Planning Ahead with Respect and Grace
Long term care for aging parents falls increasingly to adult children. The fastest growing segment of the population is age 85 and older, as advances in medical treatments have dramatically increased life expectancy. This increased life expectancy creates a need for more services, as the aging process takes its toll in the form of chronic debilitating diseases such as: dementia, crippling arthritis, and congestive heart failure. It is important for everyone involved to understand the issues related to eldercare needs before a crisis arises. Planning ahead ensures a smooth transition in a challenging time.
Long term care is a continuum of care, housing, and services needed when the aging process begins to exact a toll on ones cognitive and/or physical abilities. It is custodial care, not skilled care, and is not covered by most private insurers or government programs.
In Connecticut, long-term care costs can eat up family finances at a shocking rate. The problem is that most people do not seek out the necessary information until a need – most often a crisis – arises. Don’t let that happen to your clients who are depending upon your guidance and professional advice. Unfortunately, so many Americans reach old age without having planned appropriately for it. Any combination of financial resources, estate planning, or end-of-life directives may be lacking. Most glaring is the lack of adequate long-term care insurance.
As a financial planner you advise diversification of assets, and help your clients plan for their children’s college education. You do what is necessary to reduce your client’s taxes and to plan for their retirement. You help them reduce their risks through health, life, auto, homeowners, and umbrella insurances.
It is also prudent that you address the issue of Long Term Care Planning. A solid Long Term Care Insurance Program will help protect your client’s overall retirement plan.