Getting old is inevitable and if your parents are like most, they have at least three specific fears about the future. Health. Money. Independence .
Fears about health
Maintaining good health, avoiding serious illness and injury, and providing for needed health care – including long term care – are almost certainly on the minds of your parents. No one wants to suffer, or become a burden on their family, or find themselves in circumstances that keep them of their desired quality of life.
Fears about money
Running out of income or assets is another near-universal concern among parents as they age. No one can predict the future, so knowing with confidence how to make plans, invest wisely, and manage one’s retirement savings can be a daunting task.
Fears about losing independence and control
Most people desire to remain as independent as possible by remaining in their own homes, and making their own decisions about their daily lives. Ceding control on even simple items like changing light bulbs or fixing something on the house is a reminder of age and ability that they used to have. This becomes even more of a fear if they cannot properly care for their most basic needs like dressing or eating.
All three of these major concerns intersect at needing long term care. If long term care is needed it means that independence once enjoyed is gone due to some kind of health issue or aging and costs increase to pay for the care that is needed.
The answer may be long term care insurance (LTCI)
It’s still a relatively new concept to many, perhaps including your parents. By planning ahead and purchasing insurance to cover the costs of long term care, they have a chance to put in place
a mechanism to combat the triple threat they face. It might seem better to ignore the possibility of needing long term care… but if those underlying fears are already in place, wouldn’t it actually feel better to have the peace of mind that LTCI can provide?
Talk it over with your parents. Learn about the providers and policies available in your area.
Get a free instant quote. Confront the fears, find an answer, and secure some peace of mind.
LTC Consumer is an independent, free online service to help consumers understand what long term care insurance is, how it works, and how to evaluate coverage options. Our mission is to provide an educational, no-pressure resource for learning about long term care planning, with the opportunity to speak with specialists who can help them.