When you consider your family’s monthly expenses it’s easy to remember day-to-day things like food, fuel, housing and car payments. But what may be lower on your priority list is long-term care insurance or LTCI.
If your family budget is squeezed tight already, you probably don’t want to hear about another expense. It’s now or never. Putting off planning for your long-term care doesn’t do anything but hurt you and your loved ones.
I can tell you from experience, my Mother had some major financial decisions to make in the last year of my Father’s life.
Thank goodness she was retired and in better health than him. As his primary caretaker, she moved him from the nursing home back home. With in-home care and help from my family, my Father passed away peacefully at home.
But what if she had to work full-time or was forced to leave him in a less than desirable nursing home?
We should all make room in the budget for long term care insurance or LTCI. It’s designed to cover your care if you develop a disability or illness, require care in a nursing home or in-home care. Research shows most of us haven’t planned for long-term care.
Who will take care of you if you need long-term care?
Where would you go for a long-term care policy?
Have you talked about this with your parents, siblings or spouse?
See my previous post about life insurance considerations for stay at home moms.
Disclosure: This post and background information are presented by Genworth Financial
where you can learn more about mortgages and planning ahead for your family’s future.
All thoughts & opinions are 100% my own.
Thank you for sharing this–it’s definitely something to think about and it’s never too early.
We have never talked about long-term care but it sounds like something I should do with my parents and spouse for sure!
What kind of policy did your mom have? All the LTC policies I’ve looked at, besides being exorbitantly expensive, do not pay one red penny if care is provided by family.
It is important to think long term. My grandmother was very ill for a number of years before she passed and because she watched her pennies so tightly she was able to stay in a very nice assisted living facility which I think made things easier for her.
What needs to be mentioned WAY before LTCI is basic term life insurance AND long term disability. While nursing home costs are high, the age demographic that truly needs to consider it is above age 60 having assets between 250k and below 5 million…