Families Face a Multitude of Problems When No Long-Term Health Care Plan Exists

Read Time: 2:37
Published: Jun 17th, 2021
Families Face Problems When No LTC Plan Exists

The consequences of aging create a multitude of problems for American families that affect every generation. You are not exempt from the future changing health due to an illness, accident, or the impact of aging that can be financially devastating and burdensome on your family.

The problem of long-term health care is multiplied because too many people ignore the subject until only a few solutions are available. You don't want to be dependent on your family in the decades to come, do you?

By default, spouses and adult children often become the first caregivers despite being untrained and unprepared for this role. This fact makes sense since spouses are usually older with their own health problems when their husband/wife needs care. Your adult children will have careers and family responsibilities and juggling that with caregiving is difficult at best. 

Remain Independent and in Control 

Most research suggests that people want to remain independent and in control and expect to remain that way into retirement. Most people want to avoid dependency on their loved ones. However, health changes often happen unexpectedly. Even people with substantial assets do not want to liquidate those assets to pay for extended care services. 

People in the middle get squeezed. While low-income and asset families have Medicaid, everyone else will be responsible for their own care. Family caregivers have stress and anxiety. Paid care is expensive.

The LTC NEWS Cost of Care Calculator shows you the financial impact both today and tomorrow. The costs of long-term care services and supports vary depending on where you live.

Long-Term Health Care Costs Vary on Location and Type

For example, in Knoxville, Tennessee in-home care services run almost $43,000 a year (based on a 44-hour workweek). Yet, in the year 2045, the cost of the same amount of care at home will run over $95,000 a year for that same work week! Care costs in facilities will run even more.

However, if you live in Phoenix, Arizona, that 44 hour work week for in-home care averages over $57,000 a year today. In 2045 that same amount of care is expected to run over $127,000 a year!

There are several ways to prepare your family and finances for the costs and burdens of aging. More many American families, affordable Long-Term Care Insurance will provide the guaranteed tax-free benefits that will give you access to your choice of quality care, including home care that most people desire. 

LTC Policies Vary in Price and Benefits

Policies are not the same, but they are regulated, protecting the consumer and mandating essential features and benefits. However, there are several types of plans, and they all have different price points and underwriting requirements. 

Find a licensed and experienced Long-Term Care Insurance specialist will help you navigate the many available options, so you find the best coverage at the best value.

Start planning early, ideally in your 40s or 50s, when you still have reasonably good health and have the most options. Make getting older easier on your whole family. You can stay in control and enjoy a successful future retirement. 

About the Author

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

Editor's Note

The sudden need for long-term care can be scary for any family. Usually, everyone is unprepared for this event. Health insurance, including Medicareand supplement, won't pay for most of this care, creating a cash flow issue and a family issue.

Don't place the future responsibility of caregiving on those you love. Be prepared with an affordable Long-Term Care Insurance policy. You have many available options and companies to consider.

Research Tools on LTC NEWS

LTC NEWS offers many tools and resources so you can learn about the types of care available, the costs of care today and in the future, insurance and other planning options, and more.

Start by reading The Ultimate Long-Term Care Guide. The LTC NEWS Cost of Care Calculator will show you current and future costs for long-term health care, how to find care providers, state rules and tax incentives, and more. 

Find all the resources by clicking here

Need Help Finding Care for a Loved One? 

LTC NEWS can help you find quality care for your family member. If they own a Long-Term Care policy, we can arrange for free and no-obligation claims management, making the process easy on everyone. 

Click here to learn more.

Reverse Mortgages Might Be an Option

Today's reverse mortgages can provide you with tax-free funds to pay for an LTC Insurance policy, provide income, or even pay for care. If you are age 62 or older, learn more by clicking here.

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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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