Protect Your Neck

After I submitted my assignments this past Thursday for the Python Computer Programming course I’m enrolled in this semester, I asked myself “who am I doing this for?” Do I care about the content or am I doing this because I’m bored again? This time around, I’m finding that I’m starting to feel like I’m on a hamster wheel. School and this course hasn’t been fun this month. I’m finally coasting at work, my social life is picking back up (“Mimosa Live!” at Xfinity Live on Saturday was a good ol’ time) despite the weather and snow; and I’ve been giving myself more time to get focused. I realized today that I don’t need another class or a grade on my transcript at this moment to feel fulfilled. That can wait. There are more pressing things to focus on, primarily caring for family and overall life maintenance.

Mommy dearest was finally released to come home but the transition has been rocky and will require much more attention and coordination. It’s time for me to do another check-in, except this time I can’t be bogged down with working while I’m away, school work and running around trying to see everyone and their momma. This time, I need to be on actual “leave” so I can give my time with my parents all of the attention it deserves. Everything else will be secondary. I’ve been doing way too much and wearing myself out unnecessarily. The leave request has been submitted and it’s time to prep for another journey home.

There was a deep sense of relief when I finally got the news that my mother could return home. My dad’s voice has been light and airy, which has been heartwarming, despite the fact that he is going to need to step up even more than before. While I plan out my time with them and make a list of priority items that I’ll need to tackle while I’m with them, I can’t help but wonder what my life will be like when I’m my parent’s age. I realize that I have to continue planning and prepping to ensure my future will be comfortable. Here are some of the things I’ve learned in these last few years about life planning, not just for my parents but for myself:

1) Short-Term and Long-Term Disability coverage is an absolute must. God forbid you become injured or incapacitated at some point, you want to make sure that all of your financial responsibilities can be covered. Paying for it on the front end will ensure you are taken care of on the back end. I personally know people in their 30’s and 40’s who can no longer work and are collecting SSI (Supplemental Security Income), which doesn’t cover much. You need the additional buffer. STD and LTD plans are typically offered through one’s own employer, where the employer pays towards it and the employee pays a small premium. It is so worth it, so please ask if it is offered if you aren’t already enrolled. If for some reason, your employer doesn’t offer it, you can look into getting private insurance.

2) Health, Dental and Vision insurance. Make sure you always have these coverages, whether you need them or not. The last thing you need is to pay out of pocket for any services that could’ve been discounted by insurance. One emergency visit to the hospial could bankrupt you. Employers often offer these plans and sponsor them. You’d be responsible for a nominal monthly premium. If for some reason, this isn’t offered as a benefit through your employer or you are self-employed, you can look up the health insurance marketplaces for your particular state (start here).

3) Prescription Benefits: Again, look to your employer or the health insurance marketplace for prescription benefit plans. I personally have one through my employer with CVS and it’s fully covered through my health insurance. For example, Flonase over the counter costs me $15-20 dollars out of pocket. Through my insurance, the generic brand only cost me $2.00. We’re in the era of the cost of prescription drugs constantly fluctuating and inflation has definitely had an impact.

4) Health Savings/Flexible Spending Accounts: The best thing you can do for yourself and your finances is to ensure that you put aside enough money for any medical procedures or upcoming routine appointments. What’s great about this is you can set this money aside in a health care savings account pre-tax, which lowers your taxable income and lessens your tax burden. Just make sure you use that money or you risk losing it. If your employer offers this, check to see if you will be able to carry over any remaining balances to the following year.

5) Long Term Care Insurance: This is a game changer. Like health insurance, you want to secure this coverage before you need it or you run the risk of not qualifying for it. Many of our parents from the Boomer and older generations relied on their children to provide them care when they get older. From my own personal experience, having children doesn’t guarantee that they will provide that care. Even if you have one stepping up to provide assistance, it is a huge undertaking and can be costly and too much of a burden for one to carry. Many folks these days don’t have children and can’t even count on that lifeline of assistance. Medicare is limited in what it covers. Supplemental insurance, depending on your age, can include coverage for short-term care. What it doesn’t include is LTC. LTC coverage will ensure that you have enough money to cover either in-home care, out-patient care or care in a nursing/rehab facility. More high end facilities can cost upwards of $600 per day, just to provide basic care, meals and a semi-private room. I’m currently shopping around for this coverage so that I ensure I can get care in all three settings. Better to have it and never need it then to go in to a facility suddenly, which puts you at risk of losing all of your assets (savings, real estate, investments, etc) and/or risk losing a good quality of care.

These are just a few things I’ve been exploring on my journey to ensuring the ease of life for years to come. I am merely scratching the surface. I haven’t even touched on the importance of retirement savings, life insurance, living wills and trusts, which I hope to write about in a later post. I’m all for prevention and the best way to ensure that the quality of life doesn’t decline is to live the healthiest and best life you can. What’s the point of building legacy if it’ll all fall by the wayside if you fall ill and lose everything? Staying fit, eating right and delaying the inevitable also works in your favor and works to prevent the stresses that come with aging and elder care. I have several neighbors who are in the prime of their lives (65 and up) who have been able to stay in their homes and come and go with minimal issues. That is the ideal situation but it still helps to prepare for the worst, “just in case” scenarios. Your future self will thank you. “Don’t make your future you hate you” (reference for any one who has seen the NerdWallet commercials, aren’t they depressing lol?)