Why do I need Long Term Care Insurance?
They cared for you and soon you may be asked to care for them. As the boomer generation ages, many in the “Sandwhich Generation” face the challenges of elder care for their parents – and, at the same time, they may also be caring for their children.
Yes, it’s difficult but the time crunch is only one reason why being the primary caregiver for an elderly parent can be so stressful.
Maybe you are the sole provider and all the weight of their care is on you. Maybe you are responsible for juggling care requirements among the other members of your family – and looking after your own family, as well – on top of work inside or outside your home.
Still, you do it willingly – because your parents have always been there for you and now you can be there for them.
You’re more than willing to lend a hand – but there is a way to take care of a loved one over the long term that reduces the significant physical, emotional and financial consequences to the caregiver.
It’s called long-term care insurance. It can be a good solution for those approaching retirement who want to avoid placing the burden for care on a spouse, adult children and other family members, or even friends. It’s also a good option for adult children who want to ensure that parents on fixed incomes will have access to quality long-term care.
You may think that services such as in-home nursing or personal care are covered by government health plans – but they’re not. Relying on government-funded programs for long-term facility care can lead to a loss of control. The partner staying at home has little influence over where a loved one will be placed, and travel can be difficult and costly. And who knows – the way things are going in our political arenas we may end up with no help at all.
Long-term care insurance bridges the gap by providing financial assistance for ongoing care services in the home, assisted-living setting or long-term care facility.
Depending on the type of plan, long-term care funds can be used to pay for eligible services for the person receiving the care – anything from help with bathing or dressing to supervision because of declined mental ability – or to provide a regular income that can be used for any purpose, including caregiving by family members.
It’s so much better to be prepared proactively. Talk to your professional adviser about using long-term care insurance to bridge financial and emotional gaps, protect your finances and your family’s well-being – and secure your future.
For more information go to http://www.aginginfousa.com/long_term_care_insurance and talk to an expert today!
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