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Long Term Care Insurance and Baby Boomer Parents

By Compuquotes Team on March 27th, 2008
Long Term Care

Did you know that there are over 75 million individuals who are classified as Baby Boomers? Did you know that in 2006 the first of them began to turn 65? Did you know that individuals who live to the age of 65 have long life expectancies? It is estimated that by the year 2020 there will be over twelve million baby boomers who will need some kind of long term care. While there are many different issues associated with this situation, one big question is: Who is going to pay for it?

As the child of baby boomer parents, I know the fear associated with how to raise my own family and try to help take care of my parents at the same time. Just because the news programs state that people are living longer, it does not mean that they are still living healthy and uncomplicated lives. Many baby boomers will end up needing medical care that most families will not be able to afford. I want the best for my parents, but, realistically, I do not know how I can pay to provide them with long term care. Luckily, they found a product called Long Term Care Insurance.

Ordinary health care and many government programs will not cover long term medical care. Government programs that do cover these costs typically require that a person's entire life savings be gone before they help. Private long term care insurance helps pay the costs of care for elderly individuals. Different policies may cover different items, so be sure to check your policy carefully. Some of the common items covered are: some in-home health care, usually the basics such as assistance with eating, cleaning and bathing; some community programs that provide assistance like adult day-care; medical nursing care; the costs of assisted living facilities; and, of course, nursing home care.

Costs for these types of insurance policies vary almost as much as the specifics of the insurance policies, themselves. There are many items that an insurance company may wish to know about when signing someone for coverage. The current age of the covered and the current health are very important factors, as is family history. The younger an individual is, the lower the monthly cost will be, providing the individual has no overwhelming health issues, but, they can also expect to pay a lot longer before receiving benefits. It is important to begin looking at plans as early as possible, do not wait until someone is in their seventies or eighties before investigating.

While it may not be a pleasant topic to discuss, it is important to talk with your baby boomer parents about the benefits of this kind of policy. Make certain to work with them to find the best balance of benefits, coverages and costs. Long term care insurance can be expensive, but, as with most types of insurance, it can be more expensive to be without. Not only could it help you enjoy your parents longer, it may help them spend the rest of their lives in comfort and security, knowing that they will be taken care of.

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