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How much long-term care insurance should your parents buy?
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Dealing with aging parent isn’t easy under any circumstances, but it can be made even harder if money becomes a major issue. Long-term care is expensive. Whether they end up needing a nursing home, assisted living or care in their own homes, your parents could have to pay a lot of money for care as they age – and if they aren’t prepared, the financial burden could fall on you.
There is a way to get ready for this, though — long-term care insurance. If your parents don’t have a long-term care insurance policy, you should push them to consider it. One important question when buying long-term care insurance is how much coverage you should get. If you are helping your parents navigate the long-term care insurance purchasing process, it helps to know how much they should actually buy.
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How much long-term care insurance should your parents buy?
There are several factors to consider when helping your parents decide how much long-term care insurance to purchase. Here’s what to think about when assisting them in the process.
Where do they live?
A major factor in how much long-term care insurance coverage you need is the cost of care where you live. The price of long-term care services varies widely across the country. For instance, in New York the average cost of a private room in a nursing home was $158,797 per year in 2021. In Ohio, it was $98,550 and in Missouri it was $71,175. You can use Genworth’s cost of care tool to get a sense of how much you might pay for various long-term care services where you live.
Make sure to take into account not only where your parents live now but if they’re going to move when they retire. If your parents live in New Jersey now but are planning to move to Florida when they turn 70 that would mean a big difference in how much they’ll have to pay for care. For instance, the average cost of a home health aide in New Jersey was $68,526 annually in 2021 but in Florida it was $57,200.
Find the right long-term care insurance policy for your family now.
How much money do they have for retirement?
The next question surrounds your parents and their retirement planning. If they have planned well and have a decent retirement nest egg, they’ll need less coverage than if they don’t have significant retirement funds and will be using everything they have for day-to-day living costs.
“My recommendation would be to estimate what three years of care costs today,” says Jesse Slome, the founder and executive director of the American Association for Long-Term Care Insurance. “Then decide how much you are willing and able to pay from current retirement savings and projected or actual social security or pension income.”
Let’s say you anticipate your parents will live in South Carolina when they retire. According to Genworth, the average monthly cost of an assisted living facility in the state was $3,612 in 2021. Look at your parents’ finances with them and figure out how much they can reasonably expect to pay toward this service. From there, you can figure out exactly how much coverage to consider.
If your parents decide they will be able to afford to pay $2,000 per month, they could consider a long-term care insurance plan that will be able to pay the rest of the cost, around $1,600. If the premium for that amount of coverage is too much for them to fit in their budget, then re-work the budget, if possible.
“Some coverage will always be better than none at all,” Slome says.
Medical history matters
Another factor to consider when choosing how much long-term care insurance coverage your parents will need is their medical history and your family’s medical history. If Alzheimer’s is common for your father’s side of the family, for instance, he may be more likely to end up needing to live in a nursing home. The decision of how much long-term care insurance coverage he needs should take into account that possibility.
Consider linking their policies
One way to make it more likely that your parents have enough long-term care insurance is to link their policies through a “shared care” rider. When you do this, if one of your parents dies before they’ve used all of their available benefits, the leftovers will be inherited by the other parent for no additional fee. A shared care rider will add a cost to your premium but it is generally not too burdensome.
For instance, let’s say both of your parents buy policies that provides $2,500 in benefits and a maximum lifetime benefit of $150,000. If your mother dies at age 72 without having used any of those benefits, they will pass to your father. He’ll now have $5,000 a month available and a maximum benefit of $300,000. If your father lives significantly longer, he will be more likely to cover his long-term care costs with this extra money available.
The bottom line
There are many factors to consider when helping your parents buy long-term care insurance. You need to account for where they live, as the cost of care varies across the country. You should also consider how much money they have saved for retirement and what services their personal and family medical history indicates they may need. By taking these factors into consideration you’ll boost your parents’ chances of securing cost-effective and comprehensive long-term care insurance.
CBS News
How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
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The Minnesota Vikings will take on the Chicago Bears today. The Vikings are currently 8-2, an impressive run so far this season, and will be looking to add a fourth win to their current streak after last Sunday’s 23-13 win against the Tennessee Titans. The Bears, on the other hand, are entering this game on the heels of a four-game losing streak after a tough 20-19 loss against the Green Bay Packers last Sunday.
Here’s how and when you can watch the Vikings vs. Bears game today, whether or not you have cable.
How and when to watch the Minnesota Vikings vs. Chicago Bears
The Vikings vs. Bears game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Minnesota Vikings vs. Chicago Bears game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.
Fubo offers you an easy, user-friendly way to watch NFL games on CBS, Fox, NBC, ABC, ESPN, and NFL Network, plus NCAA football channels. The Pro tier includes 200+ channels and unlimited DVR, while the Elite with Sports Plus tier adds NFL RedZone and 4K resolution. New subscribers get a seven-day free trial and all plans allow streaming on up to 10 screens simultaneously.
You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.
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How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more
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The Detroit Lions will face off against the Indianapolis Colts today. The Lions enter this game as top contenders with a near-perfect record of 9-1 so far this season. The Colts, who are 5-6 this season, could have a tough game on their hands against the Lions but will be looking to rack up another win after prevailing over the New York Jets in a tight game last Sunday.
Here’s how and when you can watch the Colts vs. Lions game today, whether or not you have cable.
Here’s how and when to watch the Detroit Lions vs. Indianapolis Colts
The Lions vs. Colts game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Detroit Lions vs. Indianapolis Colts game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.
Experience NFL action like never before with Fubo’s comprehensive sports streaming platform. From Sunday showdowns to primetime matchups, catch every NFL game across major networks including CBS, Fox, NBC, ABC, ESPN and NFL Network. Choose the Pro package to unlock 200+ channels and limitless DVR storage, or elevate your game-day experience with the Elite with Sports Plus package, featuring NFL RedZone’s commercial-free scoring highlights and stunning 4K quality.
Test drive the service with a no-commitment seven-day free trial, and share the excitement with family and friends — Fubo supports simultaneous streaming on up to 10 devices, so everyone can watch their favorite teams.
You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games, and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.
CBS News
How to watch the New England Patriots vs. Miami Dolphins NFL game today: Livestream options, more
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The New England Patriots will face off against the Miami Dolphins in a game today at the Hard Rock Stadium in Miami. The Patriots have had an uneven season so far, coming into the game with a record of 3-8, including a 28-22 loss to the Los Angeles Rams on November 17. The Dolphins, however, haven’t fared much better this season as they enter the game with a record of 4-6, although they are coming off two wins in a row, the latest against the Las Vegas Raiders last weekend.
Keep reading to find out how and when to watch the New England Patriots vs. Miami Dolphins game today, even without cable.
CBS, Paramount+ and CBS Essentials are all subsidiaries of Paramount Global.
How and when to watch the New England Patriots vs. Miami Dolphins game today
The New England Patriots vs. Miami Dolphins game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (10:00 a.m. PT). The football game will be shown on CBS and streamed on Paramount+ and the platforms noted below.
How and when to watch the New England Patriots vs. Miami Dolphins game without cable
While CBS is available with many basic cable packages, you’ll have other viewing options, too for the Patriots-Dolphins game. Just understand that the below streaming options will require the use of an internet provider:
Paramount+: Watch CBS-aired NFL games without cable
With Paramount+ you’ll have multiple viewing options to choose from. You can catch NFL games on the Paramount+ Essential tier for just $7.99 each month or you can watch college football with a Paramount+ with Showtime subscription for $12.99 monthly. In addition to live streams of NFL games airing on CBS, you’ll get to watch additional live sporting events including NCAA college football, PGA Tour golf, soccer and more.
Get started with Paramount+ here today.
Amazon Prime Video: Add Paramount+ to your existing subscription
Already have an Amazon Prime Video account? Simply add Paramount+ to your current subscription to watch all the CBS-aired NFL games in addition to Paramount+ originals. The same prices from above apply, depending on which tier you choose. Not sure which is best for you? Don’t worry. Both options come with a free seven-day trial that can help you decide.
Watch the Patriots-Dolphins game on Amazon Prime Video.
Fubo: Watch the Patriots-Dolphins game for free
Looking for an inexpensive way to watch football? Fubo could be the best way to do so. The live TV streamer is currently offering a seven-day free trial and $30 off of your first month’s subscription. Once subscribed, you’ll gain access to all of their live sporting events immediately. And there will be a lot to choose from. Not only does Fubo come with access to NFL games airing on your local CBS channel, it also includes Fox Sunday NFC games, “Sunday Night Football” on NBC, “Monday Night Football” on ABC and ESPN and all of the games that air on the NFL Network. So don’t wait.
Get started with Fubo online now.
How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more
How to watch the New England Patriots vs. Miami Dolphins NFL game today: Livestream options, more
How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more