Health Benefits

Long-Term Care Coverage Is Essential for Aging Parents

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You’ve considered long-term care protection for yourself and your partner, but have you thought about such protection for your parents? As an adult child of an aging parent, you may be experiencing the stress of caregiving for both your parents and your children.

The relationship with your parents becomes complicated by shifting roles, and the psychological pressures on all of you can be significant. You may feel a sense of helplessness, of failure to give enough time and care to your parents, and often grief over their declining health. Planning ahead by encouraging your parents to purchase CalPERS Long-Term Care coverage will help minimize the impact of these stressors on both you and your parents as they age.

If your parents have reached retirement age, it’s likely that they will need long-term care support service at some point. Nearly 70 percent of people over age 65 will require long-term care services at some point in their lives. Some need only home health services, but more than 40 percent eventually enter an assisted living facility, memory unit, or nursing home.

Studies have shown that, on average, people over age 65 requiring personal care and supervision end up needing about three years of long-term care. Of course, they could need care for considerably longer than average. About 20 percent of those 65 and older end up receiving long-term care for more than five years.

From a dollar and cents standpoint, the average CalPERS Long-Term Care claim is now about $90,000 and more than 15 percent of CalPERS participants have incurred more than $250,000 in long-term care expenses.

Purchasing long-term care insurance can protect you and your parents and help cover the expenses of professional care. If you’d like to learn more, visit the CalPERS Long-Term Care website or call (800) 908-9119.

Source: Medicare & You Handbook 2014, Centers for Medicare & Medicaid Services