Long-Term Care for Parents of Those with Disabilities

I read an interesting reminder in Samuel Larry Feldman's excellent book, When Caring Isn't Enough . . . . To paraphrase him:

Parents of children with disabilities need to recognize that these offspring won't be able to care for Mom or Dad when they become elderly, because of the child's physical or mental disability. Neither will the parents be able to buy long-term care insurance (LTCI) for that child. But, if parents are trying to protect their assets so they'll be available to meet their child's needs in old age, the parents would be wise to shift the risk for the costs of their own care to a long-term care insurance company, thus preserving assets for their dependent child's use. If the LTCI policy pays for care at home or in a facility, it may be possible for the parent to remain at home and not displace the dependent child from their familiar setting. (p. 214, emphasis added)

Due to medical advances, we now have a generation of children with disabilities who will very likely outlive their parents. Since some studies suggest that 70% of adults age 65 will eventually need some form of long-term care, the wisdom of Mr. Feldman's advice is even more apparent.