#FinancialWellnessWednesday - 8/31/16
#FinancialWellnessWednesday Tip for 9/7/16

Long-Term Care Insurance Eases Family Burdens

Shutterstock_334242734While many of us have no trouble turning to family for help in most instances, long-term care might not be one of them due to all that is involved. Purchasing long-term care plans can be affordable for those in good health, and can cover a lot when out-of-pocket costs fall short and many turn to Medicaid, which can lead to reduced options in terms of care facilities and even impoverishment. Healthcare costs for retirees can skyrocket into the hundreds of thousands of dollars, making long-term care insurance a consideration, no matter how generous your family members may be.

Long-term care insurance is about protecting the health and happiness of the policy holder. Growing older shouldn’t mean having to worry about paying for medical bills and other care costs. Purchasing a long-term care policy not only helps ensure that a person’s long-term care needs will be met in the future, it also means they may have an easier time affording them. However, it’s also important to remember that decisions regarding your long-term care affect those around you as well.

According to the American Association for Long-Term Care Insurance, the majority of personal care is given by family caregivers. Data from the industry trade group shows that approximately 42 million caregivers are providing unpaid care to family and friends at any given time.

”These are dedicated and loving adult children with aging parents and good neighbors who provide an estimated $450 billion in unpaid care, but their generosity comes with a cost, often a very high cost in terms of disrupted lives,” says Jesse Slome, executive director at the American Association for Long-Term Care Insurance.

While family caregivers are often willing to help their loved ones, the process of giving long-term care can also take a heavy toll on their finances, in addition to the emotional and physical stress. For family members struggling to pay bills, keep up with home loans and take care of the rest of life’s economic demands, dealing with the high costs of long-term care can be overwhelming.

Fortunately, long-term care insurance that covers care in the home as well in a facility can be an affordable option for retirees looking to make sure they’re not needlessly burdening their loved ones with exorbitant care costs.


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