More than 39 million people in the U.S. are aged 65 years or older. Of the 39 million Americans, 2.4 million identify as lesbian, gay, bisexual, or transgender. To the surprise of no one, a recent study shows LGBTQ adults are more likely than the rest of the population to live alone, not have children, and be single when they are older.
Aging, declining health, and long-term health care are significant concerns for LGBTQ adults. When you get older, you are likely to need help with "activities of daily living," but an LGBTQ person will generally not have direct family support to help them with aging health issues. As a person ages, the lack of support creates additional pressure.
LGBT baby boomers have significant concerns about discrimination as they get older, with one study showing 27% of LGBTQ older adults encountering violations of their rights when seeking long-term health care services. Many LGBTQ adults fear discrimination in assisted living and nursing home settings.
Anyone who finds themselves needing help with daily living activities in their home or when moving into a long-term care community experiences a significant life change. When you add additional fears about discrimination, it can make aging even more stressful.
Friends and Family Unprepared and Untrained to be Caregivers
Family and loved ones are often unprepared and untrained to be caregivers themselves. Even for those who have partners or have children, family caregivers are not the best plan because of the tremendous burdens placed on them.
Everyone needs a plan for future long-term health care; for the older LGBTQ community, a plan can be a lifeline that reduces stress and ensures access to a choice of quality care options.
Long-Term Care Insurance Can Be a Great Partner
Long-Term Care Insurance can be a partner in planning for a successful future retirement. LTC insurance will safeguard assets and provide guaranteed tax-free resources to pay for quality care in the setting you desire.
Some policies will provide professional case management to advocate for quality care. Case management can be critical since an LGBTQ individual may not have a family member helping them at this time. Plus, there are unique concerns many in the LGBT community have about care providers
Read more here: Here.
Protect Savings and Lifestyle
Few people want to think about declining health and long-term care, but aging is a part of life. A plan that includes Long-Term Care Insurance will not only protect assets and lifestyle but will ensure access to a choice of quality care, including in-home care.
Long-Term Care Insurance is affordable, especially when purchased at younger ages. Today, most people obtain coverage in their 50s. Couples can even receive partner discounts and have the ability for shared benefits.
Health insurance, including Medicare and supplements, will not pay for most long-term care costs. Medicaid will only pay for long-term health care if you have little or no income and assets. The responsibility is yours, and Long-Term Care Insurance is an effective solution.
Long-Term Care Costs Vary Depending on Location
You probably heard the phrase "location, location location." The cost of care varies depending on where you live. For example, California's average cost of care is higher than in Iowa. New York is more expensive than Louisiana. But even within a state, the cost of care can vary. For example, southern California is less than northern California.
The LTC NEWS Cost of Care Calculator is an outstanding tool that shows you the current and future cost of care services where you live. Plus, you will see important state-specific information - Cost of Care Calculator - Choose Your State | LTC News.
An experienced Long-Term Care Insurance specialist can help you find the average cost of care and design a plan which addresses these costs.
Tax benefits are available for some people when they own a Long-Term Care Insurance policy, especially if you are self-employed or own an S-Corp, C-Corp, or LLC. Learn more with the LTC NEWS long-term care tax guide - Long-Term Care Tax Benefits Guide | LTC News.
Get Professional Planning Help
Always work with a specialist who represents all the major insurance companies. One way to determine their level of experience is the total number of clients with Long-Term Care Insurance. If a specialist has over 300 clients with policies in force, that is good. More, the better.
Be sure to ask them about their claims experience and how many companies they represent. Just because they call themselves specialists does not mean they are specialists. Be sure they represent the top companies, understand underwriting, policy design, partnership, and claims. In addition, they should have experience with all types of long-term care solutions.
Find an experienced and trusted Long-Term Care Insurance specialist by clicking here.
Most experts suggest planning in your 40s or 50s when you still enjoy good health and may qualify for discounts.
In addition to LTC NEWS, there are several other good online resources:
About the Author
An LTC News author focusing on long-term care and aging.
Contributor since August 21st, 2017
People need long-term care services due to an illness, accident, or the impact of aging. Health insurance and Medicare (including supplements) will not pay for most of these costs.
Family caregivers find it hard to juggle their careers and family responsibilities with that of a caregiver for an older parent. The burden is something most people have said in surveys that they don't want to place on their family.
The solution is affordable Long-Term Care Insurance. LTC Insurance provides guaranteed tax-free benefits to access your choice of quality care options, including care at home. You will protect your income and assets and reduce the stress and anxiety otherwise placed on loved ones.
Planning Tools and Resources on LTC NEWS
You can find many tools and resources on LTC NEWS to assist you in your research for a planning solution or help your family find the appropriate care for a loved one at the time of crisis.
To help you plan the costs and burdens of changing health and aging, LTC NEWS has put in place several resources, including:
- The LTC NEWS Cost of Care Calculator will show you the current and future cost of long-term health care services where you live. Plus, each state has vital state-specific information you should know - Cost of Care Calculator - Choose Your State | LTC News
- The Ultimate Long-Term Care Guide is an outstanding read to help you get a good overview of the topic area.
- Compare the major insurance companies that offer Long-Term Care Insurance products here - Top Insurers for Long-Term Care Insurance | LTC News.
- A detailed tax guide that includes available tax incentives can be found by reviewing the Long-Term Care Tax Benefits Guide.
Find all the resources on LTC NEWS - Resources for Long-Term Care Planning | LTC News.
Seek Professional Guidance
Insurance rates are regulated, so no insurance agent, agency, or financial advisor can give you special deals. However, insurance companies' premiums vary over 100% for the same coverage.
Experts suggest using a qualified Long-Term Care Insurance specialist to help you navigate the many options available to you and your family.
A specialist who works with the top companies can match your age, health, family history, and other factors and find you the best coverage at the best value. A specialist will save you money, and you will have peace of mind knowing they are making the appropriate recommendations - Work With a Specialist | LTC News.
Finding Quality Care for Mom or Dad
Start by reading our four guides -
- Finding Quality In-Home Care | LTC News
- Adult Day Care Centers (ADCCs) | LTC News
- Assisted Living and Memory Care Facilities | LTC News
- Finding a Quality Nursing Home | LTC News
If they are 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.
Get Help in Filing a Long-Term Care Insurance Claim
Quality care obtained early will help provide a better quality of life and reduce the risk of a deep decline and facility care. If you need help in starting the process of a Long-Term Care Insurance claim, LTC NEWS can help.
LTC NEWS provides free assistance with no obligation to help you or a loved one complete the claims process with a Long-Term Care Insurance policy. We have teamed up with Amada Senior Care, who will do all the work, free with no obligation.
You can also get support in finding quality caregivers and get recommendations for a proper care plan, whether a person has a policy or not. - Filing a Long-Term Care Insurance Claim | LTC News.
Benefits of Reverse Mortgages
Today's reverse mortgages for those aged 62 and older could be an ideal resource to 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.
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, even help with cash flow during your retirement.
Learn more by asking questions to an expert. 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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LTC NEWS is open to contributors to share their stories with the world.
You can write a story or ongoing column for LTC NEWS. You can write about many topics, including aging, caregiving, health, lifestyle, retirement planning, and long-term care, to name a few.
Be sure to write for our core target audience of adults aged 40 and older. Our audience is worldwide; however, our primary target is the United States, Canada, the United Kingdom, and other English-speaking nations.
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Learn more about how LTC NEWS can help you market your business, drive traffic, and improve SEO - Advertise With Us | LTC News.
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