First, let us answer one question: who are the adults aging solo?

The dream for many in this generation was to land a job, establish a career, buy a house and a car, get married, and then have children. However, 25 million Americans or one-third of the aging population are marching to the beat of their own drum. These are the ones who have gone through life without children. Bear in mind that this number does not include the baby boomer parents who lost a child or have one who is severely impaired.

Having a comprehensive long-term care plan is necessary for every baby boomer today, especially if you do not have children to rely on. If you look at the costs of all the care services in the country, you will find that even the lowest rates in the most budget-friendly states are not, well, cheap. These can amount to hundreds and thousands of dollars that Americans just do not have lying around. Bear in mind that these care requirements could last years.

Many are looking for various methods to fund their future care. Some have decided that insurance policies are enough to give the coverage that they need. In fact, approximately 90% of the policyholders are satisfied with the coverage that they have purchased. However, many are still hesitant to purchase any form of coverage today. Some still have one question in mind: is long-term care insurance worth it?

Finding Support and Coverage

• Deciding on the type of coverage is not as easy and simple as many often assume. This is why it is never a good move to wait until the last minute to secure coverage for long-term care. By delaying, you run the risk of higher premiums and disqualification from a policy because of health conditions.

• It is important to note that single and childless women must be more assertive when it comes to finding coverage because they often face higher charges for care services and policies. The reason behind this is that women have longer lifespans, which means that they need care longer than men.

• Remember that making an investment this big should not be done overnight. Finding the right long-term care policy can be achieved by research and consultation. You have to learn as much as you can about these plans, and you have to speak with the right insurance agent who will guide you through the process. This type of coverage works to ensure your independence and security, but you have to be smart in deciding what is included in your policy.

Proactive Steps You Can Take Today

Planning should be an ongoing process. Let’s take a look at some of the steps you can take now:

 Calculate your actions.

• You may not want to secure a policy if you do not know much about it yet. Remember that high health literacy is necessary for crafting a plan you might not even need for a few more decades.

• Research the features and possible benefits you can include in your own policy. Identify the ones that work best for your situation and stick to those. Do not fall into the trap of overloaded policies regardless of how comprehensive it is. Remember that the more features you add to your policy, the more expensive it becomes. People often struggle to keep up with the costs later on in life.

• You have to determine the right amount for your needs and keep in mind that basic policies are not that bad. Answer a few questions using this long-term care assessment tool, and see where and how you can start a plan now. This can help you get a more concrete idea of how you should begin planning for care.

Plan for active retirement AND old age.

Skirting around the issues that come with old age can only cause harm. You need to think about the reality of aging — getting sick, growing frail, and experiencing limitations — because care for these instances cost a great deal of money. You may be living a healthy lifestyle, but some instances, like accidents, slips, and even old age, are just unavoidable.

You need to be thorough when it comes to planning because you should not rely on your nieces or your nephews to provide the care that you need. After all, they are probably worrying about the care requirements of their own parents.

Plan with your friends. Share resources and opportunities.

Proximity to friends can be immensely beneficial for baby boomers growing older without children, so why not plan your long-term care with your friends of the same age? One good aspect of this is that you can trade ideas and resources with each other. It can help open new ideas you did not even think of. It can help you see all the other options you did not know existed.

 Moreover, planning with your circle of friends means that you get to build a community that knows exactly what you are struggling with. It helps bring a feeling of belonging which is vital for people facing the challenges brought by aging. Lastly, and perhaps one of the biggest benefits, you get to grow older with the people you have established long-lasting relationships with.

Get the paperwork done as soon as you can.

Everything needs to be in black and white when you are planning for care. Begin laying out all the legal papers if you have not done this yet. These include living wills, advance health care directives, and durable powers of attorney. Gather all the documents that you need and start asking for legal help in securing these necessities.

What are your long term care plans? How are you planning for your later years? What are some other things to consider in your planning if you do not have children? Share your answers on our community forum then click here for a FREE eBook from The Association for Long Term Care Planning.

Written by: Samantha Stein from the Association for Long Term Care Planning. ALTCP provides free long term care information, resources and expert planning advice for seniors and adults. Our mission is to raise awareness and promote self-education on the need to plan for long term care.