While the majority of today’s long-term care buyers average age 60, millennials are showing interest in these policies, too. This interest stems from an important question: Will their parents have the assets to take care of themselves in their older years?
According to one provider of long-term care insurance, in 2018, an assisted living residence that didn’t include special care cost about $4,000 per month. Nursing-home care in 2018 cost about $8,300 per month. These costs can drain a well-planned retirement fund in just a few years.
While many seniors purchase long-term care coverage to protect themselves in the event that they require assistance, millennials are taking an active role to ensure their parents have long-term care (LTC) coverage. With today’s easy access to virtual meetings, many financial planners assist the children of aging parents in providing LTC insurance for their parents, even when those parents live in other states.
If you’re considering LTC insurance for yourself or an aging parent, determining which policy to buy can be challenging. Here are some critical details an agent can help you understand.
Covered services: An LTC policy should cover home health care, nursing-home care, and assisted-living care.
Coverage triggers: Cognitive impairment like memory loss or a need for help to complete several daily living activities usually triggers the start of the coverage.
Inflation endorsements: If today’s LTC policy pays $150 per day, how much will you need after factoring for inflation? We can help you choose an adequate level of inflation coverage.
Long-term care coverage can provide you with peace of mind. Call us today to discuss options for yourself or your parents.