By Dan Heffley
Living abroad even with the need for long term care
Compass Living is in the forefront of the world’s new residential tourism industry, catering to digital nomads, retirees, vacationers and expats. Now Compass Living is the innovator in the new health sector called medical hospitality in select countries designed to insure a brighter financial future for single women and men as well as couples.
According to a recent survey commissioned by Bank of America (June 2014), more than half of women are now entering into marriage with equal or greater financial assets than their spouse. Additionally, a third of working women now earn the same or more than their partners.
While this is welcomed news, financial security is not guaranteed. Death, divorce, disability and medical crises can change a woman and family’s financial security. One of the biggest threats to preserving wealth is the long-term care of one or both spouses with a medical or cognitive incident. Statistics show that most people will experience a disability of six weeks or more at least once in their lifetime. Worse still, two out of every three people will need long term care at some point.
While women traditionally have taken better care of themselves than their male counterparts, the sobering truth is this: Only 38 percent of married couples have a plan in place to address long term care costs for both partners. Worse still, only 10 percent have a plan in place to take care of their parents. While traditional nursing home stays have accounted for a large portion of long-term care costs, the trend is moving away from nursing homes in favor of assisted living facilities. Even so, the average cost of quality assisted living facility in the U.S. is outside many people’s ability to pay.
Medical hospitality, partly modeled on the medical tourism industry, seeks to provide all the comforts of home, including meals, housekeeping, laundry and transportation in a safe and comfortable, staffed environment. Because Compass Living allows longer stays and more inclusive services than hotels for a single affordable price, residents can stay as little as one month, or as long as forever, secure in the knowledge that their money will last longer. With no real estate purchase required, residents can come and go as they please, either back to the states or to any of Compass Living’s global properties.
Times are truly changing, especially for women. International Women’s Day is celebrated on March 8 and Vietnam recognizes women on Vietnamese Women’s Day on Oct. 20. Compass Living’s Parkview property held an event celebrating honoring the day and acknowledging the contributions of Vietnamese women in their Acacia Veranda Dining restaurant. Women around the world are acknowledged as a vital force with their care of their families along with their many contributions, including financial.