Guest Post by Clint
With economic volatility and uncertainty rippling throughout the country, it’s not surprising that many families are looking for immediate solutions to their problems. But now more than ever, it’s important to consider your family’s long-term health, security and happiness. Providing for long-term care is just as vital as providing for wellness and financial stability, but is often overlooked until there is an immediate need and then it can be too late.
U.S. Census projections state the number of persons aged 65 or older is expected to double in the next 20 years. On top of that, life expectancy is increasing. However, it’s a common misunderstanding that long term care is a need limited to the elderly. According to the U.S. Department of Health and Human services, 40% of people using long-term care are actually 18-65 years old.
We all hope and even expect that our living standards will be maintained throughout our lives. But the cost of living is rising, and the cost of long-term care is escalating beyond the rate of inflation. In order to avoid seeing long life care become an overwhelming burden, eating away at both your savings and your peace of mind, you can take steps to plan for your own future or that of your loved ones, so that you can continue to live life on your terms.
Talking about long term care can help facilitate a difficult time between you and your parents or loved ones, but according to Genworth Financial, 59% of Americans are uncomfortable discussing their needs with their family while 49% of individuals believe their family would be uncomfortable talking about it.
To avoid a demanding and fraught conversation, educate yourself about the types of long term care available, and consider what factors will contribute towards providing the type of care you or your family envision. Just because you love someone doesn’t mean you truly understand the day-to-day issues that confront a person. This sort of discussion necessitates being open to hearing about the challenges and the health of a loved one.
Most people would prefer to be able to stay in their own homes, but sometimes it’s not feasible. Discuss whether any improvements can be made to the house to make living at home easier. If it’s not possible to make home improvements, consider what other options would be preferable. Perhaps a person would rather live with a particular family member, or perhaps they would like to broach another solution.
Learning About Long Term Care Insurance
If long-term care is a necessity, then planning for the cost of care is also a necessity. Paying for long-term care can be a crippling factor on it’s own, with both physical and emotional consequences. Consider long-term care insurance. Know what policies are available. If you require extended home care or foresee being in an assisted living facility or nursing home, then long-term care insurance can help ensure your have the means to cover cost. LTCI can give you both the freedom and flexibility to choose the plans and services that are best for you.
Know that there are resources out there to help you plan. Don’t make assumptions about your life or that of loved ones – plan ahead, put that plan into action, and be confident about the future.
Hubby and I picked up a bare bones policy and it wasn’t too pricey. Takes a little bit of the worry away.
It is fantastic that you and the Hubby looked into it. LTCi is hard purchase as nothing is guaranteed. Major mutual companies (think those insurance companies around since the 1850s) are starting to look into this cool hybrid product mixing whole life and LTCi. Will be interesting.
Long term care is something we all need to think about since there will be no social security left.