Lifewizewomen Case Studies Outline
I – Who is involved?
Age, family situation, homeowner? Husband and wife. He is a retired postal worker. She is a retired homemaker. He is aged 85, she is aged 80. Own their home. Lived in same home for over 50 years. Daughter lives next door with her family. Health status? Overall health for both is good, given their age, though they have trouble getting around and doing their ADLs.
Any other background info that is relevant. With one daughter living next door (age 50), and another daughter about 10 minutes away (age 47), they have ample access to help from loved ones.
II – Were they insured? they were both insured for LTC. as a result, they both had access to a certified individual caregiver for the rest of their lives. also, they were insured “for life” as opposed to just a certain time period, which is also an option, if a limited budget is involved.
If not, why not?
If so, was it the right amount? Right type of insurance?
III – Could they have planned better? nope.
If so, how should they have planned?
What type and amount of insurance would have helped? they were optimally covered, since both were largely healthy and lived well past what would have been the limits on “limited” coverage. so, having unlimited policies were the right call in their cases.
Could they have waited longer to get the insurance? they could have, but the longer they waited, the higher their premiums would have been.
If they had savings and other assets, could they have gotten by on less insurance? they did have savings and investments. in retrospect, they could have gone by with a little less insurance. however, the husband, now well into his 90s, quite possibly would have drained his savings by now.
IV – What does the future look like for the person/family now? it’s all good for the family. the husband does not have to completely liquidate his savings or sell his home to cover nursing costs, and his two daughters can concentrate their assets to their own care.