According to the Pew Research Center, nearly three out of 10 people in the sandwich generation – those individuals who care for their aging parents while supporting their own children – said they have provided financial support for a parent in the preceding 12 months.* Dr. Katy Votava, a renowned health care and money management expert, recently appeared on national television to discuss options for covering the soaring costs of long-term health care.
Medicare, as Dr. Votava explains, is designed to cover routine medical costs and short-term care, but not long-term care, which can leave seniors in a challenging financial situation. However, many seniors and their families, and often their financial advisers, aren’t aware that a life insurance policy is an asset that can help them fund their retirement years as well as long-term health care. Votava points to the life insurance secondary market as a way to re-purpose life insurance policies so they can be converted into an immediate source of income.
To learn more, watch the full interview as sponsored programming on The Balancing Act airing on Lifetime Television®.