How important is it for blended families in Denver and Colorado to have Long Term Care Insurance?
One word answer: EXTREMELY
The dynamics of a blended family are from wonderful "blending" to oh my gosh!
A blended family or any family for that matter, need to have a plan in place in case an extended care event were to take place. One of the funding mechanisms for this plan would be long term care insurance.
In many cases with blended families you are bringing two separate and distinct sets of assets by the husband and wife. Most commonly each parent wants to ensure their children receive the appropriate legacy.
If an extended care event takes place whose assets are used to provide the needed care? This can become very blurry. Confusion and criticism can disrupt what was the wonderful blending.
Scenario: Jim and Pat marry. Jim lives in Oregon, as does his children, but decides to move to Colorado to be with Pat. Pat has two children in Junior High and High School. They buy a new home in Denver with Jim's savings (what's left) and with the majority coming from the proceeds of Pat's sale of her condo (purchased with the equity from her divorce several years ago).
Jim and Pat both work and live an active and full lifestyle that is available in Denver, Colorado. The kids get along well and Jim's kid love skiing in Colorado.
Everything is going well until Jim has a stroke and can no longer work or be active. In fact he needs help bathing and dressing.
Pat is still working and with Jim's extended care event taking place she is not sure how she is going to handle paying the bills plus taking care of Jim.
How is his care going to be paid for? What assets are going to be liquidated? The real question becomes, not what assets, but whose assets.
Does Pat quit her job and take care of Jim? But where will the needed income come from? In-home care can be very expensive. The retirement plan they had been working on (majority of contribution from Pat) was not yet complete and would only fund their retired lifestyle.
Nothing had been set aside for an extended care event. No plan had been made.
Having a plan in place (in Denver and Colorado) funded by long term care insurance can eliminate most of the tension that might otherwise arise.
Long term care insurance will provide the funds necessary to take care of the parent (Jim) either in-home, an assisted living facility or if needed, a nursing home. By having a plan in place and having it properly funded there is no worry as to whose assets are being used to pay for the care.
The stress and tension are eliminated thus allowing the spouse, children and family to be supervising the care as opposed to providing the care. The family unit remains united.
So, yes long term care insurance in Denver and Colorado is extremely important.
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