Challenges Facing Generations Growing Old Together
Longevity is creating many family challenges. Today you find many baby- boomers who have living parents. Now you have more instances of families with intergenerational members growing old simultaneously.
Multigenerational aging is becoming more common. It represents new demands on American families and for caregiving. It can be more than just being a little hectic inside the house. When you add caregiving to the mix, one big happy family changes due to the pressure and burden it places on everyone in the household.
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. Sometimes at the same time.
The Pressure on Younger Family Members
Multigenerational aging is creating tremendous pressure on family savings and is stressing the younger generations. It is a growing issue.
Caregiving is already hard on adult children. Can you imagine if you add the caregiving responsibilities for Mom or Dad with care for a grandfather or grandmother?
Paid Care Services Adversely Impact Income and Assets
Paid care drains assets like 401(k)s, IRAs, and other savings. The cost of care also changes 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, including Medicare Supplements, will not pay for any long-term custodial care, which most of us will require at some point due to illness, accidents, or the impact of aging (including supervision due to cognitive decline).
Preparing Your Family and Finances for the Consequences of Aging
How will your future aging impact your family? Can your children, when they are older, quit their jobs and be a full-time caregiver? Do you want them to even if they have the ability to do so? How will that change the relationship between you and your adult child? How will the role of caregiving change their family?
Is it realistic to expect a loved one to care for both a parent and grandparent at the same time? Don't forget the caregiver will usually still have their own career, families, and other personal responsibilities.
What about the impact on your savings? Affordable Long-Term Care Insurance is an easy and affordable way to address the financial costs and burdens of aging.
LTC Policy Eases the Challenges Your Family Will Face
Long-Term Care Insurance 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.
The problem of long-term care is a cash flow issue and a family issue. You need to preserve your savings and income. You want to give your family the time to be family. But you probably would rather not have to buy yet another insurance policy!
That is understandable. However, LTC 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.
Use the Tools on LTC NEWS for Research
Start your online research by finding the current and future cost of long-term care services and the availability of tax incentives and partnership plans which provide additional asset protection. Find your information by using the LTC NEWS cost of care calculator.
The American Association for Long-Term Care Insurance, a national consumer education and advocacy group, suggests working with a qualified 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. The underwriting criteria also varies between insurance companies.
Work with a Specialist
An experienced Long-Term Care Insurance specialist will have substantial experience in long-term care planning and represent the industry's major companies. A specialist will also be highly skilled in policy design with firsthand knowledge of claims.
LTC NEWS can help you find a qualified, trusted specialist who will provide you with accurate quotes and professional recommendations.
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 affordable Long-Term Care Insurance policy will provide you and your family with peace-of-mind in addition to asset protection.