Aging Parents are Stressing American Families
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.