Living Single?

Why You Might Need Long-Term Care Insurance

A friend of mine, who is single, just turned sixty. When we were talking about this milestone event he said something that I found very interesting. He said:

“I’m not worried about dying young. I’m worried about how I will manage if I live a long time.”

This got me thinking about the special needs of a person who, whether due to divorce, death of a spouse, or simply because he or she never married, lives alone.

When you are living with another person, you at least have someone available who can help take care of you; help with meals, hygiene, medications, getting dressed and being there if you should have a medical emergency. But if you are living alone, you must rely on those who are not readily available and who might have other responsibilities such as your siblings or your children.

Of course, even if these people are available and willing to help, do you want them to? How would it feel to be cared for by your child, a sibling or a neighbor? Meals and medications might not be too bad, but getting dressed and personal hygiene? Many people would be uncomfortable having one of these people provide that level of care. And there is also the problem with having them available when you need them.

As a result, the best option for those living alone is often to have a professional provide care, either in your home or in a facility. Unfortunately, this type of care, especially in your home, can be very expensive.

What this means is that if you live alone, you should consider the cost of long-term care insurance when determining the amount of resources necessary to meet your needs as you enter your “golden years”. Otherwise, those years may not be as golden as you would like them to be.