When the Family Long-Term Care Crisis Occurs are You and Your Family Prepared?

It is hard to find any family who has not had experience with long-term care. With advances in medical science, we enjoy greater longevity. But longevity and better health care come at a cost. Families face a crisis when a parent needs long-term health care. Yet, adult children are not in a position to be caregivers.

Not enough people have any plan for the costs and burdens of aging. People require long-term health care for many reasons, and not all of those reasons have to do with advanced age. 

Just look at yourself, and you will notice the changes in your body in the past twenty years. In the decades ahead, you will more changes, including declining health. Get to age milestones like 70 and beyond, and you often will have cognitive decline as well. 

Questions That Be Must Answered

Without a plan for long-term health care, the family goes into crisis mode. Several questions need answers. These questions include:

1. Are there resources to pay for long-term care, and if so - for how long?
2. If there are resources available for paid care services, which family member will arrange and monitor the care? Which account will be liquated first? How will that impact lifestyle?
3. Is the home age and disability-friendly?
4. Can family members provide care, and if they must provide care - due to lack of adequate resources - which sibling will provide the care?

Paid Care Services are Very Costly

The fact is long-term health care is expensive, and even wealthy families can feel the pinch. When a family has no advance plan, the family's legacy will adversely be impacted as well. The costs do vary depending on where you live, but no matter, care does not come cheap.

You could see a six-figure cost of care today, but in the next 20 years, you will see care costs that expensive no matter where you live. The LTC NEWS Cost of Care Calculator will show you exactly how costly long-term care will be - today and in the future.

Caregiving is not easy for professionals who are properly trained to provide care. However, for family members forced into a caregiver role, they will find being a caregiver emotionally draining and physically demanding. The amount of stress and anxiety is tremendous. 

Family Caregivers Face Stress and Anxiety

According to actor Sean Hayes, being a caregiver is difficult, frustrating, time-consuming, and completely exhausting. In an article published in USA TODAY, Hayes said that sooner or later, everyone needs a helping hand.

"Ask any caregiver, and they'll tell you there's never enough time to do everything that needs to be done, and too few moments of peace to actually spend quality time with their loved one while they're still here. When a caregiver's time is overwhelmed, they're always at risk of getting burned out, which means both the caregiver and their loved one may suffer even more," he wrote. 

There is a way to plan to reduce the stress on your family in the decades ahead and protect your income and assets at the same time. If you purchase an affordable Long-Term Care Insurance policy, you will have guaranteed tax-free resources to pay for the choice of care you wish to have, be it in-home care or facility care. 

LTC Insurance is Affordable – Premiums Vary Between Companies

You will give your family the time to be family in addition to protecting your legacy. Some people think Long-Term Care Insurance is expensive, but the fact is that policies are very affordable for many Americans and have tax advantages you can utilize. 

Premiums do vary, often over 100% between insurance companies. Because of the substantial cost differences between companies, many experts suggest seeking a qualified Long-Term Care Insurance specialist to help you find the best coverage at the lowest cost.

Even small policies can pack big benefits. In forty-five states, Partnership Long-Term Care Insurance plans offer additional dollar-for-dollar asset protection. A specialist can design a plan based on your unique circumstances. 

Tax Benefits of LTC Insurance

If you own a Health Savings Account or are self-employed or operate a business, you can enjoy important tax benefits. The Long-Term Care Tax Benefits Guide can be helpful to determine if you can take advantage of any tax benefits. 

Whether you are a sole proprietor or own an LLC, S-Corporation, or C-Corporation you may benefit when you own a Long-Term Care Insurance policy.

When should you plan? Ideally, the best time is when you are in your 40s or 50s. No matter your age, seek the help of a trusted and qualified specialist to help you navigate your options.