Can I Buy Long-Term Care Insurance for Mom and Dad?

LTC-insurance-for-parents-300x200Yes, you can buy long-term care insurance for your parents. In fact, it’s a very wise move if you want to maintain not just their quality of life, but yours as well.

Typically, it is a parent’s job to secure his children’s future. But you, as a son or daughter, may have felt concern over what your parents’ life would be like once they grow frail and need assistance in their day to day activities. If you want to ensure that they’re taken care of years from now, you can buy long-term care insurance for them.

How can I get a policy for them?

First off, you need to get their consent before you can purchase a policy under their name. Since coverage is intended to protect them, the policy will be named to them and not you. Likewise, they will be the one to sign on the policy.

Once they agreed, they will go through the usual qualification and underwriting process. Typically, the company will ask for your parent’s medical records and may ask them to undergo a medical screening. The younger and healthier they are, the higher their chances of getting qualified.

Factors to consider before purchasing a policy for your parents

Before you purchase a policy for your parents, here are things that you need to consider and discuss as a family.

  • Your parent’s age – Remember that age plays a crucial role in long-term care insurance. It’s advisable to buy coverage for your parents as they approach their 60s. This way, their chances of qualifying is still high and their health is still likely in a good state, thus, you can expect a lower premium. Meanwhile, if they are old and showing signs of a frailer health, they can be imposed a higher premium or worst, be denied of coverage. That’s why it’s not advisable to wait for a crisis before you purchase this coverage.
  • Financial capability –Look into your financial strength as well as your parent’s. Determine if you’ll shoulder the cost of long-term care insurance completely or if they have the ability to share the bill with you. Keep in mind that you need to be devoted in paying the premiums to ensure your parent’s coverage. That’s why it’s important to discuss about your financial resources before you decide to buy. Meanwhile, if you have siblings, ask them how much they are willing to pitch in for the policy.
  • Location – Will you buy long-term care insurance in your state or in your parent’s? Be clear on this area as care services vary from state to state, thus, how high the premiums will be is highly dependent on this. If your parents receive care close to their home, the familiar surroundings can be beneficial to their wellbeing. Meanwhile, if they are cared for in your state, you can easily visit and ensure that they are getting the best quality of care.

As you plan to buy long-term care insurance for your parents, keep in mind that it is a family thing. Involve every member in the whole process—from planning, acquisition and coverage. Getting a policy for your parents offers a win-win situation. It is beneficial for them as they can retain their independence and quality of life even if they are receiving care. On your end, your parents’ care requirements will not get in your way as you continually pursue the life you want because the policy already have them covered.



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