For those who are approaching retirement age, thinking about your preferences for your sunset years can be challenging. As there is no way to anticipate exactly what type of care we will need as we age, it’s a good idea to prepare for a variety of scenarios so that, when the time comes, we are financially and emotionally ready. In recent months, however, the coronavirus (COVID-19) has swept through nursing homes and long-term care facilities, ending many lives prematurely and leaving several people with lasting physical complications. Let’s explore a bit more about why many senior citizens are taking a closer look at their long-term care planning options.
Vulnerable Populations in the Time of COVID-19
As the scientific community has repeatedly reported, people over the age of 65 and those with preexisting health conditions are particularly vulnerable to developing complications from COVID-19. For this reason, long-term care facilities have been hit especially hard by the pandemic, resulting in many deaths and serious health conditions. According to the Washington State Department of Health (WSDH), there have been a total of 5,694 cases and 898 COVID-related deaths associated with long-term care facilities in Washington state as of August 3, 2020. In all, 56 percent of the total number of COVID-related deaths in Washington have been associated with a long-term care facility. Understandably, many aging individuals and their families are thinking hard about whether to move into or remain in a long-term care facility during this uncertain time.
Difficult Financial Decisions
Many people who had planned ahead for long-term care may have purchased insurance for this purpose. However, they now face the difficult decision of letting those benefits remain untouched or potentially putting themselves at greater risk by moving into a long-term care facility. Several insurance companies are already projecting that they will see an uptick in lapsed policies and fewer claims as policyholders decide not to reside into a long-term care facility out of fear of contracting COVID-19. Now, policyholders may need to negotiate lower premiums for these benefits that they cannot use, but they are likely to face additional challenges.
Enlisting the Help of a Trusted Professional
Right now, Americans are facing a number of unprecedented challenges. If you or your loved one is struggling with understanding and evaluating your long-term care planning options, it’s a good idea to reach out to a knowledgeable long-term care planning attorney who can work with you to answer your questions and address your concerns. Working with a trusted professional can give you the reassurance that you need during this challenging time.
For more information about your long-term care planning options in the Spokane Valley area, contact the experienced and compassionate legal team at Legacy Law Group by calling (509) 315-8087 today.