When we’re younger, we depend on our parents not only for financial support, but also financial advice. They’re often the ones that remind us to get health insurance, or explain concepts like life insurance.
But as we get older, we often need to be the ones to support our parents and help them make better financial decisions. That is why now may be the time to speak to your parents about long term care insurance.
Long term care insurance can be, for many, one of the most important financial tools and insurance products a person can have. Every situation is unique, and we encourage you to reach out for personalized support, yet long term care insurance (shortened to LTC Insurance) is an often forgotten, frequently necessary need that older adults need to consider now – and they may need your help to do it.
Who We Are
Before we discuss the details of long term care insurance and why you should talk to your parents about it, let’s introduce ourselves. We are Long Term Care Resources Pacific Agency (LTCR Pacific). We provide products and services to help people protect themselves and their finances as they get older.
We have many insurance products, but we are best known for our LTC insurance. We have partnerships with hundreds of educational institutions and affinity groups which allow us to often offer low premiums. If you or someone you know is in need of long term care insurance, we encourage you to reach out to LTCR Pacific, today.
About LTC Insurance
LTC Insurance is a form of insurance that is specifically designed to help pay for a person’s long term care needs. High quality long term care can be expensive and is rarely covered by any form of health insurance or Medicare, which means that a person is expected to pay out of pocket for high end care. With costs that can be as much as $5000+ per month in some areas, that is often difficult for those on a fixed income to afford.
Long term care insurance, then, opens the door for better quality care and the ability to pay for this care without having to tap into your assets as quickly. For those with little retirement, those that want higher quality care as they age, and those that want to improve their ability to pass assets down to their heirs, LTC insurance is often critical.
Why and When to Talk to Your Parents About Long Term Care Insurance
One of the problems, however, is that many people do not have this type of insurance. Only about 4% of adults over 50 have an LTC insurance policy. Most do not know it exists, or think that their health insurance or Medicare will pay for their long term care needs. Educating your parents on LTC insurance is going to be important.
Also, like all forms of insurance, it requires a premium. That premium will go up as a person gets older or if they have any health issues, so the earlier someone obtains LTC insurance, typically the better it will be for their premium. As always, they’ll need to speak to an insurance specialist, like our team at LTCR Pacific, to get a quote for their premiums.
Lastly, it is important to start conversations now regarding what your parents want and expect as they get older. That often comes from you. They need to know if they’re living with you, if they need a nurse, what kind of care they’d like in different situations, and of course: how they intend to pay for it.
The best time to get LTC insurance is when your parents are between the ages of 50 and 65, although some may be able to obtain insurance until age 75 or later. No matter what, it is a good idea to check with your parents to see if they already have this type of insurance and, if not, talk to them about it and see if LTC insurance is right for them.
If you’re ready, please reach out to LTCR Pacific, or send them our way and we’re more than happy to answer any questions they may have.