Friday, 29.11.13, written by editor Anyone who has taken out a private long-term care insurance believes to be financially secure in the case of long-term care. But does that also apply to the spouse? Nursing expert Margit Winkler explains in a guest article on finanzen.de, which costs have to be considered during the care. > Be prepared for the care and its costs
Care is one of the biggest risks of old age today. But politics has no plan what should happen when the largest population group, the so-called baby boomers of the years 1955 to 1970, become a nursing case. Who should look after all these men and women? All will have to tackle. Good for those who have made financial provision. Because we are only at the beginning of the disaster. The probability that at least one spouse becomes a care case is more than 80 percent.
Also family M. must experience this firsthand. At the same time, Herr M. had thought he was prepared for the emergency. He knows that older people today often have to be cared for for years and then money is running out quickly. He does not want to do this to his wife. They are married for the second time in twenty years. As a loyal husband, he has therefore concluded a private supplementary care insurance, which is to facilitate the hard time in the nursing home by additional payments.
But when he comes to the nursing home, the money is not enough despite provision. The home costs eat up the monthly payment of additional care insurance completely. His wife has only a typical women’s pension, which is not enough to finance the living expenses in addition to the running costs of home and car.
It should be clear to everyone: care situations always require additional resources. For care level II, the monthly costs for accommodation and care are around 3,000 euros. However, the subsidy from the statutory long-term care fund is only € 1,279. Since the pension is usually needed for double financial management and personal needs, a financial gap of around € 1,700 is created. Anyone who uses up his pension for lifestyle in healthy days can not count them for the care. As a rule of thumb, five years of care cost about 100,000 euros.
There are two ways to avoid additional worries for the partner:
- Married couples should deduct from the current care costs in their desired home the payment of the care fund. Then they receive the costs, which they have to provide additionally.
- Couples should consider dual household finances for the time that one partner lives in the home and the other at home. What expenses are incurred in everyday life, what do the hairdresser, toiletries, drug supplements cost? An exact list should be made about this. Once this has been done, it is possible to estimate exactly how much care needs to be taken.
Margit Winkler (born 1963), owner of the Generation Consulting Institute, is an expert in all matters relating to powers of attorney, injunctions, nursing and wills. The independent finance and marketing specialist, together with the Chamber of Industry and Commerce, trains state-recognized generations of consultants nationwide. With her book “Providing is not a question of age”, she has also presented a guide for people who do not want to leave their own future to chance.