for release December 22, 2000
The Sandwich Generation . . . Helping Your Aging Parents
by Carol Abaya, M.A.
Are you juggling doing errands for your aging parents, your children, yourself and working at the same time? Are you tired, stressed out and upset that your once vibrant parent is now frail and needy?
Do you feel alone? Rest assured you are not alone! The Sandwich Generation is dedicated to the 50 million Americans who may have elder/parent care concerns and/or responsibilities.
Scenario: There are all kinds of insurance - some very meaningful and others questionable. We've had questions on several, so here is my personal subjective viewpoint. Rarely are there age limits.
-- Rental care insurance: most car policies cover rental situations, so it's not needed. You do need to check your own policy. Also whether your policy will cover medical bills for those in the other car if you are at fault. However, if you don't own a car, then this insurance can protect you from fender benders or serious accidents. Make sure you know the deductible and co-insurance amounts. .
-- Travel insurance: there are various kinds, often for very little money, that can reimburse you for costs, especially travel expenses and for prepaid tours or cruises if you become ill and can't make the trip. Others cover medical expenses abroad. If you're older, this can be a life saver. A friend of mine had to be medi-vacced to Hong Kong from China and then home. Hospital bills in Hong Kong alone were $40,000+. You do need to make sure both emergency travel, to home travel and hospital costs are covered.
-- Burial insurance and credit card/loan insurance: Costs are usually high for burial insurance and credit cards. It's better to have a term life insurance policy that will cover these items. A special savings account can be set up for funeral expenses. There are also plans where you can prepay for your own funeral.
-- Extended warranties on appliances and electronic gadgets. May
be beneficial
if the item has high use and by several people - e.g., family TV which
kids use a lot. A dishwasher or washing machine that is used a lot. If
you get a lemon, the usual warranty is usually sufficient as you'll generally
know early on if there are problems.
-- Cancer Insurance. Yes, there are even special policies just for this, even though only 30% are likely to get cancer. Good medical insurance coverage, medigap policies, and LTCI can cover all (rather than just one) illnesses.
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Question: Do you think long term care/health insurance is good?
Answer: I recently completed a series of public presentations, and this question was asked at every session.
We automatically get car and homeowners insurance without batting an eye. Probably because the state or mortgage company requires it. Yet usage of these claims are very low.
As we all live longer, we're all going to need some kind of care. It may be nursing home care - though currently only 5% live their last days in one. Or home care help may be needed for ADLs (activities of daily living) or medical reasons.
I think long term home care insurance that pay for care in a SNF, ALF, or at home, should be a MUST evaluation. Beside providing the care itself, LTCI can help preserve assets for heirs and provides peace of mind for everyone.
Evaluate alternatives, costs, coverage and exclusions. You don't need to get the most expensive. You need to balance your income with future health care costs.
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Do you have a question? Send it in. Although letters cannot be answered individually, appropriate letters will be answered in this column whenever possible. Letters may be edited. Send letters to Ms. Carol Abaya, c/o Name\Address of YOUR newspaper (or mail direct to her at PO Box 132,Wickatunk, NJ 07765-0132) or e-mail her at SandwchGen@aol.com.
Carol Abaya is an international-award-winning journalist and creator of the unique magazine The Sandwich Generation: You & Your Aging Parents.
NOTES TO EDITORS: text = 490 words; other material = 160 words
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