Nowadays, more people are becoming savvy with their finances. Planning for what’s to come is more important than just tucking in a little for a rainy day.
For some people, there are bigger consequences when they do not think of the long-term implications of not having insurance to fall back on. The reality is that long-term care insurance becomes a necessity sometimes when one is 65, other times when a person is only in their 50s.
This is why, if you are currently in a favorable position to buy long-term care insurance for your parents, this may be the best birthday present to get them this 2020.
They May Not Have Afforded It Before
While the saying “Don’t wait” may seem like a common-sense notion now, before it was not always an available option. Not only are there more insurance options, nowadays, but before, it is more likely to save away money for future use.
Moreover, it may even be likely for the older generation to have health insurance over long-term insurance, considering their age. For some, it may be hard to afford two types of health-related insurance, and this is where you can step in to help.
Lessens End-of-Life Medical Care Costs
Research has shown that people who are functionally dependent and cognitively-impaired can benefit from this insurance coverage. Having hospice, palliative care, and other care options offered in these plans can help offset one’s medical care, especially for older adults.
If your parents are still well within the age of application for long-term care insurance, with no history of a harsh debilitating disease, then the best present may be the initial investment for long-term care. Savings along will not easily shoulder end-of-life medical costs.
While you may argue that expenses now may not even be used later on, then think again. On average, Americans aged 60 and above tend to exhibit diseases that are associated with old age. When this occurs and your parents are not ready, their savings alone may not be enough to foot the hospital bill.
The peace of mind that you will have in surrendering all the worries to long-term healthcare insurance is more than enough as payback. Imagine giving that same peace of mind to your parents who may be working hard towards their retirement.
More Basic and Other Needs Can Be Met
The biggest misunderstanding in the realm of insurance is the difference between medical care and long-term care insurance. Some assume that the latter is merely geared towards elderly care and conditions that are more associated with geriatric care.
There is a key difference between the two, which boils down to the assistance needed per treatment. In health insurance, treatment takes paramount, so everything—from the doctors to the medicine—will be shouldered in the hopes of delivering the finest treatment. If your condition requires recovery, this will certainly no longer be part of the process, barring some conditions.
In long-term care insurance, it’s all about assisting the elderly in performing activities needed in daily routine. It is not concerned with treatments but rather the maintenance and after-care that comes with it. In case one would require daily assistance for a certain disability or assistance to fulfill a function, this takes precedence over potential successful treatments.
Parents do not normally depend on their children for their future hospital care. Yet this can be that one big gift you can grant them so they could feel more at ease, regardless if they are already in retirement age or still working to help make ends meet at home.
Asurea offers Long-term Care Insurance, spanning more than 40 insurance carriers. This ensures that you will have more options to choose from, and coverage that will match the lifestyle that you and your parents have. Check out some of the offers that Asurea for long-term care insurance.