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14 Oct

Long term care needs: Boomers & millennials

People always say it is never too early to start planning for your future, but when is the right time to make sure your loved ones have been planning for their own?  Being a Millennial myself, I’d like to think that my mother will be in perfect health forever, but there will be a day that I will need to start the conversation about her long-term care wishes.  

According to a new study from Genworth Financial, they found that 27% of Millennials would give their parents (Boomers) or loved ones a “failing grade” due to not planning for, or talking about, their long-term care needs.  During the same survey, 56% of Millennials surveyed think they will plan for their long-term care needs more effectively than the previous generations.

Unfortunately for the millennial generation, this means the burden of providing long-term care for our parents will most likely fall on our shoulders.  Seeing a parent’s health progressively worsen can cause huge emotional stress and then the added financial burden of making sure your parent is in the best long-term care facility for their needs.  

The median annual cost for a private nursing home room in 2015 is nearly a $100,000 and the annual cost for living in an assisted living facility now runs close to $43,200.
 
So what can we do as Millennials to prepare our parents for their future?  

Start having conversations with your parents today about their long-term care wishes and what their financial plan is to pay for these potential costs. Do they have a pension or a long-term care insurance policy?  What plans do they have for their future savings?  

Having this simple conversation with your parents now could save you a huge amount of stress in the future.

Blair Tetenbaum is a Marketing Specialist with Fashion Seal Healthcare®.  She brings a strong, up-beat passion to the team with a unique perspective as a millennial.
 

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