Most long-term care is provided by family, usually adult children and spouses, unpaid. Planning ahead protects your parent's choices and your own finances and health.
Start the conversation early
- Where would they want to receive care?
- What savings, income and insurance are in place?
- Who has power of attorney and health care proxy?
- Is there an old annuity or life policy that could be repositioned?
Options by age and health
Healthy parents in their 60s and early 70s may qualify for hybrid life/LTC. Parents with health issues may still qualify for an annuity with long-term care benefits, which often has simpler underwriting. Parents who already need care may need to explore Medicaid planning with an elder law attorney.
Protect yourself too
If you're helping a parent, it's a good time to plan your own coverage, while you're younger and healthier and coverage costs less.
Questions
Can I buy long-term care coverage for my parent?
Generally the parent must apply, qualify and consent. Adult children sometimes help pay premiums. Ownership and beneficiary choices matter, so talk to us before applying.
What if my parent can't qualify for coverage?
Annuity/LTC designs often have simpler underwriting. If no coverage is available, focus on care planning, legal documents and, where appropriate, an elder law attorney.