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. The COVID-19 virus crisis's impact shows us it is better for people if at all possible, to stay in their own homes and avoid nursing homes.
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 chance 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 expected to be impacted by memory loss in the decades ahead.
If Mom or Dad has Long-Term Care Insurance, your job is just became easier. Most policies will pay for the quality care choice you and your family prefer 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
These five tips will help reduce the caregiving load and stress on you and your siblings as you keep Mom and Dad at home as long as possible. Read the tips now from DailyCaring.com by clicking here.
Think about your needs decades from now and how your family will address aging's financial costs and burdens. If you have savings to protect and you have a 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 protect your savings and lifestyle. At the same time, you are giving your family the ability to be family and not have to balance caregiving roles with their jobs, family, and other responsibilities.
You do have to have reasonably 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 on your age and health at the time of application and the benefits you are purchasing.
Long-Term Care Insurance is custom designed, which is 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 and future cost of long-term care services and supports where you live by using the LTC NEWS Cost of Care Calculator.
Access the calculator and additional long-term care planning information in your state by clicking here.
You can find a qualified specialist who understands policy design underwriting and claims by clicking here.
The specialist will ask several very detailed questions about your health, family history, retirement plans, and finances to help you design an affordable plan based on your specific needs. Plus, if you live in a Long-Term Care Partnership state, they will review how that program works.
Partnership Long-Term Care Insurance gives you additional dollar-for-dollar asset protection. Several types of insurance 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.
About the Author
An LTC News author focusing on long-term care and aging.
Contributor since August 21st, 2017
The financial costs and burdens of aging requires a plan. Be it your health, future retirement strategy, family issues, and more, people desire information on how to better prepare for the next phase of life.
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