Recently we were contacted to assist a family with triggering their long-term care insurance policy benefits, including billing the insurance company for services, and helping them to find caregivers to assist with their father’s needs. Families always experience stress when a parent is found to have needs beyond the families capacities and when they finally know that they are needing some help, but there is a world of difference when some planning has been done and the parent has long-term care insurance, an annuity or life insurance designed for long-term care to help with expenses.
With these products in place, the parent and family truly do have choices. Long-term Care Insurance is by far one of the best options because it can be custom tailored to meet your needs, it has more features and is more flexible than some of the other products. The earlier you purchase it the better in terms of the cost, and in your 40s is a great time to buy. When an older adult has to pay for all expenses “out of pocket”, things are generally so stressful that there are no words to describe what a family goes through trying to help their loved one, and a lot of important decisions have to be made in crisis mode. This you do not want.
We have to sadly say that in all of the years we have been working with older adults, receiving a call like this where there is insurance is rare. How can we live the quality of life that we desire when we can’t make choices for ourselves, and why do we risk putting this kind of burden on our families just because we don’t want to deal with it?
We are saying this to ourselves, our family and friends and to all of you who visit this site, the day will come for a very large percentage of us where we will need help with performing daily activities. So, why not deal with this today so that we will be ready and we will be able to get what we need when we need it.
The family that we worked with had the long-term care benefits (money) to pay caregivers and take some of the load off of family members, and it paid for equipment and a wheelchair ramp as well. The father was able to live out his life in his home with his family there, and they had the money to pay for what he needed. This kind of peace of mind for older adults and their families is priceless.