There’s nothing like having a meaningful relationship with your grandparents. Unfortunately, however, as they age, they may find it difficult to care for themselves. As a loving grandchild, you likely think about what will happen when that time comes.
For many, questions like, “who will care for grandma or grandpa when they need it?”are commonplace.
The good news is that apolicy can help, not just by ensuring someone is there to take care of your grandparents, but it can also help bring peace of mind to your parents and yourself.
Should you buy long-term care insurance for your grandparents?
The simple fact is that, like most seniors, your grandparents likely live on a fixed income. Unless they’ve already planned for, they may depend heavily on you and your parents when they start to need assistance to accomplish everyday activities. About .
So, in general, it’s a good idea to buy long-term care coverage for your grandparents, your parents and even yourself for that matter. Here are three reasons it makes sense to buy this coverage for your grandparents:
Long-term care insurance could help your grandparents, your parents and you
There’s a common misconception that long-term care means paying for your grandparents to go to an assisted living facility. That’s not necessarily the case. While it does offer this sort of coverage, it can also help those who are planning on staying in their home, too. Even if you or your parents plan on caring for your grandparents,
“Some long-term care insurance can pay a family member to care for” your grandparents, explains Cynthia Pruemm, Investment Advisor, Founder and CEO of SIS Financial Group in Hoffman Estates, Illinois. It could even help modify your grandparents’ “home to allow them the comfort of getting care” where they live, “versus a facility.”
This could protect you and your parents. “I’ve seen this more often these days, my clients become the caretaker,”. “The caretaker becomes ill themselves, becomes frustrated and grows animosity.”
Long-term care insurance can preserve your grandparents’ independence
Long-term care insurance isn’t just about ensuring your grandparents receive the care they deserve, it can help them preserve their independence but letting them remain in the comfort of their own home. It can also ensure that if they do need an, they can afford their own room, preserving their privacy and dignity.
Long-term care insurance can give your grandparents the freedom to choose
Many retirees don’t have many options when it comes to choosing long-term care facilities. Their retirement funds simply don’t allow much of a choice. That doesn’t have to be the case for your grandparents.
A long-term care insurance policy can bridge the gap between the amount of money your grandparents can afford to pay for a facility and the price of the facility they want to be in. As such, this coverage gives your grandparents the power to choose where they end up.
Long-term care insurance could protect your grandparents’ estate
for your grandparents there are some rewards that come along with it. If your grandparents have to pay for their own long-term care, the cost of care will likely cut deeply into their estate. As such, they’ll have less of an inheritance to leave behind for you and the rest of your family. When you purchase long-term care insurance for your grandparents, you’re protecting their estate by ensuring these expenses are covered.
The bottom line
The bottom line is that long-term care insurance can be beneficial for many people. However, your grandparents are likely on a fixed income and may not be able to afford coverage. When you purchase insurance for these events for your grandparents, you’re not just, you’re doing something that will show your grandparents you care by helping to protect their dignity, freedom of choice and estate.