Part 2: Tips for Having the "Long-Term Care" Discussion with Your Parents

Having the long-term care discussion with your parents is not easy. In the last blog, I shared several strategies for getting the discussion going. Here are a few more:

• Write - Write a letter or an email outlining your concerns and what you would like to discuss. This can be particularly helpful if you live far away and only have a weekend to have this talks. You can pave the way and get them to start thinking about it before you get together.
• Get Help - Maybe you have a sibling who is more at ease talking with your parents. Maybe your parents are more comfortable talking to someone else in the family about finances or health. Don't be offended. You don't care how the plan gets developed, just that it DOES get developed.
• Suggest - That they peruse or read my book, How to Plan for Long-Term Care. Email me at info@superiorltc.com to receive a complimentary copy of the E-book version.

It really doesn't matter what strategy you use, as long as it results in a productive discussion about their plan for paying for long-term care.

Part 1: Tips for Having the "Long-Term Care" Discussion with Your Parents

Fortunately, grown children and their parents are finally beginning to feel comfortable having the "long-term care conversation." How you enter this terrain will depend on the relationship you have with your parents.

You may not get far in your first conversation. It's a lot to digest, particularly if your parents have avoided this subject. Be patient. Find what works for you. If one approach doesn't work, try another. To get started, here are a few ways to break the ice:

• Be Open - If you have an open and direct relationship, don't beat around the bush. Just come out and tell them that you'd like to talk about their plan for paying for long-term care.
• Be Reflective - Ask them about their past, their childhood, and their parents. Learn more about them. Then move on to the future. What do they want most? How do they perceive the future? What worries them?
• Discuss Someone Else's Situation - This is often the easiest and most logical approach. Chances are that you or your parents know someone who is already dealing with some aspect of aging or long-term care. Talking about what's good or bad about their situation can be a useful launching point.
• Ask for Advice - This is a great way to get the discussion rolling. Tell them that you just met with a financial advisor and that you're preparing for the future. Then ask them for advice. Follow that by asking how they've planned ahead.
• Grab an Opening - If your mother is talking about Aunt Kathy, who's in an assisted living facility, and rolls her eyes and says, "Don't ever put me in one of those places," ask her what she means. What would your mother want in the same circumstances.

Caring for a Family Member: Part 2

In my last blog, I mentioned a couple of facts that should be considered before offering to be the caregiver for a family member. In addition to the time commitment and adverse effects on your own health, you should also consider how you would truthfully answer these questions:

• Will I be able to help him/her transfer in and out of bed? On and of the toilet?
• Will I be able to roll him/her over in bed to change clothing and bedding?
• Will I be able to help him/her bathe or shower?
• Will I be able to get him/her dressed?
• Will I feel comfortable providing personal care and hygiene for him/her?

These questions need to be answered for both your physical ability to provide care for a full-sized adult, and your emotional ability to provide intimate care to someone who was your sibling, parent, or grandparent.

Offering to Care for an Elderly Family Member is not a Decision to Take Lightly

Most family members who provide care never anticipated becoming caregivers. For those who did consider becoming caregivers, few accurately estimated the number of hours per week they would eventually devote to caregiving or the ultimate duration of the care.

In a survey called "The Juggling Act Study," The majority of participants estimated they would need to provide care from 6 months to 2 years. The actual length of time of family caregiving is 8 years!

Given the stress and time pressures they faced, it comes as no surprise that 3/4's of participants reported that caregiving had adversely affected their own health. More than 20%  experienced a significant decline in health and an increase in the number of visits to their own health care providers.

Will Long-Term Care Expenses Break Your Bank?

Will this be you in 20 or 30 years down the road? 

 It could be if you haven't taken the time to plan ahead for how you will pay for long-term care expenses. 

To get Chapter 9 of my book, "Is LTC Insurance Suitable for You?" email me at  info@superiorltc.com

with "Chapter 9" in the subject line.

Long-Term Care Insurance: What is the "Survivorship Benefit?"

If you are a couple in your 50's or early 60's and are considering LTC insurance, be sure to inquire about a "Survivorship Benefit." Some insurance carriers automatically include this benefit, while others offer it as a "rider" or extra benefit for additional premium. 

The Survivorship Benefit states that if a couple have coverage with the same company and one of them passes away after the policies have been in force for a certain number of years with no claims paid on either policy, the surviving insured's policy will be "paid up" - no further premium payments would be due.

The typical number of years that both policies must be in force and claim-free in order to benefit from this rider is 10. 

This benefit is especially a good value if one insured is significantly older than the other.

If you would like to learn more, email me at allen@superiorltc.com.

Long-Term Care Expenses Climb at a Steep Rate

The need to plan ahead for long-term care was DOUBLE underlined in a report from the MetLife Mature Market Institute. According to the report, this years cost for assisted living care rose 5.6% to $41,000. This rate is greater than the rate of inflation for general medical expenses. And if you need to receive care in a nursing home for an extended period of time, you can double that figure to $85,000.

In the report, the steep increase in the cost of long-term care services is blamed on the weak economy and high energy costs. With a slow recovery, and energy prices expected to increase in the future, there is no relief in sight   for long-term care expenses. 

Unless you can qualify for medicare, having a plan to pay for your long-term care expenses is imperative. Having a plan in place will allow you to receive a higher quality of care, and protect the financial security of your family. For help in developing your long-term care plan, contact me at info@superiorltc.com.

 

If I Need Long-Term Care, Will I have to Go to a Nursing Home?

Most people don't realize that now adays care in a nursing home is a last resort, and that by planning ahead for long-term care, it is very unlikely you will need to enter a nursing home for an extended period of time.

It's very common for people to mistakenly assume that "long-term care" is synonymous with "nursing home care." In reality, a person's care normally progresses through a continuum of care that rarely requires nursing home confinement.

For example, older people experiencing the frailties of aging may first require only a minimal amount of assistance in their home for a few hours each week. If the condition worsens and they experience problems with maintaining their balance, taking medications, or memory loss, a move to an assisted living community or Alzheimer's facilities may be the next step on the continuum of care.

The continuum of long-term care includes all the settings in which long-term care services are provided:

• The Family Home
• Board and Care Homes
• Assisted Living Communities
• Continuing Care Retirement Communities
• Alzheimer's Facilities
• Nursing homes

Get a free copy of my e-book "How to Plan for Long-Term Care" to learn more about this critical financial planning topic: email info@superiorltc.com with "Free E-Book" in subject line.

Can You Afford to Live a Long Life?

In past generations, the big fear was dying of an infection or cancer before reaching a ripe old age. Today, the biggest risk is living too long and having your financial resources run out. There are a number of factors that have contributed to people living longer lives- better healthcare, healthy diets,and  more exercise.  At the same time, there have been a number of factors that have and will continue to stretch our financial resources-particularly inflation and the high cost of medical care.

In terms of cost, the biggest risk we face is the need for long-term care. According to some reports, 6 in 10 men and 8 in 10 women will need some form of long-term care. In 20 years, the cost of care in a nursing home is expected to average $300,000 a year. Even care in an assisted living facility will run $160,000 annually.

Now is definitely the time to plan ahead for how you will pay for your long-term care costs. To receive an electronic copy of my book, "How to Plan for Long-Term Care," email info@superiorltc.com.

4 Benefits of Owning LTC Insurance

The major beneficiaries of our decision to plan ahead for our long-term care expenses is of course our family. In many cases, the person who needs care may be cognitively impaired or so frail that they don’t understand the impact that their need for care is having on their family.  The themes of  ”family” and “legacy” consistently surface when people are asked why they chose LTC insurance as their plan.

The benefits of having long-term care insurance include:

1. Protection of Assets: A need for long-term care is normally paid for with cash, most often from assets accumulated for retirement. Paying for long-term care with these funds can compromise a safe and secure retirement. Purchasing LTC insurance assures that our principle will not be invaded. It allows a retired couple to more freely enjoy retirement without being concerned that a long-term care need by one spouse will alter a well-planned and secure retirement for the other spouse.


2. Maintain Independence: People who purchase LTC insurance are guided by a need to ensure their independence and financial security and retain as much control as possible over their lives. The thought of having to rely on children or friends for lifetsyle decisions and personal care is out of the question.

3. Secure High-Quality and Affordable Care: As our society ages, the demand for high-quality care will skyrocket. Those who can guarantee payment with private funds- by using their own assets or by receiving benefits from an LTC insurance policy- may have greater access to the level of care they desire.

4. Maintain Current Living Arrangements:  LTC insurance may also allow us to obtain the quality of care we need at home, without relying heavily on family and friends.

Chapter 9 of  my book “How to Plan for Long-Term Care” will help you to determine if Long-Term Care Insurance is right for you. To request a copy of chapter 9, email me at allen@superiorltc.com