As more people are getting older in the United States, the amount of people needing long-term care services continues to increase. However, many people ignore long-term care and fail to plan for the financial costs and burdens of aging. They avoid or delay the decision, so they end up doing nothing. The final result means the family goes into crisis mode. The lack of planning often forces many untrained family members into a caregiving role they did not expect or plan for.
A recent poll indicates that these adult caregivers have very little training adding to the tremendous stress they face dealing with their role as a caregiver. Remember, a family caregiver is usually in addition to their own career and family responsibilities.
Caregiving is Hard
The Associated Press-NORC Center for Public Affairs Research survey finds that caregivers don't just drive people to the doctor and help them with shopping. Nearly half provide medical care, from changing bandages (30 percent) to inserting catheters or feeding tubes (6 percent). This care is in addition to assisting with the person's activities of daily living or supervision due to memory issues.
Only 47 percent of those say they got most or all of the training needed for their often delicate tasks. The lack of training is not good for the person receiving the care and adds to the stress of the family caregiver.
Nearly half of caregivers say it's moderately or very difficult to balance work and caregiving. Men are more likely to report that their employers are not at all supportive.
Read the full story on the poll - Here.
The consequences of long-term care impact everyone. These consequences are why many financial specialists recommend an advance plan, so a family's future retirement savings are protected.
Long-Term Care Insurance Protects Savings and Provides Access to Quality Care
Affordable Long-Term Care Insurance will safeguard your 401(k), IRA, 403(b) and other assets while reducing the burden placed on family members. It also provides the tax-free resources to provide access to your choice of quality care either at home or in a facility.
The poll suggests people like being involved with an elder adult's care; however a Long-Term Care policy would provide resources for quality care, thus giving the family time to be family. Family members won't be burdened with the full responsibility for the care itself.
Some people think these insurance policies are expensive. The fact is if you purchase a plan before you retire Long-Term Care Insurance can be very affordable.
Planning for the financial costs and burdens of aging is an essential part of your overall retirement plan. But remember, Long-Term Care Insurance is more than just asset protection. It is about family. It is about avoiding dependence on others and maintaining your control.
Plan Before You Retire
Start your research, ideally in your 40s or 50s, when you can enjoy low premiums and take advantage of good health discounts. LTC NEWS provides you with many tools to help your research. Start your research by clicking here.
Premiums can vary, sometimes by more than 100% for the same coverage. An experienced Long-Term Care Insurance specialist can match you with the right plan so you can save money. Click here to find a trusted and qualified specialist.
About the Author
An LTC News author focusing on long-term care and aging.
Contributor since August 21st, 2017