When individuals think about purchasing Long-Term Care Insurance policies, they are usually thinking about their own future.

 

Rightly so, as such policies are a major factor in planning care because of the financial contribution such a policy has on the available care options.

The biggest beneficiary of such insurance, however, is not the perennial listed on the policy, but the family who loves them.

When care is needed, it is the family members who will be called upon to provide care.

 

Many family members will be more than willing to help, but may be limited in their ability to do so because of time and financial constraints.

 

When adult children are asked to take on caregiving roles for their parents, these children are usually raising their own families while also working in their prime career and moneymaking years.

 

Taking on a caregiving role can mean facing a severe financial loss from cutting back on hours at work, or leaving a job entirely to provide care.  This not only limits current income, but also significantly impacts retirement contributions and social security benefits for the future.

Caregivers in the US spend close to $7000 annually on out-of-pocket costs related to caregiving.

Where does this money come from?  Caregivers cut back on their own spending, or they often dip into their retirement savings to cover the costs (AARP, 2018).

 

Having a LTC policy in place can protect family members from having to make hard choices about sacrificing their own financial well-being or their loved-one’s care.

 

Additionally, the LTC policy can help protect family relationships.

 

By providing financial support for caregiving, family members can maintain their roles as husbands, wives, sons and daughters, rather than have that role subsumed by caregiving.

 

Thinking about long-term care policies as insurance for our families can make it easier to consider, as it can be difficult to envision ourselves as ever needing it.

 

However, it can be one of the best decisions you make!

 

Do you have an experience with Long-Term care insurance you would like to share?  Tell us about it in the comments below!