Winning with Wendy | How to Manage the Impact of Long Term Care

My Passion for Long-Term Care Planning

I am passionate about engaging with diverse audiences across the country, using my platform to advocate the importance of long-term care planning. While the need for long-term care is unpredictable, one thing is certain: when a long-term care event happens, the question will be, “What do we do next?” It is my mission to ensure that when faced with that pivotal moment, you and your loved ones will have a plan in place.

The Chaos of Unexpected Long-Term Care

I receive hundreds of letters and emails from people saying, “Wendy, I never expected the chaos of long-term care until I went through it with my loved one. Had someone just given me some simple steps to set me up it would have all but eliminated the heartache of not only quick decisions but wrong decisions.”

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“The emotional and financial burden of long-term care can destroy many individuals and families unnecessarily because they fail to plan, and fail to put it in writing.”

– Wendy Boglioli US Olympic Gold/Bronze Medalist and Olympic Hall of Fame

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The consequences of long-term care have a lasting impact. Without proper planning or communication, a wonderful family environment can become a toxic and emotional journey. I’ve seen it tear some families apart while pulling others together. But having a written, communicated plan can have a positive impact on the crisis that follows.

Financial Planning is Key

I’ve written about various funding methods for long-term care and no single method is best, often a combination is required. Every situation is unique and depends on financial circumstances, including those of your children and grandchildren. Unfortunately, much of the cost is either through self-pay or is paid out-of-pocket by loved ones. In addition, government programs like Medicaid may provide some support but be sure to check the facts. These programs vary widely by state and may require a spend-down of your assets.

And finally, there’s long-term care insurance that can provide you with more care options and flexibility. If you don’t qualify for traditional long-term care insurance, there are other options that a long-term care specialist can help you evaluate.

Long-Term Care Insurance Protects Assets

Think of long-term care insurance as a parallel to life insurance. While life insurance prepares for the inevitability of death, long-term care insurance invests in the quality of life. It clarifies the critical decisions, how to pay for care, where to receive it, and how to finance it—avoiding the emotional and financial strain that others may face without a plan. Assets built over a lifetime can quickly dwindle without a plan, often due to a lack of awareness about long-term care insurance. This is a reality many families face, and it’s a situation that needs immediate attention.

Start the Long-Term Care Conversation

Why do we so often overlook this crucial aspect of life planning? Perhaps it’s because we don’t like to think about the potential need for care, especially when we feel invincible. However, the need for care can arise at any time, not just in our later years.

Who will shoulder the costs if care is needed today? Without planning, the responsibility often falls unexpectedly on family members. Take control of your future by starting the conversation about long-term care today. You’ll find a wealth of resources here that can help you craft a plan to ensure peace of mind for you and your loved ones.

In the Olympic spirit,

Wendy