plans you want if you suddenly become ill or before you cannot speak for yourself.