Expert Warns Against Forgetting Long-Term Care Insurance

7/18/2010

An expert on long-term care insurance is reminding consumers that failure to secure this vital coverage is more than just a financial matter - it can also affect the stability of entire families.

According to Phyllis Shelton of LTC Consultants, women can be especially prone to the financial problems brought on by a lack of long-term care insurance - especially since many above the age of 55 will spend at least some time in a caregiver capacity for a family member.

"Most people don't realize that one-third of care recipients who are impaired enough to collect benefits on a long-term care insurance policy are under age 65. It is never too soon to talk to your spouse, parents, in-laws, or any extended family members you think you may wind up taking care of about planning for long term care," said Shelton.

Shelton also warned of a "caregiving tsunami that is about to hit this country" with an eye on the Baby Boom generation and its pending retirement.

Long-term care insurance is crucial to families because the costs of nursing homes and home health aides can become staggering over time - especially since Medicare does not typically cover such needs.