Can I buy long-term care insurance for my parents?

Many children choose to purchase long-term care insurance for their parents, especially when the child has a greater amount of disposable income than the parents do. Purchasing a long-term care policy can provide a great deal of peace of mind and future savings for both parties.

Note that while you can cover part or all of the premiums yourself, when purchasing a policy, you must name your parents as the insured – you can’t name yourself and list them as dependents. Your parents will also need to meet whatever qualifications have been set down by the insurance company, such as medical examinations and reviews of medical history. They will also need to sign the application and healthcare releases themselves.

If you are considering purchasing a policy for your parents, do it sooner rather than later. It is generally considered best to purchase a policy before the insured reaches the age of 65, as policies purchased when the insured is younger and in better health will cost less than those purchased later on.

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