Strongly Recommended by Financial Advisors

Seventy-five percent of advisors say they view the LTC risk as applying equally to their clients’ parents as to their clients themselves – and they’re right. It is a multigenerational issue, and the financial exposure is large enough to derail even a well-constructed financial plan. 

LTC insurance is, in many advisors’ view, the most cost-effective way to prevent long-term care costs from causing financial catastrophe. For clients who can afford a comfortable premium, the decision is relatively straightforward. But for clients who feel the cost is prohibitive – policies can run as much as $7,500 per year for older buyers – advisors often turn the conversation toward the client’s adult children. 

The logic is compelling: it’s better for the children to spend $15,000 per year on LTC policies for their parents than to spend $10,000 per month on their parents’ actual care. Many adult children who understand this math choose to pay their parents’ premiums directly – not as charity, but as a sound financial decision that protects the entire family. 

If you won’t buy long-term care insurance for yourself, consider buying it for the sake of the people you love. Whether you’re the elder who doesn’t want to burden your children, or the adult child who doesn’t want to watch a parent’s care consume the family’s financial future, the conversation is worth having. Have it now. The alternative – waiting until care is needed and then making decisions under pressure – rarely leads to a good outcome for anyone.