Should you consider buying your parents long-term care insurance?
One of the more difficult decisions for adult children is providing for the long-term care of aging parents. If you haven't talked with your parents about their long-term care needs, don't put it off. The earlier you plan, the more options you will have.
Seventy percent of adults who reach the age of 65 will need long-term care at some point in their lives, and because of the costs involved many people opt for long-term insurance care policies. Long-term health care costs in the state of Indiana average $237 per day for a private room. Chances are most people who lack extensive liquid assets are likely unable to afford that kind of rate over the course of several years.
This is where the potential need for long-term care coverage health insurance comes in. Many children are purchasing long-term care coverage for their parents to help offset the costs of long-term care so they can afford to provide their parents with the desired level of care. Often, these kinds of care plans have premiums of $1,000 to $3,000 a year, which seems initially steep until you consider that long-term care costs for that same year average around $86,000.
In the end, it’s most important that you can find care that you feel comfortable putting a parent into, not the cost associated with it. Angie’s List can help you find the most recommended nursing home facilities in Indianapolis. Find out more about long-term care with Angie's List's Do You Need Long-Term Care Insurance? infographic.