How to Cover Life Transitions to Make Longevity Affordable

How to Cover Life Transitions to Make Longevity Affordable.

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How to Cover Life Transitions to Make Longevity Affordable
3 Min Read April 13th, 2018

How to Cover Life Transitions to Make Longevity Affordable

If you have an older parent, being able to help them make a successful transition from being independent to assisted living or nursing home can be difficult on them and you. If they have Long-Term Care Insurance then you should not wait to make a claim. On occasion, people wait too long to make a claim placing undue pressure on their family and savings. If the parent has an active Long-Term Care policy be sure to start the claims process and get the deserved benefits right away.

In 2017, over $9.2 Billion was paid to American families by Long-Term Care Insurance companies, according to the American Association for Long-Term Care Insurance. To be certain, families were happy these benefits were being paid to make this difficult situation easier.

Learn more how to make a claim here: http://amadaseniorcare.com/blog/2018/04/read-this-before-you-file-your-long-term-care-insurance-claim/?utm_campaign=coschedule&utm_source=twitter&utm_medium=amadaseniorcare&utm_content=read%20this%20before%20you%20file%20your%20long-term%20care%20insurance%20claim

What if your elder parent does not have a policy? As you may know, health insurance and Medicare, including Medicare supplements, pay or only 100 days of skilled long-term care. They pay nothing toward custodial long-term care which is what most people will require.

You may feel pressure to pay for care yourself or even be a caregiver. Caregiving is hard for both the caregiver and the caregiver’s family.  What things can you do when Mom or Dad need help now and you are waiting to sell the house or help them qualify for Medicaid if they have little or no assets?

Read more here: https://www.bankrate.com/funnel/personal-loans/#senior-care

The question is what have you done differently than your Mom or Dad who now requires care? You may have read online or had friends tell you that Long-Term Care insurance is expensive. The fact is, for most people, these plans are very affordable if you act before you retire when you enjoy better health. You just can’t wait till your health changes or you require care. You need to make longevity planning part of your overall retirement plan.

Most states offer partnership plans which offer additional asset protection. Federal, and in some states, state tax incentives exist. Find your state here: https://www.LTCnews.com/resources/state-information.

You have a number of options and policy designs to choose based on your specific situation. You actually decide the type of benefits and the benefit amounts. Experts say to work with a Long-Term Care specialist to help you find the appropriate coverage.

Before you assume to find out the facts so you can decide how you will plan. Crisis management is never a good option. Placing this burden on your adult children years from now will make your aging more difficult and expensive for everyone. Act before you retire in order to enjoy affordable premiums and even preferred health discounts. Longevity requires an advance plan which will safeguard your savings and reduce the burden on loved ones.

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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

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