According to a study commissioned by the
- 21 percent of respondents ages 40 to 59 provided some financial support to a parent age 65 or older. By contrast, 48 percent provided support to at least one adult child — an increase from 42 percent just seven years ago.1
- Of parents providing primary support to an adult child, 62 percent say they're doing so because the child is still in school. But more than a third (36 percent) are doing so for some other reason.1
- One in seven survey respondents provided financial support to both an aging parent and a child.1
"The emotional and financial strain of caring for an aging parent is challenging enough. But as more consumers also provide support for an adult child, their own financial security may be at risk," said
To help consumers get smart about insurance needs for age 50 and beyond, the NAIC developed Get Ready resources for Turning 50. The resource kit includes tips and tools such as challenging questions to consider and a Take Action Now checklist of things to do to ensure that unforeseen insurance needs do not get in the way of financial stability.
- Middle-aged parents should openly discuss post-college health insurance coverage with their adult children and determine who will foot the bill for co-pays and deductibles. If the adult child lives at home, parents should have the same conversation about auto insurance.
- Caregivers should make sure their aging parents enroll in
Medicarebefore they turn 65. If there are gaps in coverage, Medicare Supplement Insurancemay help.
- For some, depending on age and future income, purchasing an annuity may make sense as part of your long-term financial planning.
The NAIC partnered with singer-songwriter
- Create a plan: Establish a plan that gives your loved one the care he or she needs and allows you to actually enjoy the time you have together.
- Solicit support: Caring for a parent while working a full-time job and raising kids is emotionally and physically draining. Surround yourself with people who care and be willing to ask for help.
- Talk about finances: Long before you think you need to, review your parents' insurance information to understand their wishes and to make any changes together.
For more tips and tools to help navigate the complex insurance issues associated with life in the sandwich generation, visit InsureUOnline.org. Consumers interested in insurance information specific to where they live can contact their state insurance commissioner.
1) "The Sandwich Generation." http://www.pewsocialtrends.org/2013/01/30/the-sandwich-generation/
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