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 Can Long-Term Care Insurance for your parents protect them and you from financial hardship? You bet it can!
Many baby boomers are becoming increasingly concerned about health care costs for their aging parents. To see your parents "grow older" and not be able to take care of themselves or do the things they used to is very difficult. You may want to provide full-time care for them but few individuals have the time or ability to do so. You may become overwhelmed trying to take care of your parents and your own family at the same time.
When a loved one needs long-term care, it can have a significant impact on families and loved-ones. The majority of responsibility to provide continuous care seems to fall on the children who live closest to their ill parent; this can tear families apart due to unequal responsibilities. Distance definitely plays an important role in who will do the care giving. Most caregivers have to rearrange their work schedules, miss workdays, and take leaves of absence (including unpaid leave). Consider the following facts by the National Alliance For Caregiving & The National Center on Aging, Brandeis University:
The financial impact on the caregiver can be substantial. In a recent study, 2/3 of the caregivers surveyed reported a direct impact on their earnings . Researchers estimated that a caregiver's average lost wages and retirement benefits averaged $659,139 (including lost opportunity costs over their lifetime). This financial impact, along with the other daily activities of a caregivers life, such as caring for their own children and home, can have a significant effect on mental stress.
One thing is for sure; long-term care is expensive. The average annual cost of a nursing home stay is nearly $60,000 and is expected to increase to $200,000 by 2030, according to the American Council of Life Insurance (ACLI). Medicare only pays a small amount of skilled care for short periods after a hospital stay. Medicaid only kicks in after you "spend down" your assets (when you are basically destitute).
Long-term care insurance can help preserve your parents assets, so they can be passed down to their heirs. It also protects against you having to spend your assets or retirement funds so your parent(s) can receive the best care. Additionally, with a return of premium rider, you can buy a long term care insurance policy on mom or dad that will either pay for your parents elder care, or refund the premiums back to you.
Long-term care insurance can assure that your parent's receive the best care without having to rely 100% on you or other family members. This insurance can give you and your parents choices and control regarding the type and timing of care and your parent's ability to stay in their own home. It gives them dignity and peace of mind to know that they won't be a financial burden to the family and allows them to retain their independence. The premiums are inexpensive compared to the potential economic and physical cost of a long-term illness.
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