Your Plan & Family Decision Making
Marlene S. Stum, Ph.D. University of Minnesota
Financing long term care is only about money,
what's the big deal?
Planning for financing long term care is a family
decision that involves a lot more than figuring
out finances. It is an emotional issue that
affects and involves family members, friends
and other social supports. Planning for long
term care is really about sorting out goals,
concerns, expectations, feelings and values
and communicating these to family and significant
Myth: Only one person
in the family needs to be protected.
It is very important that families plan together
for their long term care needs. There are many
decisions about income, assets and financial
security that spouses/partners, adult children,
and other family members need to consider. The
effect of one person's long term care needs
on other members of the family or a partner
needs to be part of the planning equation.
Myth: Family members
will all think alike regarding who should pay
for long term care.
It is very common for spouses, partners, parents,
and adult children to think quite differently
about who should pay for long term care. Is
financing long term care a family responsibility,
a role of government, or private insurance?