It happens every day. A daughter, or daughter-in-law, finds themselves thrust into the role of being a caregiver. Most likely, they will have a career, spouse, children, and other life responsibilities to be concerned about; however, a crisis event happens. Often, there is little heads-up.
Sometimes the family sees their loved one's health decline. However, the realization that this health decline means Mom or Dad needs care is something they are in denial of.
Now the family is in crisis. They see their loved ones struggling with normal living activities. Maybe they have declining memory. If there is no plan for long-term health care, the family is the first option.
Being a Caregiver is Challenging
The role of being a caregiver is challenging at best. The job is pressure-filled. There is anxiety. Caregiving is physically demanding. Someone in the family, often a daughter, must juggle their other responsibilities.
The number of Americans providing unpaid care has increased over the last five years. Sixty-one percent of family caregivers are women. Read more here.
Your older parents may have few choices, depending on their age and health, to plan for the consequences that long-term health care places on income, assets, lifestyle, and legacy. But long-term care is more than just about money. It is about family.
Long-Term Care is Expensive. Health Insurance and Medicare Don’t Pay
Yes, long-term care costs are expensive and get more costly over time. The LTC NEWS Cost of Care Calculator shows you the current and future cost of extended care where you live. But the consequences on your family are also considerable.
Affordable Long-Term Care Insurance gives you access to your choice of care, including in-home care. You can protect your savings and give your family the time to be family. The problem is you can't wait to obtain coverage. You must have reasonably good health to get a policy to start with. Once you get too old, or your health gets too poor, it is too late.
Find a Solution Before Retirement
Experts say the best time to get coverage is when you are in your 40s or 50s. Find a qualified and experienced Long-Term Care Insurance specialist to help you find the best coverage at the lowest cost.
For older couples that are in crisis now, a reverse mortgage could be a solution. For some people, a reverse mortgage could fund a Long-Term Care Insurance policy. You can learn more by visiting the reverse mortgage page on LTC NEWS.
Do not allow a crisis to become a crisis to start with. Planning makes it easier for the whole family.
About the Author
An LTC News author focusing on long-term care and aging.
Contributor since August 21st, 2017
Preparing your family and finances for changing health in the future will safeguard assets and reduce the stress and anxiety otherwise placed on your loved ones.
Yes, long-term care costs drain assets and change lifestyles. Yes, long-term care is a cash flow issue. It is a significant cash flow problem. However, long-term care is also a family problem. Affordable Long-Term Care Insurance addresses both family and finances.
No son or daughter wants to think about it, but every day someone's Mom or Dad gets diagnosed with dementia or requires long-term health care due to an illness, accident, or because of aging. It becomes a family crisis unless planning was done prior. Do you have a plan for yourself?
Do not ignore the problem, prepare for the problem when you are younger and still enjoy good health, so your family will not be burdened by the consequences of not planning.
LTC NEWS Offers Resources to Help You Plan
LTC NEWS offers multiple tools and resources to help you research the financial costs and burdens of aging so you can find an affordable solution.
Find all the resources on LTC NEWS by clicking here.
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