Getting older is stressful. As Mom or Dad gets older they will probably want to stay in their own home. You probably would rather have them at home as well if at all possible. First, understand the aging process is natural. We all will be impacted by the financial costs and burdens of aging. People require long-term care services and supports due to illness, accidents, or the impact of getting older. It does happen at all ages but the risk of needing help with everyday living activities gets higher with age, so does our risk of cognitive impairment. Alzheimer’s is just one of many types of dementia and more Americans are impacted by memory loss.
If Mom or Dad has Long-Term Care Insurance your job is easier. Most policies will pay for their choice of care either at home, adult day care facilities, assisted living, memory care, and skilled nursing homes. Keeping them at home will be easier for them and for you if they have a policy. If they don’t have a policy then you can find ways to manage their situation.
5 Tips to Reduce the Caregiving Load
Read these five tips to reduce the caregiving load on you and your siblings as you decrease your stress as you keep Mom and Dad at home as long as possible. Read the tips now from DailyCaring.com: www.dailycaring.com/tips-for-keeping-parents-at-home
Think about your future needs and how your family would be impacted. If you have savings to protect and family you love you should add an affordable Long-Term Care policy to your planning. These insurance policies are designed to give you benefits to pay for your choice of care either in your own home or in a facility like assisted living, memory care, or even a skilled nursing home.
Asset Protection and Choice of Quality Care
The key is you have a choice. Since the policy is paying you a monthly or daily benefit when you need care you are protecting your savings and lifestyle. At the same time, you are giving your family the ability to be family and not have to balance caregiving and your needs with their jobs, family, and other responsibilities.
You do have to have fairly good health to qualify to get a policy in the first place so you can’t wait until you need care. Premiums are based primarily by your age and health at the time of application and the amount of benefits you are purchasing. Long-Term Care Insurance is custom design which is one reason why you should always work with an experienced Long-Term Care Insurance specialist. Their experience has less to do with how many years they have been doing it and more to do with how many people they have as policyholders. A specialist will have processed many claims where a typical financial planner or general insurance agent won't have that background.
Start Your Research
Start your research before you retire. You can find the current cost of long-term care services and supports in your state by looking on the LTC NEWS MAP. Just click here to find your state and use the LTC NEWS calculator to see the current and future cost of care. You can find a qualified specialist who understands policy design underwriting and claims by clicking here.
The specialist will ask a number of very detailed questions about your health, family history, retirement plans, and finances in order to help you design an affordable plan based on your specific needs. Plus, if you are living in a Long-Term Care Partnership state they will review how that program works giving you additional dollar-for-dollar asset protection. Several types of plans exist including tradition and partnership plans, asset-based or hybrid plans with death benefits, and short-duration plans.
LTC Insurance Affordable - Especially When You Plan Before Retirement
Long-Term Care Insurance is affordable, especially if you are under age 65. However, premiums can vary well over 100% or more between insurance companies. A Long-Term Care specialist will shop all the major companies to match you with your age, health, and family history to find you the best value.
Keep in mind that Long-Term Care Insurance is custom designed. This means you get to decide the total amount of coverage. Even a small policy can reduce the stress and burden on your family.
Give your family the peace-of-mind they deserve as they have to address the challenges of your aging.