We need a plan because the statistics show 70% of Americans over the age of 65 will need long term care.
The sad truth is that the burden of caring for our loved ones rests on our shoulders and without a plan, the impact on the family can be both emotionally and financially devastating.
Here are some questions that should be asked in a family discussion:
- What are the costs of care in your area for home care, assisted living facilities and nursing homes?
- Since health insurance and the government does not cover long term care, how will the family pay for care?
- Who will be the caregivers? If it’s an adult daughter or son, what impact will that have on their own family and work responsibilities?
- How will the local siblings handle the added burden of care?
- Is there a long term care insurance policy in force and what are the benefits?
Long term care insurance is uniquely positioned to relieve families of the cost of care as well as the burden of doing the caregiving for their loved ones.
It is extremely valuable protection and available for healthy people. While someone who needs care cannot get a long term care insurance policy, it is the ideal time for the adult children to get protection for their own children.
Whether you are considering a traditional policy or a linked life and long term care policy, there is a policy that will meet your needs for care.
Medicine and science have given us longevity and that longevity while wonderful has created difficulties that didn’t exist for prior generations.