There are few things in life you can ultimately depend on, no matter what. The saying goes, "...in this world, nothing can be said to be certain, except death and taxes."
However, aging is one of those almost certainties few of us can avoid. Advances in medical science are allowing for greater lifespans. Longevity, however, comes at a price. The price we pay is aging and the consequences that come with aging.
Shifting Roles Between Parent and Adult Child
A story in USA Today talks about the shifting roles between adult children and their aging parents. They start to see their parents decline and see the transition that slowly happens. The parent is no longer caring and watching out for their child, but the child starts becoming the caregiver or supervisor of their parent.
The article, written by Alia E. Dastagir, talks about how the parent's health starts to decline over time, their bodies weaken, hearing and vision become more of an issue, and memories start to fade. The bottom line is their parent's level of independence begins to diminish.
The result is anger and confusion - Children caregiving for aging parents feel anger, stress, frustration (usatoday.com)
Sandwich Generation Getting Slammed
The Pew Research Center reports that half of the people in their 40s and 50s have parents over age 65 and children under 18. As a parent becomes dependent, the adult children become the default caregiver and find themselves 'sandwiched between their responsibilities to their children and their parents.
There is a high degree of stress and anxiety that is placed on the family. While this burden is never intended, it creates anger and added pressure to an already busy life.
As more people have purchased Long-Term Care Insurance over the past 30+ years, the stress and burdens are lessened. When you own a Long-Term Care Insurance policy, you will have access to your choice of quality care in the setting you desire, including at home. Your loved ones will have the time to be a family instead of caregivers.
LTC Costs Increase Yearly - LTC Insurance Helps
The costs of professional care are expensive and grow each year. The LTC NEWS Cost of Care Calculator shows you the current and future costs where you live - Cost of Care Calculator - Choose Your State | LTC News.
LTC Insurance plans have inflation benefits to keep up with higher costs over time.
Most experts suggest obtaining Long-Term Care Insurance coverage in your 40s or 50s when you still enjoy fairly good health and premiums are much lower. Be sure to speak with a licensed and experienced Long-Term Care Insurance specialist to help you navigate the many options. Plus, premiums can vary over 100% between insurance companies - Work With a Specialist | LTC News
Aging happens. You can make the process of getting older and the changes that occur with your health, body, and mind easier on your family. A little preplanning will reduce anger, stress, and anxiety and give everyone greater peace of mind.
About the Author
An LTC News author focusing on long-term care and aging.
Contributor since August 21st, 2017
Have you thought much about how your family will be affected by your aging and changing health? Which child would take the responsibility? If you pay for care, which account would get drained first?
Affordable Long-Term Care Insurance safeguards assets and reduces the stress and anxiety otherwise placed on those you love. There are many different options available, and one will be affordable and beneficial for you and your family.
Research on LTC NEWS
Start your research by reading The Ultimate Long-Term Care Guide.
There are tax incentives available as well - Long-Term Care Tax Benefits Guide.
Find all the resources by clicking here.
Reverse Mortgages Can Be Part of a Plan
If you find most of your assets are tied to your home, today's reverse mortgages might help as the solution for either funding Long-Term Care Insurance or paying for care. Learn more here.
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LTC NEWS provides free assistance with no obligation. Click here. You can also obtain help finding caregivers and getting recommendations for a proper plan of care, whether a person has a policy or not.
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