Longevity is creating many family challenges. Today you find many baby boomers who have living parents. While this dynamic is still unusual, instances of families whose intergenerational members are growing old simultaneously have become more frequent and represent new demands on American families and for caregiving. As Late-Boomers and Generation X all get older you will see multiple generations of individuals facing issues of aging and requiring long-term care services and supports.
This will create tremendous pressure on family savings and will stress the younger generations. Caregiving is already hard on adult children. Can you imagine if you add caregiving responsibilities for not just Mom or Dad but for a grandfather or grandmother as well?
Paid care drains assets like 401(k)s, IRAs and other savings. This also changes their lifestyle, especially if there is a living spouse who does not require extended care but is dependent on savings for normal living.
Health insurance and Medicare, and Medicare Supplements will not pay for any long-term custodial care which is what most of us will require at some point due to illness, accidents or the impact of aging (including supervision due to cognitive decline).
Learn more about multigenerational aging here: https://www.nextavenue.org/new-aging-family-older-adults-parents/
How will your aging impact your family? Can your children, when they are older, quit their jobs and be a full-time caregiver? If you are taking care of your Mom or Dad could they take care of both of you? What about the impact on your savings? There is an easy and affordable way to address the financial costs and burdens of aging … affordable Long-Term Care Insurance.
These policies will provide the tax-free resources to pay for your choice of quality care in the setting you desire. You won’t have to drain your hard-earned assets. You can protect your spouse’s lifestyle. Your adult children will not have to try to work, be a caregiver and still be involved in their family. But you probably would rather not have to buy yet another insurance policy!
That is understandable. However, Long-Term Care Insurance is affordable and you get to design the plan to fit your budget. There are even plans which will provide a death benefit. All you have to do is your homework and get the planning started.
You can save a lot of money if you get a policy when you are younger. Good health discounts can add savings. Experts suggest reviewing your options in your 40s and 50s as premiums are at their lowest and your health is generally at its best.
Start your online research by finding the current cost of long-term care services and the availability of tax incentives and partnership plans which provide additional asset protection. Find your state on the LTC NEWS MAP by clicking here.
The American Association for Long-Term Care Insurance, a national consumer education, and advocacy group, suggests working with a Long-Term Care Insurance specialist to help find the appropriate coverage and the best value. Premiums can vary substantially from one company compared to another for the exact same benefits. Underwriting criteria also varies.
A Long-Term Care Insurance specialist will have substantial experience in long-term care planning and represent the major companies in the industry. LTC NEWS can help you find qualified LTC specialist – just click here.
Long-Term Care Insurance is easy, affordable and rate stable income and asset protection. While most people are allergic to buying insurance (attempt at humor), the fact is an LTC insurance policy will provide you and your family with peace-of-mind in addition to asset protection.