How Will the Long-term Care Needs of Baby Boomers be Met?
Caring for an elderly parent can be difficult. There comes a point in life where situations flip-flop and your parents become the ones who are dependent while you end up providing the care. If you are in such a situation, many financial advisors suggest the benefits of purchasing long-term care insurance for your parents.
According to industry leaders, more and more financial advisors are fielding inquiries from middle-aged clients asking about long-term care insurance for their less-well-off parents. The idea behind the inquiry is to help protect their parent’s estate, as long-term care can be costly and eat up at a person’s savings and assets. In many cases, several siblings will split the cost of long-term care insurance, so the burden won’t fall upon one person.
What if Insurance Isn’t an Option?
There are many instances where purchasing long-term care insurance isn’t an option. Maybe you cannot afford the price, or maybe your parents have already been incapacitated and no longer qualify. However, for those instances, there are still ways to protect a person’s estate and even help them qualify for Medi-Cal coverage.
Typically, the main objection seniors had toward purchasing long-term care insurance was either, “I won’t need it,” or “My kids will take care of me.” However, the price of letting that burden fall on another person is simply too big of a risk.
In 2016 we have a new generation of parents who do not want to put the financial burden of long-term care on the generation below them. If you cannot afford insurance, there are many other ways to help protect your assets.
Our team at Elder Law Services of California specializes in protecting YOUR assets. We also have a 99.99% Medi-Cal qualification rate. If you have a loved one who is in need of long term care, do not pay for it out of your pocket. We can help you qualify and get the government to pay for it.
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- What effect will the baby boomers have on the long-term care industry?
- How much does long-term care insurance typically cost?
- Does long-term care insurance cover skilled nursing?
- How many years does long term care insurance cover?