The Greatest Generation and Long-Term Care Insurance Policies
January 07, 2019
Submitted by Kimberly Perkins-Akers, Amada Senior Care
Working with seniors is a privilege. The seniors today are dubbed as “The Greatest Generation” because they have seen so much and experienced so much. The Greatest Generation is fiercely independent and very industrious.
A part of that independence is planning. The Greatest Generation has done a fantastic job at planning for their retirement; thus, many seniors purchased long-term care insurance policies. There are three reasons why seniors from this Greatest Generation purchased and continue to pay the premiums on these policies:
Not be a burden
Because seniors belong to this Greatest Generation, they do not want to place the cost or burden on loved ones. Sons and daughters discover these policies are extremely helpful financially. Loved ones may still be primary caretakers or decision makers; however, the long-term care insurance policy lessens the burden and stress on the adult children. This allows for more time and energy to be with loved ones without the added financial stress. Long-term care insurance policies not only help seniors pay for care, but also become a gift of love to their family.
87 percent of seniors want to stay at home and age in place. With being independent planners, many seniors have their home paid in full and use the retirement income to save. When seniors may need assistance with personal hygiene, assistance ambulating and transferring, nutrition, or other household tasks, the long-term care insurance policy has benefits to pay for the in-home care.
Preservation of assets
Long-term care insurance policies are a vehicle to preserve retirement and assets. Instead of using savings, securing a reverse mortgage, relying on adult children, or using most of retirement, seniors are able to activate and use their long-term care insurance benefits when assistance with activities of daily living (bathing, dressing, ambulating, toileting, transferring) are needed or there is a diagnosed cognitive impairment like dementia, Alzheimer’s, or Parkinson’s. Using the policy and the benefits allow seniors to receive the help they need and continue to protect assets. In these circumstances, seniors who are working with a financial advisor find that even while activating their long-term care insurance policy, they are able to not only protect their assets, but continue to grow their assets.
Get complimentary assistance with long-term care policies
Long-term care insurance policies can be challenging to navigate, which is why Amada Senior Care specializes in long-term vare insurance claims. A trained Amada professional can help seniors and their families get the most of out of the policy by helping you understand and verify your benefits.
If you have a long-term care insurance policy, call for a free policy review, or attend our First Friday Educational Events that discuss the various aspects of long-term care insurance policies. Financial advisors are welcome to attend to see how Amada Senior Care helps activate and advocate for the policy, so assets are protected and may continue to grow.
Amada Senior Care is Arizona’s trusted resource in caregiving and long term-care insurance advocacy. Long-term care insurance is one of the best investments you can make for you and your family’s financial security. Navigating the benefits and the claims process can be challenging and it is not recommended to do it alone. Amada Senior Care is an expert in long-term care insurance policies and claims. Call to schedule a long-term care insurance review or to reserve a seat at the next First Friday Education Event on February 1st in Sun Lakes or East Mesa — 480-999-5250 or visit www.AmadaPhoenix.com.
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