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Long-Term Care

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A Long Term Care Plan Benefits You, Your Children, and Your Grandchildren


As a grandparent, one of the greatest joys in my life is to be able to spend time with my grandchildren. I do things with them that my own grandparents would have never dreamed of doing with me when I was a child. We play soccer, street hockey and tennis. We go swimming, shoot hoops and even relay races.

I know I must sound like a 65 year-old Olympic athlete. But the truth is my two grandkids are boys under the age of four and are always on the go. It’s all I can do to keep up with them. Still, spending time with them is the high point of my day.

My son and daughter-in-law live close by. And I’m happy that they’ve stayed nearby and made it possible for me to be so closely connected to their lives. I suspect that my husband’s death influenced their decision in more than a “wouldn’t it be great for grandma to be able to take the kids on Thursday afternoons” kind of way. 

I worry about my grandchildren’s future. Their parents are both public school teachers, and don’t make a huge salary. My son supplements his income by tutoring. But with the rising cost of education, I know my son and my daughter-in-law may not to be able to cover the cost of a college tuition for both boys the way my husband and I were able to do for our own children. 

I want to be able to do everything for my grandsons. But I also have to face a harsh reality. I’m a single, older women and I need to be prepared for my twilight years, whether I am in good or ill health.  And if I should need care at some point in the future, the cost of care could deplete my nest egg fairly quickly. My son would not be able to cover those costs, nor would I ever expect him to.  If anything, I would want to leave my son and his family a little less burdened when I am gone.  I’m not the only older woman thinking about these things.  A recent article in the Wall Street Journal, entitled “Grandparents Bearing Checkbooks” laid this issue out nicely.

Not only do I want to ensure that my family is protected from a financial standpoint, but also from the physical, mental, and emotion burdens that might come as I age and may require daily care.  It was these very reasons I recently invested in a Long Term Care Insurance policy.  I needed comfort in knowing that I am set up with the type of care that I want without adding any additional burden to my children and grandchildren.  The hope is that I will never even use the coverage, but the reality is that 70% of all seniors will require long term care at some point.  While there are no guarantees in what the future may hold, I can take comfort that my children and grandchildren are protected, and that I have a plan in place that best suits my preferences. Until then, I plan to do my best to keep up with my two favorite athletes.


Article provided by Genworth


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