Most people don’t like to think of their parents getting old and needing care in their old age, but our parents like to think about it even less. You may know that long term care insurance can make aging a little easier, and more affordable, but talking to your parents about it is a whole other matter. Here are some tips to get you started.
Long term care insurance is a policy that helps pay for care. It may cover the expense of nursing home or hospice care and provide coverage for daily living such as bathing, dressing and eating. The amount of coverage depends on the policy. Although long term care insurance can be quite expensive, the rates vary based on the following:
- Age of the individual when the policy is purchased
- Amount the policy pays each day
- Total number of days or years the policy will pay
- Amount of optional benefits requested
Benefits of Purchasing Long Term Care Early
Here are five reasons why it’s important to purchase long term care insurance for your parents as early as possible.
- If they’re still healthy, they have lower chances of being turned down.
- Premiums will be lower if their health is good.
- The younger they are, the lower their premium rate.
- Many insurance carriers are discontinuing long term care coverage.
- Premiums continue to increase every year.
How to Make the Topic of Long Term Care Insurance Easier
It’s important to approach the topic of long term care insurance as early as possible. Waiting until your parents get sick and need the insurance can result in getting turned down for insurance or higher premiums. Although it’s seldom an easy topic to discuss with your parents, here are some tips on how you can make it as comfortable and easy as possible.
- Do it as a family. If you have siblings, include them in the discussion.
- Tip: Before meeting as a group, get your siblings’ feelings about it so you’re all on the same page.
- Respect your parents’ right to privacy. Parents aren’t always willing to discuss health problems, death, or topics that they regard as private. Let them know your concerns but approach the topic with consideration.
- Provide them with necessary information. They may have financial concerns but didn’t know who to ask. If you’re suggesting an insurance policy, be prepared to answer their questions about coverage and cost.
- Allow them to make the final decision. Although long term care insurance can help you as much as it can help them, the final decision is theirs to make.
It’s certainly a tricky conversation to have. It can leave you and your parents thinking about aging and even death, but when handled with care it can be the start of an open, honest dialogue.
