How Not To Tear Your Family Apart

The Care Planning Team is sharing stories, envisioning future plans, and employing longevity and cost of care tools while reviewing Jodi and Jackson’s summary. Let’s see what else moves the decision-making process along.

“Hi, everyone, one of the great side effects of being a part of the Care Planning Team (CPT) is that we all get together on a regular schedule. I think we are all benefiting from this learning process. Let’s have some fun. This guessing game relates to possible retirement locations and their various care costs. Who would like to guess as to how many counties there are in the United States?”

Each CPT member throws out a number.

“Doug guessed 2,850 and that was the closest. Currently, there are 3,006 counties in the United States alongside 142 county-equivalents, like boroughs in Alaska and parishes in Louisiana.55 Keep in mind that costs and local services may vary from one area to another.

“What’s my prize?” Doug asks.

“You don’t wind up receiving care at a location that isn’t your first choice!”

“Good point! By taking the current monthly cost and then using one of the insurance geographical cost-of-care calculators56  to push it out twenty-five years, I can estimate how much money I would have to save to cover costs in various settings and locations.”

Nicole does some quick math. “Wow! The aging baby boomer population is estimated to be about 72 million people. It’s impossible to know where costs will go, other than up! Let’s just confidently conclude that it is likely to be a significant number.”

“Even if I gave up my favorite restaurant, wine, and poker games, ”Jackson says, grinning at Doug, “I don’t see us saving that kind of money!”

Jodi nods and says, “Or keeping that amount of money in an emergency fund earning next to nothing! Bottom line, Dad and I don’t want to be obligated to keep that amount of money in a low-risk investment, designated only as an emergency extended or long-term care fund. We want to leverage our money by insuring against funding those ever-increasing costs. More importantly, we want to do it while we qualify for several options so we have choices.”