Help for Senior Caregivers: Are Your Elderly Parents Over-Insured?

affordable assisted home care at home caregivers home care services in Minnesota non medical senior care senior home assistance eldercare at homeWhen it comes to aging and taking care of elderly parents, there are topics that are more obvious than others. Is mom and dad’s home handicapped accessible? Are their nutritional needs being met? Are they minimizing their risk for falls? One important topic that is usually not at the top of the list is reevaluating mom and dad’s insurance.

The National Association of Insurance Commissioners (NAIC) is the organization that sets U.S. standards and provides regulatory support for state insurance regulators. The NAIC has established InsureU (insureuonline.org) to help educate consumers about their changing insurance needs and provide education to avoid scams. Through InsureU, the NAIC provides tips and guidelines for each phase of a person’s life.

For seniors and boomers—and those who are caring for seniors and boomers—the NAIC provides questions and guidelines to help ensure that insurance consumers are not over- or under-insured.

Some questions for seniors that the organization proposes includes:

  • Reassess the current value of your home or condominium and your possessions to see whether you need to increase or decrease your insurance to cover their replacements costs in today’s market.affordable home care servies for seniors home help for elderly home assistance elder care in Minnesota assisted home care companies non medical senior care private pay home care at home caregivers
  • Consider whether you still need disability insurance. Important considerations include whether you are still employed, your age, how many years until you are eligible for Social Security, your individual financial needs, and your ability to pay the premiums, which typically escalate significantly as you age.
  • Long-term care insurance isn’t for everyone. If you are currently receiving Social Security or expect to have minimal or no retirement savings, you will likely qualify for state aid and should not purchase long-term care insurance.
  • If you are driving an older vehicle not worth much in current book value, consider dropping collision insurance. With older cars, the cost of collision coverage can exceed the value of the car.

For the comprehensive list of insurance considerations for seniors and boomers, be sure to check out the Seniors & Boomers page on InsureU.

Carol Hauser, MA

November 3, 2015

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