Baby Boomers Face Problems Caring For Elderly Parents

It is common for adult children to be their parent's caregivers. This support comes with a price. Making smart planning moves will help older parents. Advance planning for long-term care is essential to retirement planning.

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Baby Boomers Face Problems Caring For Elderly Parents
3 Min Read July 17th, 2015 Updated:February 19th, 2024

As life expectancies increase and our parents age, an ever-growing number of Baby Boomers find themselves in the position of having to care for and financially support their elderly parents. 


A study sponsored by A Place for Mom and Financial Engines (formerly The Mutual Fund Store) reveals that 28% of Americans with living parents acknowledge they are currently or will eventually need to provide support for them. However, this responsibility is met with concern, as 86% of Americans worry about their ability to sustain their parents during retirement.


The trend of adult children providing financial support to their aging parents, frequently caught unprepared for such circumstances, is on the rise. This survey was conducted to enhance the understanding among Americans regarding retirement benefits and to underscore the critical need for family conversations about the financial implications of caregiving. 


Proactive Planning


To safeguard savings and income, experts recommend proactive planning and fostering open discussions within families about the expenses associated with retirement and long-term care. They emphasize that early engagement in these discussions can significantly reduce the financial strain on families, ensuring that aging parents receive the care they need without compromising the financial stability of the family unit. 


Engaging with financial and care planning professionals can also offer valuable insights and strategies for managing these future responsibilities effectively.


The survey identified a lack of communication, with 42% of respondents having not discussed retirement care with their parents and 27% of those needing to support their parents admitting to no prior discussions. 


Conversation About Long-Term Care


Andy Smith, executive vice president of investments at Financial Engines, emphasizes the critical need for these conversations. 


This survey shows that too many families are not discussing financial planning with aging loved ones. It's an important reminder for families to start voicing concerns about retirement finances as well as to make senior care a priority for themselves and for loved ones.

Families are encouraged to take proactive steps, including organizing important documents, consulting advisors familiar with living and care options, budgeting for care, understanding government assistance, and considering Long-Term Care Insurance as a key component of retirement planning. 


LTC Insurance - Key Part of Retirement Plan


Long-Term Care Insurance emerges as a pivotal solution for individuals looking to secure their future long-term care needs while protecting their financial assets and alleviating the potential burden on their loved ones. 


An LTC policy is designed to offer policyholders peace of mind, knowing that they will have access to a range of quality care services when the need arises. One of the significant advantages of Long-Term Care Insurance is the provision of guaranteed tax-free benefits, allowing policyholders to receive high-quality care without the stress of financial strain.


The tax-free nature of the benefits means that policyholders can utilize their coverage towards paying for the cost of their care without selling off assets and incurring tax complications. Whether it's in-home care, assisted living, or a nursing home setting, individuals have the flexibility to choose the type of care that best suits their needs and preferences. This autonomy not only ensures that policyholders receive the care they require in a comfortable and familiar environment but also allows them to preserve their quality of life during their later years.


Moreover, Long-Term Care Insurance reduces the pressure on loved ones to provide financial support or assume caregiving responsibilities themselves. It's a strategic move that safeguards not just the policyholder's financial legacy but also the well-being and emotional and financial security of their family members.


Long-Term Care Insurance is not just planning for your future needs; it's also an act of love and consideration for the well-being of your family, ensuring that they are not overwhelmed by the responsibilities and costs of care.


Premiums Vary Dramatically 


Premiums for Long-Term Care Insurance are influenced by your age and health status at the time of application, with significant variations in cost between different insurance providers for comparable coverage. 


Long-Term Care Insurance Cost: Factors, Considerations and Price Ranges


It's important to note that not all policies marketed as long-term care insurance comply with federal guidelines. Therefore, consulting with an experienced Long-Term Care Insurance specialist is crucial. They can guide you through the myriad of options available, ensuring that you find a policy that aligns with your age, health, and coverage needs.


Most people add an LTC policy to their retirement plan in their 40s or 50s; however, if you have fairly good health, affordable options can be found in your 60s and older. 

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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

Given the escalating costs of long-term care, it's essential to incorporate Long-Term Care Insurance into your retirement plan. This type of insurance provides guaranteed tax-free funds, ensuring access to quality care options, including in-home services. 

Adding Long-Term Care Insurance to your retirement plan can preserve your assets and relieve burdens on your family members. Instead of becoming caregivers, your loved ones can focus on maintaining familial bonds and providing emotional support.

Planning for long-term care needs is a proactive step toward securing your future and maintaining independence as you age. By addressing potential health challenges, such as heart problems, and preparing for the associated care requirements, you can ensure that you receive the necessary support while protecting your financial well-being. 

With affordable Long-Term Care Insurance, you can confidently navigate the complexities of aging, knowing that you have the resources to access quality care options tailored to your needs.

LTC Insurance is less expensive when you are younger. Since premiums are based partly on age and health, the best time to get a plan is when you are in your 40s or 50s. However, don't worry if you are older; those in their 60s and beyond can find affordable options depending on their level of health.

·        Long-Term Care Insurance Cost: Factors, Considerations and Price Ranges

Seek Professional Help in Shopping for LTC Insurance

Numerous financial professionals can sell you Long-Term Care Insurance, but only a select few possess the expertise, experience, and in-depth product knowledge required to provide truly professional guidance.

An LTC Insurance specialist representing the leading insurance brands providing long-term care solutions will possess a deep understanding of the products, pricing, underwriting, and features and benefits offered by these products.

Just as important, an LTC specialist understands the federal and state regulations and tax benefits these products can offer, including the Long-Term Care Insurance Partnership Program.

The LTC specialist will show you accurate quotes from all the top companies, allowing you to shop easily and conveniently. 

·        Find a Qualified, Independent LTC Insurance Specialist

Discover Quality Caregivers and Facilities with Ease

Finding the right caregivers or long-term care facilities that offer quality care services for your older family members is simpler than ever with the LTC NEWS Caregiver Directory. With over 80,000 listings nationwide, this comprehensive tool offers a vast array of options for long-term care services. Whether you're searching for caregivers or facilities nearby, the directory makes it effortless to explore qualifications and choices. Best of all, it's completely free to use!

If you're a care provider, you can claim your free listing or upgrade to enhance visibility through the LTC News Directory Business Portal.  

Additionally, the door to quality long-term care is wide open for those with an LTC policy. LTC NEWS offers assistance in processing claims from any Long-Term Care Insurance policy. Partnering with Amada Senior Care, a renowned in-home health care agency, LTC NEWS ensures that you and your loved ones receive top-notch care without worrying about securing the benefits from a policy. There is no cost or obligation for this service.

Experience peace of mind knowing you have access to quality care services when you need them most - Filing a Long-Term Care Insurance Claim.

These four LTC NEWS guides will assist you in trying to find appropriate long-term services for a loved one:

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