When should you start thinking about long-term care? This can be a trick question because MANY of the people that inquire about long-term care are not old at all. Usually they are young, having to deal with an older loved one that needs some type of care.
If you asked, "At what age should I buy long-term care insurance" I would tell you that probably between age 45-65 is the best time to buy LTC insurance. But that was not the question. The question is when should you be concerned about Long-Term Care in any capacity? The answer is it depends. Do you have older family members? Do they have a plan for the potential long-term care they might need? Do they know how they would pay for it? Do they know what type they would want? Where they would want it? What type of facility? Do they expect YOU to provide long-term care? The majority of long-term care is provided by family members. Especially at the start of when someone needs care. Caring for a family member is very noble and should be encouraged by those who are able. Nevertheless it is very disruptive to have to provide care to someone who needs help eating, bathing, dressing etc... Have you planned for the disruption? How will you work? Do they live close enough? Do you have your own children to take care of? Other responsibilities? The list can go on.
This is why it is NEVER too young to plan for long-term care for you and loved ones. Ask your parents what their plans are. See what their expectations are. It is much better to figure these things out NOW then wait until care is needed for yourself or a loved one. Once the pressure is on everything becomes more difficult. This can strain finances, relationships and create all sorts of problems for both those who need care and those trying to make sure a loved one is taken care of. We get calls often from individual who need help with long-term care options for their parents. But at this point it is too late to even consider insurance as you cannot get insurance for long-term care if you are already needing that care. This is a hard way to learn about the necessity of planning for long-term care insurance. How can you start planning for long-term care? The first thing to do is talk to your loved ones about it! Talk to your kids or talk with your parents. See what their plans and expectations are! Long-Term Care insurance is great for some people, but the conversation should start with family, not with insurance. Once you have had a discussion about what long-term care might look like for you or your older family member; then you can consider whether insurance will help you meet those goals.
Don't make the mistake of waiting too late! Give us a call and we can help you talk through some of the details of putting together a Long-Term Care plan for you and your family!