For most people, the comfort of home is an unparalleled feeling. So it's understandable why many people choose to stay in their own homes as long as possible, even when facing the challenges associated with aging.
However, the effect of providing care for a family member can be a strain physically, emotionally and financially. In a survey of people who purchased long-term care insurance from one major insurance company, 41 percent said they did so because they didn't want to be a burden on their family.
Many of the baby boomer generation have seen their parents or other family members deal with long-term care issues and have even had to act as a caregiver for an aging parent themselves. This generation is determined to not place the same burden on their children.
A common misconception about long-term care insurance is that it only provides coverage for nursing home care. However, many long-term care insurance policies offer coverage for necessary home modifications, home health aides as well as homemaker services that can help lessen the effect on family members.
Even with savings, the idea of self-funding long-term care is unrealistic for most Americans. With the average annual cost of nursing home care, assisted living and home health care rising, the cost of just two or three years of long-term care can wipe out the average American's retirement savings.
Long-term care insurance protects your assets so you don't have to watch your life savings whittled away by the cost of your care. Long-Term Care insurance protects your family from the burdens of caregiving. Long-Term Care insurance helps keep your family in the roles of family members and not caregivers.?Long-term care insurance has evolved over the past few years to be more affordable than ever.
Because you never know when you're going to need long-term care, a Long-Term Care Specialist will help select a company that is experienced in long-term care insurance and financially sound to ensure it will be around to provide you with coverage far into the future.
Planning for long term care is not a fun subject to discuss with your family.?None the less if you are looking at yourself or, parents living past age 85, then planning should start around age 40. There are many options to solve this looming crisis but, the usual solution is to wait until it happens. If you wait, then, there will be few options available and your family wealth is wiped out needlessly.
For more information on long-term care insurance, consult with a Long-Term Care Specialist (LTCP, CLTC) to learn what the best options are for your own particular situation.
You will be more comfortable as time goes on knowing you've planned for long-term care.