Key Tips to Consider To Plan for the Consequences of Aging

The "sandwich generation" are people caught between taking care of their own children while taking care of parents who need extended care. Are you prepared to deal with your future long-term care needs? There are several key tips to consider before retirement including planning for long-term health care.

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Key Tips to Consider To Plan for the Consequences of Aging
4 Min Read July 5th, 2015 Updated:December 16th, 2022

The "sandwich generation" are people caught between caring for their own children and caring for parents who need extended care. The consequences on family caregivers impact the caregiver's career, family, and even health.

Family caregivers are often surprised when they get forced into the job of caring for a parent or an in-law. This is not because they don't love their family; it is because most people think long-term health care is covered by Medicare, supplements, or traditional health insurance. When they discover that their loved one must pay for care themselves, it creates a family crisis.

When an older adult begins to decline and needs help with everyday living activities or requires supervision due to dementia, families often scramble to see who can become the family caregiver.

Family Caregiving Can Be Overwhelming

Caring for aging parents can be overwhelming and often creates conflicts between siblings. In addition, since most family caregivers are untrained, the quality of the care might be less than desired.

Are you prepared to deal with your future long-term care needs? There are several key tips to consider before retirement.

Clark Howard is a well-known radio host, podcaster, and consumer expert. Millions across the country listened to his nationally syndicated Clark Howard Show and now follow his advice online. An article on his website discusses the need to plan for the impact long-term care will have on a family, especially when you have to take care of multiple generations – otherwise known as the sandwich generation. 

The sandwich generation is used when you must take care of your parents and children. This situation leads to significant life changes for young families. Clark says if you're part of the "sandwich generation" caught between these obligations, he offers some important advice.

Consider an Affordable Long-Term Care Policy

If you are between the ages of 50 to 60, this is the prime age to buy Long-Term Care (LTC) Insurance. Younger people today understand the need for planning, but most people get coverage in their 50s. When you are older, you often have several preexisting health problems that may prevent you from obtaining coverage since LTC Insurance is medically underwritten. 

What is Underwriting? How Does Current Health Impact Ability to Obtain Long-Term Care Insurance?

Long-Term Care Insurance provides more than just benefits to pay for care in a nursing home. Most LTC Insurance claims are paid for in-home care. Policies also cover adult day care centers, assisted living facilities, memory care facilities in addition to nursing home care. 

What Are The Components Of A Long-Term Care Insurance Policy?

Long-Term Health Care Costs Increasing

According to the LTC NEWS Cost of Care Calculator, the cost of paid care services can run over $100,000 a year for a nursing home. In-home care and other types of long-term care services are also expensive and can easily drain assets and adversely impact lifestyle and legacy. 

Shopping for Long-Term Care Insurance can be simplified by seeking the help of an independent LTC specialist who can shop the top insurance companies and provide you with accurate quotes along with their professional recommendations. LTC NEWS can help find a specialist by clicking here.

Best Time to Purchase is in Your 50s

When shopping for Long-Term Care Insurance, some companies still offer unlimited lifetime benefits. If you have a substantial amount of assets, you might want to consider an unlimited lifetime benefit. Many companies offer shared spousal benefits, which will give the couple a large amount of benefits that can be shared between the two spouses. Inflation benefits are essential since the cost of care is exploding nationwide.

Long-Term Care Insurance offers many "riders" that add benefits to a policy, like inflation benefits.

What Are Riders In Long-Term Care Insurance?

Partnership Long-Term Care Insurance policies are available in most states. Partnership policies provide dollar-for-dollar asset protection. Those policies must have inflation benefits in order to meet federal guidelines. 

What Is the Partnership Program in Long-Term Care Insurance?

Remember, there are several types of inflation benefits available. Be sure you select an inflation option where the benefits increase each year automatically, but your premium does not increase to match the higher benefit level.

Wills and Powers-of-Attorney

Clark says that if you don't have a will, the state will decide who raises your kids. In the absence of any written direction from you, the court will decide what happens.

Wills are generally not too complicated or too expensive to put together unless you own a business or have a blended family.  

Clark says a durable power of attorney (DPA) is a document that allows someone that you name to make financial/legal decisions on your behalf. As you get older, this will become even more important.

Included is a power-of-attorney for health care. You get to decide who can make these decisions, and you can give them directives as to your wishes about how your life to be prolonged if there is little hope for survival. 

Don't Ignore the Consequences of Aging

Many families ignore planning for the financial costs and burdens of aging despite experts like Clark Howard suggesting otherwise. You will see changes in your health, body, and mind in the decades ahead. These changes will often require you to need help with daily activities that you think are routine today, but you will become dependent on others to help you with those in the future. 

In addition, as we get older, we also face a much higher risk of cognitive decline. One in five women aged 40 and older and one in ten men aged 40 and older will suffer from some type of dementia in their lifetime. People with dementia will need supervisory care to keep them safe.

Don't place the future responsibility of caregiving on your family or your finances. Remember, Long-Term Care Insurance is medically underwritten, so you can't wait until you have major changes in your health. Policies are very affordable as well when you purchase a policy in your 40 or 50s. 


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About the Author

An LTC News author focusing on long-term care and aging.

LTC News Contributor James Kelly

James Kelly

Contributor since August 21st, 2017

Editor's Note

As Clark Howard says, affordable Long-Term Care Insurance will allow you to enjoy your choice of quality care without placing the burden of caregiving on your adult children. Your kids will get older, and they will have their own careers, families, and responsibilities. Don’t place this responsibility on them.

LTC NEWS Offers Many Resources for Research

Affordable Long-Term Care Insurance provides you with the tax-free resources to pay for quality care without draining savings and adversely impacting your income and lifestyle. However, long-term care is all about family. It allows your family the time to be family as you get older and not having the deal with the role of caregiver. 

LTC NEWS offers multiple tools and resources to help you research the financial costs and burdens of aging so you can find an affordable solution. 

Get Correct Answers to Your Questions About Long-Term Care Planning

LTC NEWS has many tools and resources that can help you in your research as you prepare for your future retirement and plan for the costs and burdens that come with aging and declining health.

Find all the resources on LTC NEWS by clicking here.

Get Published on LTC NEWS

LTC NEWS offers many resources to help families address the consequences of long-term care, aging, health, caregiving, and other retirement issues. You can be part of the effort to help educate consumers throughout the U.S. and around the world.

Write a story for publication on LTC NEWS and let America hear what you have to say. Be sure your article fits the LTC NEWS target audience of adults 40-70.

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Reach an educated audience. Readers of LTC NEWS are researching retirement issues, including aging, health, caregiving, and long-term care. Other readers seek information for a parent or other loved one who is experiencing declining health or aging issues and require extended care.   

Many marketing opportunities are available, including sponsored content articles. Sponsored content offers you a long-form way to sell yourself, your company, and your ideas.

Learn more about how LTC NEWS can help you market your business - click here.

Seek Professional Assistance

Long-Term Care Insurance can be complicated. There are several insurance companies, different plans, underwriting differences, and pricing can vary over 100% between insurance companies. 

Getting help from an experienced Long-Term Care Insurance specialist who works with the top insurance companies will help you navigate these differences. They can ensure you are matched with the best coverage at the best value.

Financial advisors and general insurance agents usually have little experience in this area and often only work with one insurance company.

Long-Term Care Insurance Specialists vs. Financial Advisors and General Insurance Agents (Pros & Cons).

Many people find LTC Insurance affordable, especially if they are in good health. Most people obtain coverage in their 50s to take advance of lower premiums along with better health. Long-Term Care Insurance is also custom designed.

How Much Does Long-Term Care Insurance Cost?

Loved Ones Need Help Now?

Get help finding quality caregivers or long-term care facilities and get recommendations for a proper care plan, whether a person has a policy. - Filing a Long-Term Care Insurance Claim.

If your loved one is lucky enough to own a Long-Term Care Insurance policy, be sure they use it. Sometimes families wait, thinking they can save the benefits for a rainy day. Waiting on using available Long-Term Care Insurance benefits is not a wise idea. 

If your parent or parents need help, be sure to get them quality care. LTC NEWS can help. We have put together several comprehensive guides to help you in your process.

Start by reading our four guides -  

The Benefits of Today's Reverse Mortgages

Some people have a large portion of their savings in their homes. With the help of reverse mortgages, you can find ways to pay for quality in-home care, pay for LTC Insurance, and even assist with cash flow during retirement.

Yes, today's reverse mortgages may be the perfect way to pay for a Long-Term Care Insurance policy or even cover the cost of in-home care if you or a loved one is currently in need.

Asking an expert with your questions will help you learn more. Mike Banner, a columnist for LTC NEWS and the host of the television program "62 Who Knew," will respond to your inquiries about long-term care, reverse mortgages, aging, and health.

- Just "Ask Mike." - Reverse Mortgages | LTC News.

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Use LTC NEWS to drive traffic to your website and help you attract people interested in your products and services. Plus, you can improve your website's SEO so more consumers can find you when they search for your products and services.

There are various marketing options available with LTC NEWS. Traditional advertising, sponsored content articles, strategic alliances, and more are available. 

Learn more about how LTC NEWS can help market your business, drive traffic, and improve SEO - Advertise With Us | LTC News.

Shared Links

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Let's work together and help consumers who search for us on the web - Site Request | LTC News.

You can also affordably purchase a dofollow link to your website or blog on LTC NEWS. Just contact the advertising department.

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Include LTC NEWS in your press release distribution. If your group, organization, business, political committee, etc., have news to share, send it to LTC NEWS. Email -  



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