Long-Term Care Insurance: Something thoughtful for your loved ones this holiday season

This holiday season, give your family more security by putting a long-term care plan in place. To help ensure the best care possible down the road, one should begin planning today, while more options are available.

Why Plan Now?

There are many reasons why it’s so important to think about long-term care as soon as possible. It’s often best to purchase long-term care insurance early as premiums are based largely on age and health.   

Long-term care insurance can protect income, allow people to have control over the care they receive and could help to preserve independence for as long as possible. Most importantly, this type of coverage helps ensure that high quality care is received when needed. Policyholders are also less likely to need financial aid from family members. The reality is that challenges of aging don’t ever affect just one person. They affect that person’s spouse, siblings, children, grandchildren, friends, neighbors, co-workers and employers in ways most of us don’t think of.

The time-consuming duty of caring for a loved one often falls on children or an aging spouse.  However, being a caregiver for a loved one often increases stress levels, decreases household income and limits career opportunities. In fact, a Beyond Dollars 2018 survey found that 61% of primary caregivers had to take money out of their own retirement fund and savings.  70% missed time from work, while almost half (46%) had to work fewer hours. 9% lost their jobs due to caregiving demands. Learn more about the impact on caregivers by clicking here.

Long-term care insurance can help make sure family caregivers are reimbursed for their time off work to help elderly family members. It also provides the necessary assistive devices, caregiver training and other services that make providing care more manageable.  

Considering all the benefits of long-term care insurance, the time to start thinking about long-term care planning is now. Meanwhile, it may also be the time to start thinking about your own long-term care options, as it’s never too early to invest in a policy. This holiday season, talk about getting you and your loved ones the security needed to live a rich, fulfilling life well after retirement.




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