LTC: Why young adults should think about future needs

Consumers in their 30s and 40s might think they are too young to plan for their own long-term care, but having the LTC conversation with these younger adults will help them prepare for the time when their parents face a care crisis.

Kevin Sypniewski, CEO at AGIS Network, described the benefits of getting young adults interested in long-term care insurance during the National Association of Insurance and Financial Advisors’ long-term care impact day.

Caregiving can kill, Sypniewski said. Various studies estimate that anywhere from 18% to 40% of caregivers die before their care recipient.

He suggested advisors and clients create a “My Peace of Mind Plan” to have an open conversation on their possible need for future LTC and to have a plan so that family members are not left in the dark when a care crisis occurs.

The plan includes questions such as:

• If you were to need assistance with daily activities for an extended period, or if you were to experience memory challenges, would you want the care to be provided by family serving as unpaid caregivers or by a paid caregiver?
• If you choose to have family members care for you, do they know your expectations? Can they afford to miss work or quit their jobs to provide for your care? Have you written and clearly communicated your wishes to your loved ones to avoid confusion?
• Where would you like to receive care if extended care (90 days or more) is needed?
• If you require care from a paid caregiver, do you have plans to fund that expense?

Sypniewski listed several reasons why consumers should buy LTCi at a younger age. Those reasons include: lower premiums when enrolling at a younger age and less likelihood of being declined because of health conditions.

“We need to have these conversations and have them sooner and make a difference,” he said.

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Susan Rupe is editor in chief, magazine, for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at [email protected].