Long-Term Care Changes Everyone and Everything

Read Time: 5:33
Published: Jul 27th, 2015
Long-Term Care Changes Everyone and Everything
Article Updated:September 1st, 2020

There is no question that America is getting older. The consequences of longevity have a tremendous impact on families and their finances. Family members find themselves thrust into the role of being a caregiver. People's savings get drained because of the high cost of care services. 

Robert E. Moffit, Ph.D., writes in the Heritage Foundation website, "America is in the midst of an unprecedented demographic revolution. We are living longer, and our life expectancy is projected to increase in the 21st century." 

American families are affected physically, emotionally, and financially when spouses or parents require long-term care services. The consequences of longevity and the advances in medical science mean more and more families will have the address the financial costs and burdens of aging. 

If you think about how your health and body have changed in the past twenty years you will understand why aging is a significant issue. Now consider how your health, body, and mind will change in the decades ahead.

Government Solutions? 

Too many people think there are government solutions for long-term care. Your health insurance, including Medicareand supplements, pay for a small amount of skilled care. Most long-term care is custodial in nature, which means help with everyday activities of daily living or supervision due to cognitive decline. Only Long-Term Care Insurance will pay for custodial care … except for Medicaid. Medicaid will pay for this type of care must you must have little or no assets.

The only other government program for long-term care is the partnership program. Forty-five states have active partnership policies available which provide additional asset protection. With Partnership Long-Term Care Insurance, you can shelter assets with dollar-for-dollar asset protection. Plus, some federal and state tax incentives are available if you have a qualified Long-Term Care Insurance policy in place.

Families Not Prepared for Parent's Long-Term Care

Despite all the research that shows the likelihood of needing long-term care and the high costs associated with this care, few people plan before its too late. Too often, they don't even think at all about the impact long-term care will have on their family, including adult children who, without advance planning, either become caregivers or managers of paid services … or both.

No plan for future long-term care is a big problem. 

Americans are Getting Older

Somewhere around 10,000 baby boomers turn 65 each day. The U.S. Department of Health and Human Services reports over half of those people over 65 will require long-term care services at some point.

But few people make preparations for this inevitable part of life that can drain a family both emotionally and financially.

Long-Term Care Leads to Family Crisis

When the need for long-term care approaches the crisis level, several family members may be pushed into participation, whether they are ready or not, said Chris Orestis, senior health-care advocate and CEO of Life Care Funding.

“In many situations the need for care will creep up on a family.” 

“Suddenly, people realize they have assumed duties that take up more and more of their time, and take a toll on their lives.”

Chris Orestis, senior health-care advocate and CEO of Life Care Funding

Roles Family Members Take with No Advance Planning

Over the years, he said, he has seen these family members gravitate naturally to roles that fall into several stereotypes.

• Caretaker – This person provides care for the loved one at home and, without realizing it, becomes a full-time caregiver. Usually, this is a spouse or an adult child, most often a daughter.

• Bookkeeper – This person focuses on the financial aspects, trying to determine what assets or insurance policies are available to help with care costs.

• Chauffeur – This family member drives the loved one to appointments, runs errands, makes grocery runs, and eventually may drive the aging loved one to tour assisted-living facilities.

• Guardian – This family member takes on such roles as the power of attorney or trustee, assuming the family's legal responsibilities.

• Denier – This person can't accept or admit that the loved one, or they themselves, need care.

• Know-It-All – Most annoying of all, this family member constantly questions decisions or lobs suggestions from the backbencher, but isn't near the situation or involved hands-on.

No Advance Plan Leads to Family Resentment

With such a lineup, it's easy for resentments to build, Orestis said, but that needs to be avoided because the focus should be on the aging loved one and ease the transition if a decision is made to move into a nursing home or assisted-living facility.

Eventually, once it's clear that professional long-term care is needed and a plan is in place to make it happen, a conversation needs to take place with the loved one, who may be apprehensive or even resistant, Orestis said.

The conversation should be conducted with compassion and delicacy, he says. Emphasize that not only will this move improve their health and safety, but there will be numerous opportunities for social activities, games, art, entertainment, and great food.

“The key is for the family to come together.”

 “Look for the signs that care is needed, formulate a plan, communicate effectively with your loved ones and change the perspective about long-term care from a negative to a safe, healthy and enriching experience in the continuing journey of life.”

Chris Orestis

You Can't Avoid the Risk of Long-Term Care

There is no way to avoid aging or the risk of needing long-term care in the future. However, you can take charge of your future retirement and help avoid the stress and burden that your aging and changes in health will have on those you love.

Don't be in denial of what happens as we get older. People require long-term care due to an illness, accident, or the impact of aging. You may enjoy a healthy lifestyle; however, you will just live longer, placing you at a higher risk of frailty and cognitive decline. 

Some people think if there is no family history of long-term care, it won't happen to them. There have been many advances in medical science that your older family members did not enjoy. The added longevity adds to the risk. Preparing is easy and affordable.

Be sure to research an affordable Long-Term Care policy before you retire. You will have access to your choice of quality care in your home or in a facility. Just as important, our family will have the time to be family.

It is true, long-term care does change everything. Proper preparation makes those changes easier for everyone.

About the Author

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

Editor's Note

How is the best way to plan for your longevity? Retirement planning should happen well before you retire. Protecting what you save for your retirement should also happen before retirement. Long-Term Care Insurance, for many American families, provides the resources and services to provide you with control over your own life. You will have a choice on the type and location of your future long-term care needs.

 Understand the Risk

Understanding you have a risk is the first step. As you get older your risk of needing long-term care services also increases. The cost of paid care services drains savings and income. Care is not cheap. The cost of long-term care does vary depending on where you live. Your research should start by finding the current and future cost of care services. You will then determine how these costs will impact your savings, income, and lifestyle. The LTC NEWS cost of care calculator is a great resource. Click here and find your location.

Planning Resources Available

LTC NEWS provides many other resources to help you plan. However, you will need a qualified Long-Term Care Insurance specialist's assistance to help you design a plan and shop to find the best coverage at the best value. 

A specialist is usually not a financial advisor or general insurance agent. It takes experience and expertise to understand and design Long-Term Care Insurance. These policies are custom designed, but remember that premiums can vary over 100% between companies for the same coverage. 

This is why you should seek the help of a qualified Long-Term Care Insurance specialist. Find a specialist by clicking here.

Most Financial Advisors and General Insurance Agents Not Qualified to Help

Make sure your specialist is really a specialist. Ask them not only how many years of experience they have, but more importantly, how many people have they helped? An actual specialist will have at least 250 living clients with a Long-Term Care Insurance policy. Often, the best specialists have thousands. 

An LTC Insurance specialist will understand underwriting and how it differs from each insurance company. They will also understand the federal/state partnership program that provides additional asset protection. They should understand policy design and claims. Knowing how these policies actually get used at the time of claim is very helpful in designing an affordable plan.

 What to Expect to be Asked by a Specialist

Expect the specialist to ask you numerous questions about your health, family history, and retirement plans. Once they get this information, they will be able to usually give you actual quotes right away. Unless you have unusual health, you shouldn't have to wait for their recommendations. 

The plans are custom designed, so give your input on the policy design. The next step is to apply and see if you can get approved. Most insurance companies use electronic applications, so the process is quick and easy. Usually, you do not have to pay anything in advance. Once approved, you have time to make adjustments in coverage before you pay your first premium.

Long-Term Care Insurance is easy, affordable, and rate stable income and asset protection. It will also give your family time to be family.


LTC News Contributor James Kelly
James Kelly

Contributor Since
August 21st, 2017

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

About the Author

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

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