The Mother of All Reasons to Have a Long-Term Care Insurance Policy

Long-term care is often framed as a woman's issue—and there's solid evidence to support that perspective. Women make up 60% of unpaid family caregivers, and when you step into an assisted living facility, nursing home, or continuing care retirement community, it’s evident that most paid caregivers are providing care to women.

But the benefits of a long-term care insurance policy extend far beyond gender. While women may statistically experience the most direct advantages, family caregivers of all genders—the ones who have walked through the exhausting reality of long-term care—can attest to the value of having a policy in place when the need arises.

THE REALITY CAREGIVERS FACE

Caregivers often hesitate to share the difficult, heartbreaking aspects of their experience, much like soldiers returning from war. Those who have endured the highs and lows of caregiving frequently describe it as bittersweet at best, gut-wrenching at worst. They also happen to be the ones most likely to purchase a long-term care policy.

Why? Because they understand the full cost—physical, emotional, and financial—of care.

As one headline from The Wall Street Journal bluntly stated:

"Caring for Older Relatives Is So Expensive That Even AARP’s Expert Files for Bankruptcy."

The unexpected financial burden of caregiving can quickly overwhelm even the most prepared individuals, leaving families scrambling for solutions. (More insights here: New York Times.)

THE FINANCIAL STRAIN

Long-term care rarely unfolds smoothly. Families often experience financial stress, emotional exhaustion, and unsolicited advice from distant relatives who suddenly have plenty to say—but little to contribute.

So, what makes the situation easier?

• Long-term care is challenging—financially, physically, and emotionally.

• Money can help alleviate the burden.

• Insurance claim money is the easiest to spend—it preserves personal savings for inheritances, spouses, and other important financial considerations.

  
  

THE TRUE VALUE OF PEACE OF MIND

No insurance policy can guarantee peace of mind, but it can provide a lifeline during one of life’s most difficult transitions.

Widows rarely speak negatively about their spouse’s life insurance policy. Similarly, caregivers who had the benefit of long-term care coverage often reflect on how invaluable it was—a financial cushion in an otherwise overwhelming storm.

With Mother’s Day approaching, consider this:

Peace of mind is the mother of all reasons to invest in a long-term care insurance policy.

Claims money helps the people who need care—and the people who love them.

HAPPY MOTHER'S DAY!

Brigitte Bromberg, MS, CFP®, CSA® is an independent insurance specialist who provides unbiased, consultative, solutions for long term care, life and disability insurance needs.

For more than 30 years Brigitte has worked diligently to provide clients the information and insight they need to make informed insurance decisions. President of Winning Strategies Group LLC, Brigitte loves speaking to groups, and she also loves helping people implement creative, smart insurance strategies.