Aging Parents are Stressing American Families

Americas boomers are getting older. Just think about it for a second, Mick Jagger of the Rolling Stones turned 75 in July, 2018. Bug Bunny, yes Bugs is now a...

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Aging Parents are Stressing American Families
4 Min Read August 12th, 2018 Updated:December 12th, 2019

America’s boomers are getting older. Just think about it for a second, Mick Jagger of the Rolling Stones turned 76 in July, 2019. Bug Bunny, yes, Bugs is now a very old rabbit, and he too turned 76 in July. 

Many of these boomers never planned for the financial costs and burdens of aging. Like it or not, boomers in significant numbers need long-term care services. Often this starts at home. Since most are unprepared, this is putting stress on the adult children who have become their caregivers in record numbers. 

Caregivers Must Balance Responsibilities 

These adult children face the dilemma of balancing their careers, their own family responsibilities, and the need to take care of Mom or Dad. These responsibilities are not easy tasks. 

Most surveys show that many family caregivers face problems at work. They also have issues with their own health with the pressure of being “sandwiched” by all this responsibility. While some people can take family leave from their job, that is usually without pay. Their parents didn't plan or even think about long-term care or the impact it would have on their own children and their savings and lifestyle. 

Many thought health insurance or Medicare pays for this type of care. It doesn’t outside a limited number of days for skilled care in a facility.

Growing Generational Problem

An estimated 25 million family caregivers will have to address this issue. The problem is growing as Generation X and Late-Boomers, who often make-up many of these caregivers, are getting older themselves. 

The question they need to ask is simple: “What have I done differently than Mom or Dad?” 

Many boomers never thought to plan for longevity and the health and aging problems associated with getting older. For them, and their families, they have to address “crisis management.” It does not have to be this way for the next generation.

Caregiving is Hard on Family - Paid Care is Expensive

The fact is caregiving is hard on family members. Paid care drains savings and adversely impacts lifestyle and legacy. The cost of long-term care is not cheap. The good news is Generation X, and Late-Boomers have time to plan. This solution is easy and affordable --- Long-Term Care Insurance. 

Long-Term Care Insurance?

Not too many people get excited about buying insurance. Some people think there is no need to plan as they believe they will never need help with routine activities of daily living. They believe they will never have Alzheimer’s or dementia. Common sense and statistics say otherwise. 

Advances in medical science allow us to survive health events and accidents more now than ever before. Medicine can manage chronic health issues. We live longer. With that longevity comes the need for long-term care. The fact is you better plans because there is a good chance you or your spouse will need care.

LTC Insurance is Affordable

Some people think Long-Term Care Insurance is expensive. The truth is Long-Term Care Insurance is very affordable for most people. However, it is best to plan before you retire when you still enjoy good health. You can’t wait until you need care to get a policy. People in their 50s, depending on their health and the amount of benefits they wish to obtain, can get coverage for under $150 a month… some even lower.

You might not want to buy an insurance policy, but Long-Term Care Insurance is perhaps the most crucial pre-retirement policy to consider. These plans will safeguard your retirement accounts from the high costs of paid care. Maybe the most important reason is Long-Term Care Insurance makes getting older easier on your family. Would you not rather have your children spend quality time with you as you age as opposed to being your caregiver and going through the balancing act of career, family, and caregiving? 

Plan Early

Start your research by finding the current and future cost of long-term care services in your area. You should also discover if your state is one of 45 states which offers Partnership Long-Term Care policies that provide additional asset protection. Some states even offer tax incentives. 

Access the LTC NEWS cost of care calculator.

Don’t place a burden on your loved ones. Before you retire, discover how affordable Long-Term Care Insurance can provide you and your family peace-of-mind.

LTC Specialist Will Provide Accurate Quotes & Professional Advice

Long-Term Care Insurance has many options. Every insurance company has its own underwriting criteria. You need a specialist to help you find the right plan at the right price,

LTC NEWS can help you find a trusted, qualified specialist who works with the major insurance companies. They will understand the features, benefits, underwriting standards, partnership options, and more to help you shop for the best coverage at the best value. Find an LTC NEWS Trusted Advisor.

The best time to take action is before you retire. Be sure to have a plan for the financial costs and burdens of aging so your family will have the time to be family.

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About the Author

An LTC News author focusing on long-term care and aging.

LTC News Contributor James Kelly

James Kelly

Contributor since August 21st, 2017

Editor's Note

When you're mapping out your golden years, it's vital to remember that aging and long-term care planning are integral to a robust retirement plan.

As you age, changes in physical health and cognitive abilities are inevitable, and addressing these changes early on can safeguard your retirement nest egg, like your 401(k), from being rapidly depleted by the high costs of long-term care services.

Considering a Long-Term Care Insurance policy could be a pivotal move. This policy helps cover costs linked to home health care, assisted living facilities, adult day care, and more. 

Beyond protecting your hard-earned retirement savings, this insurance ensures that you have access to quality care when it's most needed. Additionally, having a plan in place for long-term care can significantly alleviate stress and anxiety for your family, as it provides clear direction and resources to manage your care needs without overburdening your loved ones.

Unlocking the Benefits of an LTC Insurance Specialist: Shopping and Policy Design Simplified

Engaging a Long-Term Care Insurance specialist when shopping for and designing an LTC policy can provide substantial benefits. These professionals, which cost you nothing, are well-versed in the intricate details of Long-Term Care Insurance and equipped with the knowledge and experience to guide you through the complex landscape. They can help you understand different underwriting rules, coverage options, policy features, and cost structures, thereby ensuring you make an informed decision that aligns with your specific needs, health status, and financial situation.

Moreover, a Long-Term Care Insurance specialist can help design a policy that is tailor-made for you. They can assist in determining an appropriate coverage amount, elimination period, benefit period, and inflation protection option based on your budget and future care needs. The specialist will quickly provide accurate quotes from all the top companies so you can start the process knowing you have done your due diligence. 

Working with a specialist simplifies the process, offers peace of mind, and increases the likelihood of securing a policy that provides adequate coverage when you need it most.

Act Sooner Than Later

With Long-Term Care Insurance, because of the cost of the premiums and underwriting, the sooner you plan, the better. Premiums are based on your age when you obtain coverage, your health, your family history, and the total amount of benefits within the policy. The best time to get coverage is in your 40s or 50s.

LTC NEWS Offers Abundant Accurate Information for Your Research

You have come to the right place to learn about long-term health care planning, aging, caregiving, health, lifestyle, and retirement planning. Use our resources to help educate yourself.

Finding Quality Long-Term Care for Loved Ones

LTC NEWS has teamed up with Amada Senior Care to provide you with quality in-home care options, including free - no cost or obligation Long-Term Care Insurance claims processing and case management

If a loved one needs in-home care, whether they have LTC Insurance or not, Amada may be your choice for quality care options.

LTC NEWS has these comprehensive guides to help you in your process of finding care for a loved one now:

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