By the time clients are in their 70s, they need two important tools, Rosenblatt said.
First is a fighter's appetite for battle.
"(Long-term care) Insurers will deny claims because they can, so you have to be patient with the process and not give up when you are initially rebuffed at the claims level," she said. "A lot of people are uncomfortable with this."
The other "tool" is an assessment of long-term care needs, which might look different from how retirees viewed potential care needs in their 50s, she said.
"The real question now is, Can they afford now to pay for long-term care if it's needed?" Rosenblatt said. Having perhaps a better handle on how a portfolio – and your health – are holding up might make the decision easier to let a long-term care insurance policy lapse, she said.
Having these conversations is still taboo in most families, with many parents still reluctant to share their financial details with adult kids, Bossung said.
"Where I have seen it loosen up a little has been in cases where a family has gone through a difficult time because someone didn't make their decisions clear," she said. "Children of those folks are starting to have these conversations."
About The Writer
Janet Kidd Stewart writes The Journey for Tribune Content Agency. Share your journey to or through retirement or pose a question at firstname.lastname@example.org.
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