There comes a time in many adults’ lives when they have to assume responsibility for their parents’ care. Whether that means finding a home health aide or placing Mom and Dad in a nursing home or retirement community, finding the right long term care option means improving a parent’s livelihood in the golden years.
Yet one thing that adult children of seniors may overlook are the appropriate insurance options for their parents. Finding the right insurance coverage can mean a big difference in an elderly parent’s quality of life. Here are three types of coverage that you may want to double-check for your parents, especially if they may be entering long term care very soon:
Health Insurance
Ever since the passing of the Affordable Care Act, more Americans have been able to get the insurance coverage they need through both private insurance and public programs. In 2014, about 8 million Americans were enrolled in Medicaid, and as of this year, 11 million people enrolled in this coverage. More health insurance options also mean more options for Medicare supplements, a.k.a. Medicare Part C. This is helpful to the country’s senior citizens.
Personal Liability Coverage
Those who may be at risk for injuries, whether due to slip and fall accidents or injuries while staying in an in-law apartment, may require additional protection through personal liability coverage. This provision is included in most insurance policies, but it may be time for you to review this coverage with an agent if it will pertain to an aging parent.
Life Insurance
Finally, whether a parent is entering long term care or not, it’s never a bad time to review a life insurance policy — or get one set up! Approximately one-third of all Americans say they want to increase their life insurance coverage this year, but about 80% surveyed will greatly overestimate the cost of that type of insurance policy. If your parents don’t have a life insurance policy in place, make sure to discuss this with an agent so they can understand the importance of this coverage.
Do you have questions about setting up a parent’s life insurance, health insurance, or other policy? Talk to us today or get a quote online.
