Orphaned Seniors Face Additional Challenges with Aging and Long-Term Care - Planning Improves Quality of Life
We assume everyone has family, but that is not always the case. Gray divorce and those with no children or family who are not involved can make getting older much harder. Planning improves the quality of life.
It is hard enough to get older when you have a spouse and family. Not that you want to have family members become your future caregivers, but the physical and emotional support makes the aging process easier for everyone.
Family is not the answer to long-term health care, but what if you don't have a family? The lack of close family is a growing problem for those aged 50 and older.
A recent article in the New York Times discusses the growing number of kinless seniors. Researchers are concerned about this population, who may refer to themselves as "older orphans" or "solo agers," because they face many challenges and many disadvantages.
Rachel Margolis, a sociologist at the University of Western Ontario, quoted in the article, says not everyone has a family as they age.
We assume that everyone has at least some family, but that's not the case anymore.
The well-being of "kinless" adults was the focus of a study led by Margolis. This study emphasizes the value of developing and sustaining social networks throughout a lifetime. Social networks naturally dwindle as somebody ages, which makes it harder for people without close relatives to maintain their physical, emotional, and social well-being.
Everyone benefits from establishing channels for social interaction.
Even though we may think childless older adults may be just as connected to family, via nieces, nephews and cousins, our findings highlight that older adults without close kin are less connected with relatives overall than their counterparts with children.
Number of Orphaned Seniors Increasing
The percentage of senior couples and singles without children is increasing as the baby boomer generation ages. According to a study by the AARP Public Policy Institute, 19% of all women ages 80 to 84 will fall into that category in 2050, up from 16% in 2030.
According to AARP, 8.6 million persons over the age of 65, or more than 20%, are already or are at risk of becoming elder orphans—seniors without a spouse, significant other, or children that can take care of them as they age.
A much higher proportion have grown children who are unable or unwilling to assist with caregiving for whatever reason. Even with family, family caregivers are usually untrained and unprepared for the job and can only juggle the responsibility for a short period of time.
By the year 2050, the number of older adults without family support will double. It will rise continuously after that. Many of those people will need assistance as they age in place.
Loneliness and Isolation Increase Risk of Health Decline
One of several concerns is cognitive impairment. Being socially alone and isolated are risk factors for physical and cognitive decline. These older adults, without family, also face isolation and loneliness. Minimal contact with others creates several health and quality of life concerns, creating a higher risk of needing long-term health care.
Some of these "kinless" or "orphaned" adults think they have enough financial resources to pay for long-term health care -- which is usually not the case. Even when individuals have substantial savings, they lack the support to arrange and plan for quality care based on their preferences and needs.
Most Long-Term Care Insurance policies include some type of "case management" or advocates that can assist the policyholder access a quality plan of care based on their needs and preferences. The guaranteed tax-free funds will stretch their assets to ensure their choice of quality care in their desired setting.
LTC Insurance Can Help
Experts say that policy design can be more conservative when saving assets for a younger generation is not a goal. Long-Term Care Insurance is custom designed and can be very affordable, especially if purchased when someone is younger and healthier.
Several top-rated insurance companies offer plans, and the premiums and underwriting standards vary between companies. An experienced Long-Term Care Insurance specialist can help you get accurate quotes and provide affordable plan designs to meet someone's needs.
Few people thrive being alone. While older adults with family may want to remain at home, and LTC Insurance will pay for in-home care, often "orphaned" seniors will opt for assisted living for the social interaction that these facilities provide while maintaining a level of privacy and independence.
Assisted Living and Memory Care Facilities
Keep in mind that if you wait too long to plan, you may have few, if any, options. Like planning for retirement, planning for the costs and burdens of aging and future declining health should happen well before you retire.
About the Author
Linda is a freelance writer interested in retirement planning, health and aging.
Linda Kople
Contributor since October 31st, 2017
Editor's Note
Whether you have a lot of family that is -- and will be involved in your life, or you are alone, being prepared for the consequences of aging and declining health makes getting older easier and improve your quality of life.
Long-Term Care Insurance is more than just asset protection. It helps you access quality care and an improved quality of life even as you experience a decline in your health, body, and mind.
If you are blessed with family, you probably don't want to place the full responsibility of caregiving -- or managing future care on them. Without close family -- or any family -- you need an advocate and quality care without draining assets too quickly and being forced to use substandard care.
The ideal time to obtain coverage is when you are in your 50s and still enjoy good health.
Seek Expert Advice When Looking for LTC Coverage
Long-Term Care Insurance comes with a variety of options. However, many general insurance agents and financial advisors lack proper training on these products, underwriting, and policy design.
Tax-qualified Long-Term Care Insurance, in accordance with Section 7702(b) of the U.S. Code, includes significant consumer protections, regulated benefit triggers, and tax incentives.
An experienced and knowledgeable Long-Term Care Insurance specialist will help you find the most cost-effective choices based on your age, health, and family history.
In states considering the "LTC Tax," the right policy will allow help you to avoid the future tax.
Work With a Specialist | LTC News
Tools and Resources Available on LTC NEWS
There is much inaccurate or incomplete information about long-term care planning on the internet. Not every financial advisor or insurance agent has the knowledge required to help you with long-term care planning. LTC NEWS can help.
If you have questions about long-term health care planning, LTC NEWS answers the most often asked questions - Frequently Asked Questions.
You can find all the resources available on LTC NEWS right here - Resources for Long-Term Care Planning.
The cost of long-term health care services is rising sharply nationwide. The LTC NEWS Cost of Care Calculator shows you the current and future cost of care services where you live - Cost of Care Calculator - Choose Your State.
How About Elderly Parents?
If your older parents or family members are declining and need help now, what can you do to help? You can get help finding quality caregivers or long-term care facilities and get recommendations for a proper care plan, whether or not they have an LTC policy. - Filing a Long-Term Care Insurance Claim.
If your loved one is lucky enough to own a Long-Term Care Insurance policy, be sure they use it. Sometimes families wait, thinking they can save the benefits for a rainy day. Waiting on using available Long-Term Care Insurance benefits is not a wise idea.
Is a Reverse Mortgage Helpful?
Today's reverse mortgages for those aged 62 and older could be an ideal resource. You can fund a Long-Term Care Insurance policy OR even provide money to pay for care if you, or a loved one, already needs help and assistance.
You might be eligible at younger ages as well.
Some people have much of their savings invested in their homes. With today's reverse mortgages, you can find ways to fund care solutions, care itself, and even help with cash flow during your retirement.
Learn more by asking questions to an expert. Mike Banner, LTC NEWS columnist and host of the TV Show "62 Who Knew," will answer your questions regarding caregiving, aging, health, retirement planning, long-term care, and reverse mortgages.
- Just "Ask Mike." - Reverse Mortgages | LTC News.
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