The COVID-19 outbreak highlights extended and long term care as a community care issue. Whether a professional or a family member, we have learned that the role of a caregiver is stressful. COVID-19 is a conversation opener for you to become a “generational” advisor.
What are some things that we could do now-during these stressful days-to help clients feel better prepared?
- Help your clients organize their “Care Squad!” Discuss ways they can prepare if anyone in their families’ multiple generations needed help. “What would happen if….? “What’s the back-up plan?” “What’s the future plan for limited, extended, or longer-term care?”
- COVID-19 has also made us more aware of the impact on employment, savings, and retirement plans. Discuss with your client what happens if, in the future, they need to leave work, cut back, or offer financial support to grandparents, parents, spouses, sister or brothers? What kind of supports might the employer offer? With so many of us introduced to working from home, would this be a viable option? Discuss insurance options as a better plan to remove that stress.
- Discussing how the client’s family handled COVID-19 is a good conversation starter. Discuss what they are seeing in the care community-how everyone is pulling together to help one another care for those in need. “Will that be the case once this crisis is managed?” Are they familiar with community services? Is that dependency the plan they want?
The NAIFA Limited and Extended Care Planning Center pulls together many experts who offer NAIFA advisors a myriad of information, case studies, and resources for dealing with many aspects of extended care. COVID-19 makes it clear that caring is a family matter involving multiple generations. If you don’t see what you need, please let us know. Stay sage, stay safe.