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The Real Cost of Care: Planning for Long-Term Care and Caregiving with Raymond Lavine

August 23

42 mins

Episode Description

Today, I’m joined by long-term care specialist Raymond Lavine for a conversation about something many of us don’t think about until we’re already in the middle of it: how we’re going to manage and pay for care as we get older.

Raymond and I talk about what long-term care actually means. It isn’t necessarily medical care. It can be help with bathing, dressing, eating, getting to appointments, moving safely through your home, or managing the everyday tasks that allow you to continue living your life.

We also talk about what happens when there hasn’t been a plan in place and family members suddenly become caregivers. Caregiving can have an emotional, physical, and financial impact, especially when everyone is trying to make decisions in the middle of a crisis.

Raymond shares three important questions he believes we should all consider when thinking about our future care: Where do you want to receive care? Who do you want to provide it? And how will you pay for it?

We talk about why those questions are much easier to answer before care is actually needed, as well as some of the assumptions people make about what Medicare, Medicaid, or other programs will cover.

Raymond also explains long-term care insurance, how it differs from disability insurance, what typically qualifies someone to begin receiving benefits, and why waiting until you need care can mean you've waited too long to explore some of your options.

But preparing for long-term care isn't only about buying insurance. It can also mean looking at whether your home will work for you as you age, organizing important documents, sharing passwords and account information with someone you trust, talking with the people who may eventually be involved in your care, and making your wishes known.

Raymond also shares some of his own family's experiences with long-term care and how those experiences have shaped the work he does today.

This conversation is ultimately about giving ourselves and the people we love more choices. We can't predict exactly what our later years will look like, but we can think ahead about what matters to us and make a plan before a crisis makes those decisions for us.

If this episode has you thinking about your own future care, I offer end-of-life care planning sessions to help you think through your wishes, organize the practical pieces, and have these conversations with the people who matter to you. You can visit my website to learn more or schedule a complimentary call.

00:00 Why Plan Ahead

00:22 Meet The Host

01:55 Raymond’s Backstory

03:56 Why Long Term Care

08:07 Insure Yourself First

09:58 What Caregiving Means

11:13 Three Key Questions

17:15 Planning Beyond Insurance

21:02 Government Isn’t Guaranteed

22:39 When To Buy Coverage

27:31 Real Costs And Family Stories

30:06 How Policies Pay Out