Important Holiday Conversations
Can you believe it? It’s that time of year again — the holiday season. It is a favorite time of the year for many, as it is a time to reminisce on old memories, and hopefully make new ones that will live on for years to come.
Although things may look a little different this year, the excitement for the season still rears on. As you plan your family gatherings — whether in person or virtually — we encourage you to set aside some time to have important conversations. They may be difficult, but it is important for adult children to discuss their parents’ plans for the future.
Talk with your parents about their plan for care
Having a plan for care should be a key part of your parents’ retirement planning, and it can help you know about their wants and needs, should the time come for them to need care. Here are some interesting facts about long-term care that may affect you in the long run.
The reality is that more and more families live in different towns, cities and even states. If you do not live in close proximity to your parents, it would be difficult to provide for them on your own. Moreover, the cost to hire help may be more expensive than you think. The cost of extended assistance depends on the type and duration of care needed, the provider used, and where you live — the daily costs of a shared room in a U.S. nursing home can range between $150 — $1,000/day.6 The cost may be even higher for a private room in a nursing home facility.
Life is anything but expected. Unfortunately, in older age, many of us could be one slip or fall, or a chronic illness diagnosis away from needing more help than expected — your parents included. Thus, you can see why having a plan in place can help prepare for unexpected expenses that could otherwise deplete your savings or emergency funds.
As always, it is important for you and your parents to consult a tax advisor and financial professional to determine the best strategy for your unique goals. Contact us today to find out more about Sagicor’s products or services.
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1 The Wall Street Journal, “The Odds on Needing Long-Term Care.”
2 Institute on Aging, https://www.ioaging.org/aging-in-america#livinglonger.
3,6 American Council for Aging, “Nursing Home Care Costs by State and Region–2019.”
4 MarketWatch, “Opinion: Long- term care insurance can still be a good idea.”
5 MarketWatch, “Not expecting to be a caregiver? You’d better check with your parents.”
Sagicor Life Insurance Company, home office Scottsdale, Arizona issues life insurance and annuities. Products not available in all states and state variations may apply. Products have limitations and restrictions including surrender charges.
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