Seniors Are Dropping Long-Term Care Insurance When They Need It Most
Money magazine identifies a few reasons why people are hesitant to invest in long-term care insurance:
- It’s expensive.
- They may never need it.
- With many policies, the premiums can rise over time.
There’s nothing new in that report. American reluctance to prepare for the financial future has long been the status quo.
But the Money story also includes a headline that comes as a greater surprise: one out of every three seniors who do purchase long-term care let their policies lapse years later.
For most, that lapse comes during the time when they need the coverage the most.
Why does that happen? Most cases boil down to either financial hardship or cognitive impairment, Money explains. Seniors either can’t afford it or don’t remember to maintain it.
Essentially, then, these people spend many years paying out of pocket for protection they eventually need but never use.
This is, of course, unfortunate. While long-term care insurance is only one piece of the puzzle when it comes to funding advanced-age senior care, it is nevertheless important.
The story reminds us how imperative it is that adult children stay involved in their aging parents’ affairs. Do you know if your parents have a long-term care insurance policy? If so, can they afford their premiums? Are they making their payments on time? Is there a chance they might forget?
At Medina Law Group, we know first hand how challenging the financial demands of old age can be. The last thing we want is to see anyone lose a source of support they’ve already invested so much in.
If you’re concerned about your loved one’s ability to fund the care they need, our office might be able to help. There are more options available than you may realize. Get in touch with us today.