Monday, January 12, 2015

Should I Help My Parents Buy Long-Term Health Coverage?

Jan. 12, 2015

Dear Cathy:

I really love my parents and I am noticing their health is deteriorating as they age.  Should I help them buy Long-Term Health Coverage?  Is it really worth it to have this type of insurance?  Love Parents, Michigan

Dear Love Parents:

Let’s face it -- as a senior age, their health deteriorates.  Many people, especially those who own homes, should look into long-term health care.  This coverage is important because fortunately on the average, people are living longer lives.  It’s never too early to think about how you’ll pay for any necessary long-term care.  

Another major reason for long-term healthcare insurance is to preserve your assets.  This insurance generally covers at-home care, assisted-living facilities, nursing home care, hospice services, adult day care, and respite care.  The benefit dollar amount can be $50 to $300 per day, depending on the policy.  

This type of insurance is also available through many organizations including the American Association of Retired Persons (AARP).  Long-term healthcare insurance is less expensive when you enroll while healthy and younger so don’t wait too long to bring up the subject with your parents.

If there is another elderly relative whom you will want to care for but who cannot possibly afford this insurance, consider paying for it yourself.  For more information on how to care for seniors read the book "Golden Years: How To Age Gracefully and Take Care of Seniors."

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