Adult Children Dread Discussing Senior Living with Aging Parents
Maybe the most-dreaded topic of discussion that adult children have regarding their aging parents involves long-term health care. When do you have the discussion? What options are available? How do you find quality care? How about your own planning?
How often do you talk to your parents? Hopefully, they are still around. When you speak with your parents, have you had 'the talk' that most adult children dread? Maybe your parents had 'the talk' with you when you were younger. However, this discussion is not about the birds and the bees, but it's part of life.
Perhaps the most-dreaded topic of discussion that adult children have regarding their aging parents involves aging and long-term health care. Even parents in their 50s and 60s often are in denial about the consequences of aging and declining health. Older parents even more so. Depending on how old your parents may be, their perceived need for assisted living and long-term health care probably don't match reality.
While this should be no surprise, the consequences of not planning for the costs and burdens of declining health and aging can cause a great stress on the family.
Consequences of Aging and Declining Health
Long-term health care and the consequences of declining health will impact all of us at some point. Decisions are made that may not be well thought out nor to everyone's liking. Without an advanced plan, crisis management comes into play.
Default family caregivers can't keep up, paid professional care is put in place, money is drained from savings, and even the quality of care can be impacted. It is in everyone's best interests to think about these issues well before getting older.
Adult children have a significant role here since, without planning, they often find themselves as default caregivers despite being untrained and unprepared for a very demanding job. Encouraging parents over age 40 to start discussing their wishes and plans is essential for the entire family.
After Talking to Parents - Better Discuss Your Future Plans
Many adult children are already in the age bracket where they themselves should be designing their plan to safeguard income and assets, ensure quality care, and reduce the stress and anxiety on their children decades from now.
Long-term health care planning should be part of your overall retirement plan and put in place in your 50s at the latest. Affordable LTC Insurance will provide the resources for quality caregivers. But Long-Term Care Insurance does much more. The right policy will safeguard savings and income (401k, IRA, 403b), provide a choice of quality care options (in-home care, adult day care, assisted living, memory care, and nursing home), and ease the burdens otherwise placed on the family.
Plus, many plans have case management, so a professional can help make recommendations and arrangements for care. Family members will have the time to be loving and supportive and not burdened with being a caregiver.
Do they need care now? What do you do?
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
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.
Think You're Too Young? Answer These Questions
Do you think you are too young to think about long-term health care planning? Answer these questions:
- Are you working and saving money in a 401(k), 403(b), SEP, or other retirement plans?
- Do you have assets over $100,000?
- Do you want to avoid burdening your family?
If the answer is yes to those questions, then you should learn about your options. Plus, many states have partnership plans that provide additional dollar-for-dollar asset protection.
Start With a Discussion
Start with a discussion with your parents (if you are lucky enough to have them still around). Be sure they have a will, medical power of attorney, living will, and other essential documents in place. Discuss their wishes about long-term care and see if they own a Long-Term Care Insurance policy. If not, it might not be too late to learn about adding one to their planning.
Then start thinking about your future and your family. The better your health, the better your options are for planning. Don't allow a crisis situation to happen years from now when your adult children may have to dread making decisions about aging and long-term health care. An advance plan today will help you have a successful future retirement and allow you to enjoy peace of mind.
About the Author
An LTC News author focusing on long-term care and aging.
James Kelly
Contributor since August 21st, 2017
Editor's Note
Being prepared for declining health and the consequences of aging should be a crucial part of your overall retirement plan. 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
- Finding a Quality Nursing Home | LTC News
- Assisted Living and Memory Care Facilities | 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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