Long-Term Care Changes Everyone and Everything

Have you considered the impact long-term health care would have on your family and finances? The need for long-term health care is an inevitable part of life that can drain a family both emotionally and financially. LTC Insurance can make getting older easier on family and finances.

Recommend This Page
Long-Term Care Changes Everyone and Everything
6 Min Read July 27th, 2015 Updated:February 7th, 2024

The demographic shift in the United States towards an older population is undeniable. According to the U.S. Census Bureau, the number of individuals aged 65 and over is projected to reach 98 million by 2060, nearly double the 54 million reported in 2020. While positive in terms of increased lifespans, this trend presents significant challenges for families and finances. 

Robert E. Moffit, Ph.D., writes on the Heritage Foundation website that the population shift in age is significant. 

America is in the midst of an unprecedented demographic revolution. We are living longer, and our life expectancy is projected to increase in the 21st century.

American families face physical, emotional, and financial challenges when spouses or parents need long-term care services. With people living longer and medical advancements, more families must confront the costs and burdens of aging.

Over the past twenty years, changes in health and body are evident, highlighting the significance of aging. Looking ahead, it's crucial to consider how health, body, and mind will continue to evolve in the coming decades.

Government Solutions? 

Many people mistakenly believe that government programs offer comprehensive solutions for long-term care needs. While health insurance, including Medicare and supplements, covers some skilled care, most long-term care involves assistance with daily activities or supervision due to cognitive decline. Only Long-Term Care Insurance covers these custodial care services, except for Medicaid, which requires individuals to have minimal income and assets to qualify.

What Is Long-Term Care Insurance? What Does It Cover?

Another program for long-term care is the Partnership Program, which is available in most states. Partnership Long-Term Care Insurance, authorized under federal law, provides additional asset protection, allowing policyholders to preserve their assets while receiving benefits. 

What Is the Partnership Program in Long-Term Care Insurance?

Moreover, qualified Long-Term Care Insurance policies may offer federal and state tax incentives, making them a valuable financial planning tool for addressing long-term care needs.

More Than Just Worry About Money

Long-term care planning extends far beyond financial concerns; it encompasses ensuring access to a variety of high-quality care options and alleviating the burden placed on untrained and unpaid family caregivers. While financial preparations are crucial for covering the costs associated with long-term care services, such as nursing home care, assisted living facilities, or in-home care, it's equally important to consider the available quality and range of care.

Choosing the right long-term care solution involves evaluating factors such as the level of care needed, personal preferences, and the availability of suitable facilities or caregivers. This may include exploring options for in-home care services, allowing individuals to receive assistance with daily activities while remaining in their homes. 

Alternatively, assisted living facilities or nursing homes may be preferable for those requiring round-the-clock supervision or specialized medical care.

Moreover, long-term care planning strives to reduce the strain placed on family members who often become caregivers by default. Family caregivers, typically untrained and unpaid, bear a significant emotional, physical, and financial burden when providing care for their loved ones. 

Long-term care planning seeks to alleviate this burden by ensuring that individuals have access to professional care services, allowing family members to maintain their own well-being and quality of life while still providing support and companionship to their loved ones. 

Often, families fail to think about the consequences of future long-term care. By proactively addressing long-term care needs, families can navigate the challenges of aging with greater ease and peace of mind, knowing that their loved ones are receiving the care and support they deserve.

Families Not Prepared for Parent's Long-Term Care

Despite ample research indicating the probability of requiring long-term care and the substantial costs involved, many individuals fail to plan ahead until it's too late. Unfortunately, the ramifications extend beyond personal finances; they also impact families, particularly adult children who may find themselves thrust into caregiver roles or tasked with managing paid services without adequate preparation. Without a proactive approach to long-term care planning, families are left vulnerable to both financial strain and emotional turmoil.

The absence of a comprehensive plan for future long-term care poses significant challenges for both individuals and their families. 

Americans are Getting Older

Every day, approximately 10,000 baby boomers celebrate their 65th birthday, marking a significant milestone in their journey into retirement. With this aging population comes a growing awareness of the impact of longevity on retirement planning. According to the U.S. Department of Health and Human Services, over half of individuals aged 65 and older will eventually require long-term care services. Despite this inevitability, many individuals fail to adequately prepare for the financial and emotional burdens associated with long-term care.

The need for long-term care will either happen or not, but when it does, the consequences are life-changing and changes everything.

The aging demographic presents a pressing need for proactive retirement planning strategies. Failure to address these factors can leave individuals and their families vulnerable to significant emotional and financial strain when the need for long-term care arises unexpectedly.

Longevity and the likelihood of requiring long-term care underscore the importance of incorporating comprehensive planning measures into retirement strategies. By acknowledging the inevitability of aging-related needs and taking proactive steps to address them, individuals can better safeguard their financial security and alleviate the emotional burden on their families. Moreover, prioritizing long-term care planning empowers individuals to make informed decisions about their future care needs, ensuring they receive quality care while preserving their financial resources for other retirement goals.

Long-Term Care Leads to Family Crisis

When the need for long-term care approaches the crisis level, several family members may be pushed into participation, whether they are ready or not, said Chris Orestis, senior health care advocate and CEO of Life Care Funding.

In many situations the need for care will creep up on a family. Suddenly, people realize they have assumed duties that take up more and more of their time, and take a toll on their lives.

Roles Family Members Take with No Advance Planning

Over the years, he said, he has seen these family members gravitate naturally to roles that fall into several stereotypes.

• Caretaker – This person provides care for the loved one at home and, without realizing it, becomes a full-time caregiver. Usually, this is a spouse or an adult child, most often a daughter.

• Bookkeeper – This person focuses on the financial aspects, determining what assets or insurance policies are available to help with care costs.

• Chauffeur – This family member drives the loved one to appointments, runs errands, makes grocery runs, and eventually may drive the aging loved one to tour assisted-living facilities.

• Guardian – This family member takes on such roles as the power of attorney or trustee, assuming the family's legal responsibilities.

• Denier – This person can't accept or admit that the loved one, or they themselves, need care.

• Know-It-All – Most annoying of all, this family member constantly questions decisions or lobs suggestions from the backbencher but isn't near the situation or involved hands-on.

No Advance Plan Leads to Family Resentment

With such a lineup, it's easy for resentments to build, Orestis said, but that needs to be avoided because the focus should be on the aging loved one and ease the transition if a decision is made to move into a nursing home or assisted living facility.

Eventually, once it's clear that professional long-term care is needed and a plan is in place to make it happen, a conversation needs to occur with the loved one, who may be apprehensive or even resistant, Orestis said.

The conversation should be conducted with compassion and delicacy, he says. Emphasize that this move will not only improve their health and safety but also provide numerous opportunities for social activities, games, art, entertainment, and great food.

The key is for the family to come together. Look for the signs that care is needed, formulate a plan, communicate effectively with your loved ones, and change the perspective about long-term care from a negative to a safe, healthy, and enriching experience in the continuing journey of life.

You Can't Avoid the Risk of Long-Term Care

There is no way to avoid aging or the risk of needing long-term care in the future. However, you can take charge of your future retirement and help prevent the stress and burden that your aging and changes in health will have on those you love.

Don't be in denial of what happens as we get older. People require long-term care due to an illness, accident, or the impact of aging. You may enjoy a healthy lifestyle; however, you will live longer, placing you at a higher risk of frailty and cognitive decline. 

Many individuals believe that if there is no family history of long-term care needs, they are unlikely to require such care themselves. However, advancements in medical science and increased longevity have altered this perception. While older generations may not have enjoyed the benefits of modern medical innovations, today's longer lifespans contribute to a heightened risk of needing long-term care. It is essential to recognize that the absence of a family history of long-term care needs does not guarantee immunity from requiring assistance with daily living activities or supervision due to dementia later in life.

Despite the misconception that long-term care preparation is unnecessary for those without a family history of such needs, proactive planning is both straightforward and affordable. While family history can provide valuable insights into potential health risks, it is just one factor to consider in long-term care planning. 

Regardless of familial predispositions, anyone may encounter health challenges that necessitate long-term care services in their lifetime. Therefore, taking proactive steps to prepare for potential future care needs is prudent for individuals of all backgrounds and family histories.

Be sure to research an affordable Long-Term Care policy before you retire. You will have access to your choice of quality care in your home or in a facility. Just as important, our family will have the time to be family.

It is true; long-term care changes every aspect of your life. Proper preparation makes those changes easier for everyone.

There are several good options to consider when planning for the costs and burdens of aging. But while Long-Term Care Insurance is highly regulated, there are differences between policies, and premiums can vary dramatically between insurance companies for the same benefits. An experienced Long-Term Care Insurance specialist will help you navigate the various options and match your age, health, and family history with the best coverage at the best value. 

Most people obtain their LTC Insurance policy in their 40s or 50s, but if you are older, you can still find affordable options in your 60s and beyond, depending on your health.

Recommend This Page

About the Author

An LTC News author focusing on long-term care and aging.

LTC News Contributor James Kelly

James Kelly

Contributor since August 21st, 2017

Editor's Note

An LTC policy acts as a safeguard for your hard-earned income, assets, and savings. Without it, the rising expenses associated with long-term care services, including nursing homes, assisted living facilities, or in-home care, can quickly erode your financial security.

With the rising costs of long-term care, the burden of uncovered care expenses not covered by health insurance or Medicare can significantly impact your income and assets and strain your loved ones. 

LTC Insurance ensures that you have the financial resources necessary to access high-quality care without depleting your savings. This preserves your retirement lifestyle and legacy while relieving the emotional and financial stress on your family.

The ideal time to add long-term care coverage is when you are in your 40s or 50s, but depending on your health, affordable options are available in your 60s and beyond. 

Shopping for an LTC Policy with an Expert

Many professionals can sell you a Long-Term Care Insurance policy, but very few understand all the details and benefits that a policy can bring. Nor do they understand the underwriting rules each insurance company has in force, which will impact your choice and the policy costs.

With premiums and underwriting varying dramatically between insurance companies, seeking help from an experienced independent Long-Term Care Insurance specialist will help you find the best coverage at the lowest cost.

Long-Term Care Insurance experts will inquire about your health, family history, and financial situation, carefully assessing your needs to identify the most suitable solutions from a variety of companies that provide long-term care coverage.

A specialist will show you accurate quotes from all the top companies in long-term care so you can make an informed decision. Plus, a specialist will help you design an appropriate plan without spending too much money.

Finding Quality Care Provider Made Easy

Don't let the stress of finding high-quality long-term care services for a loved one make life difficult for you.

The LTC NEWS Caregiver Directory provides essential help by enabling you to browse through more than 80,000 care providers. This free, extensive national database covers a broad spectrum of long-term care services, making locating qualified caregivers or suitable care facilities easier. You have the convenience of searching for providers in your or your loved one's area while learning about their qualifications and available services.

For those with an LTC policy, LTC NEWS can help process claims from any Long-Term Care Insurance policy. LTC NEWS, in partnership with Amada Senior Care, a nationally recognized in-home health care agency, ensures that you and your loved ones receive the quality care you deserve. This service comes at no cost or obligation - Filing a Long-Term Care Insurance Claim.

These four LTC NEWS guides will assist you in trying to find appropriate long-term services for a loved one:

Enhance Your Website and Business with LTC NEWS 

LTC NEWS provides a variety of marketing and advertising opportunities designed to connect you with your desired audience. By utilizing our sponsored content articles, you can effectively boost traffic to your website, improve SEO, enhance brand visibility, and foster relationships with prospective customers, benefiting both your website and business.

Many options are available, including traditional display advertising and sponsored content, as well as other marketing opportunities. 

Maximize Your Reach with LTC NEWS Sponsored Content

  1. Boosts Website Traffic: We ensure maximum visibility by prominently featuring your indexed sponsored content articles on LTC NEWS's homepage and other high-traffic areas, directing a larger audience to your website.
  2. Enhances Brand Awareness: Our sponsored content is crafted to educate and engage, positioning your brand as an industry leader and elevating your market presence.
  3. Targets the Right Audience: LTC NEWS caters to an audience deeply interested in long-term care, offering you the perfect platform to connect with potential customers already considering services or products like yours.
  4. Strengthens SEO Efforts: We optimize each sponsored article for search engines, enhancing your website's visibility and ranking and contributing to your overall digital marketing strategy.

Learn more about how LTC NEWS can help market your business, drive traffic, and improve SEO - Advertise With Us | LTC News.

LTC NEWS: Share Your News with Us

LTC NEWS stands at the forefront of delivering news and insights on aging, caregiving, health, lifestyle, long-term care, and retirement planning. We continually seek fresh stories to present to our audience.

Should your group, organization, business, or political committee have relevant news, we invite you to submit a press release for our consideration.

You can submit your press release - newsroom@ltcnews.com 

LTC News Trusted & Verified

Work With a Trusted Specialist

Get Accurate Long-Term Care Insurance Quotes

  • Has substantial experience in Long-Term Care Insurance
  • Strong understanding of underwriting, policy design, and claims experience
  • Represents all or most of all the leading insurance companies
man and woman sitting at desk
Latest
  • Latest

  • Oldest

Everything
  • Homecare

  • Health

  • Government

  • Care Facilities

  • Pets

  • People

  • Lifestyle

  • Insurance

No Results

Step 1 of 4

Find a Specialist

Get Started Today

Trusted & Verified Specialists

Work with a trusted Long-Term Care Insurance Specialist Today

  • Has substantial experience in Long-Term Care Insurance
  • A strong understanding of underwriting, policy design, and claims experience
  • Represents all or most of all the leading insurance companies

LTC News Trusted & Verified

Compare Insurers

+