Parents

The cost of Long Term Care Insurance (LTCI) tends to increase as you age. Which means that starting your LTCI journey as early as possible can have significant financial benefits. Unfortunately, many younger folks are still finding their financial footing, and LTCI can seem like a heavy lift. This is not an insurmountable problem, and many younger folks have taken to a solution that can feel downright old fashioned: asking their parents for help. 

This tends to be a win-win situation, helpful to both the adult child and to the parents. After all, most parents want to know that their kids will be safe and taken care of no matter their age. 

But the conversation itself can sometimes feel a little awkward. And that awkwardness can often get in the way. For adult children, preparation and courtesy can make all the difference. And when you feel more prepared going in, you’ll generally be more confident and can often expect better results. Knowing the hows, whys, and whats can help improve clarity for everyone and get you closer to your goal of finding the right LTCI for you and your family.

How to Approach The Talk

It’s not always easy to ask for help. It can also be challenging to discuss topics such as long term care, which deals with some possible challenging medical situations. So it’s important to know going into this conversation that it won’t be like talking about what to eat for dinner. It’s a more substantial discussion that requires a more deliberate and intentional approach.

The following tips will help you approach this conversation in a more productive and more comfortable way. 

Schedule Appropriately

It’s a good idea to schedule time specifically to discuss this topic. You may not know how long the conversation will take, but set aside a good chunk of time on your calendar. Once it’s on the calendar, you’ll be less likely to procrastinate or avoid the meeting! Make sure all parties know the agenda, and leave plenty of time for questions. 

Know the Benefits for All Parties

In order to make a compelling case to your parents, it’s important that you are informed and knowledgeable when it comes to LTCI. That’s especially true when it comes to the benefits of LTCI, both for yourself and for your parents. For example, here are a few points you can emphasize:

  • You being covered by your own LTCI policy will give your parents peace of mind later in life: They won’t have to worry about their child’s financial security crumbling due to needing long term care. They also won’t have to worry about becoming a caretaker (either financially or physically) again should their adult child need long term care. And in this way, LTCI can grant your parents a significant amount of peace of mind.
  • Your parents will be able to see the results of their money while they’re alive: Many parents want to leave something to their children when they die, and often that takes a monetary form. But when they contribute to your LTCI, they will be seeing the results of their money (and their legacy) while they’re still alive. Even if the insurance policy is never activated, or not activated while they’re alive, they’ll understand that you have less to worry about and can see you enjoying that financial and emotional security.

Make Sure You Have Done Your Homework

Before the conversation begins, it’s important that you’ve done your homework and that you have answers to the questions that may come up. There are a couple of things in particular you’ll want to make sure you know in advance:

  • What amount of coverage makes sense for you: LTCI plans can offer a wide variety of different coverages. Discover which coverage configuration makes the most sense for your health and your goals.
  • How much you’re asking your parents to contribute and why: You should have a sense of what you can afford, what you need, and what the gap between those two looks like. If you have a specific dollar value in mind, that will make it easier for your parents to know what they are being asked to contribute. 

Doing your homework will show that this is something you’ve thought through and considered, meaning you aren’t asking on a whim.

Be Respectful During the Conversation

This may feel like common sense, but it’s still an important factor to keep in mind and be thoughtful about. Conversations around money can be awkward, tense, and difficult, so do your best to remain respectful throughout the experience. Treat your parents’ concerns and questions with care and seriousness. And know that everyone is likely trying their best to come to an amicable place.

Give Your Parents Time to Think it Through

Don’t rush your parents into a decision. They deserve time to weigh the variables and consider their options. When asked to enter into a financial decision, most people like having time to think things through! This is especially true if your parents have their own financial limits and restrictions to consider. After all, remember that your relationship with your parents is also important and it deserves to be safeguarded throughout this process.

You Don’t Have to Do it Alone

LTCI can feel exceptionally complicated. But this isn’t a decision you have to make alone. Your parents can help in many ways, including financially. Professional LTCI experts can also help steer you in the right direction, making sense of a complex and often confusing array of options. 

Once you have that LTCI policy in place, you will get to enjoy an amount of economic and medical security, as well as the significant peace of mind that comes with it. And so will your parents.

Want to know more about LTCI? Contact us today to schedule a consultation!

On December 30, 2025   /   Blog