“The Talk” Paying for LTC
In this series of articles, Mike Campbell, author of When Mom and Dad Need Help, explains what to do when it’s time to talk to your aging parents about the variety of senior care options.
How am I going to pay for my future long-term care needs?
By Mike Campbell
One of the concerns we all have is how in the world we’re going to pay for our future long-term care needs. Qualifying financially is probably going to be the single biggest obstacle for most families. Most people still think their regular health insurance or Medicare is going to cover the cost of their long-term care. This is just not the case. Neither of these covers long-term care. Today, to get the care they need, most seniors have no option but to spend down their hard-earned retirement savings to near zero and then turn to the state and federally funded Medicaid program for assistance. The problem with this is, once you start depending on the government to pay for your housing and care needs, you lose the freedom to decide where you’ll be housed and cared for.
Not only does this affect your parent’s financial condition, it may affect your own. It is estimated that over 45% of adult children caring for their aging parents are providing them with some degree of financial support. Adult child caregivers are spending their retirement savings and vacation funds to help Mom and Dad get the quality care they need.
Long Term Care Insurance is Key
This is precisely why I believe, looking forward, private long-term care insurance MUST play a vital role in funding the care for our growing aging population. If you have the financial means, I would highly recommend you invest in a private, long-term care insurance policy. Long-term care insurance gives you the financial freedom to choose from a lot more housing and care options that you would otherwise not be able to afford without it. It’s a valuable investment that brings long-term prosperity by preserving your assets and protecting you and your spouse from impoverishment should one or both of you require long-term care. If you can afford it, do your part, and leave the dollars allocated to the state and federally funded Medicaid program to the lower-income Americans who really need it.
Start the learning process about senior care options, how much they cost and what type of payment options are available, along with other ways to approach your loved ones, call (866) 662-0435 to speak to your local SeniorLiving.Net Care Advisor.
Stay tuned for more of Mike’s suggestions and advice when it comes to talking to your parent about senior care, ways to approach the subject of long term care with your parent and paying for long term care.