Nursing homes or assisted living facilities can have very expensive prices and fees. To avoid the burden of these fees, something many people do when planning for later in life creates an LTC policy to protect their assets and loved ones from any burdens. Those who don’t prepare often have to rely on their children and put these types of caretaking burdens onto their kids, because of a lack of money to afford the high cost of staying in a nursing home or other care facilities.
On average caregivers die four years younger than non-caregiver, in addition, family caregivers experience some of the highest rates of depression as well.
Here are a few consequences that come from taking on the burden of caring for a sick, elderly, or disabled family member:
- Helping with daily tasks
Most people’s grown children have their careers and families to take care of so helping with additional daily tasks such as grocery shopping, cleaning, and other chores can take time away from the needs they have to address themselves.
- Ensuring their safety
Not everyone is physically capable of ensuring complete safety for their parents. Not many children can lift their fathers if they fall or add handicap aids such as extra handles and rails in the showers and around the house such as chair lifts for stairs.
- Dealing with Health Issues
Watching your parent’s health deteriorate can be emotionally triggering and draining on the children.
- Financial Stability
Would you be willing to allow your children to take over your finances and would they be able to handle merging your and their finances?
- Quality of Living
The quality of life for both the child and the parent is increasingly less beneficial when the kid has to take on the caregiver role.
- Emergency Assistance
If your child has a full-time career they will not be able to be there at all times in the day and may not be able to be there to administer e, emergency assistance as often as a professional caretaker would be.
- Sacrifices in Person Career
Don’t make your child choose between their career and caring for you. Many children have to step away or back from their careers to take care of their parents.
Preparing for the possibility of needing long-term care in the future is crucial not only for once self but also for your loved ones and children. No one wants to be a burden on their loved ones and LTC insurance can prevent that. You can start putting your plan in motion today by going to an independent agent and asking for quotes from the top A+ rated companies. LTC Insurance can cover in-home caregivers, assisted living, and adult care homes, and keeps you from paying out of pocket for the huge cost that is connected to needing care. Your family deserves it and so do you.