Failing to Plan for Long-Term Care Fails Loved Ones

You may have heard the adage ‘failing to plan is a plan to fail’. This is true when discussing future costs and burdens associated with aging. Cost of care is expensive and family caregivers face challenges. LTC Insurance is a solution.

Recommend This Page
Failing to Plan for Long-Term Care Fails Loved Ones
3 Min Read August 13th, 2020

The negative impact of being caregivers of family members is growing as the United States' aging population's need for long-term care services are on the rise. Longevity planning should be an integral part of every retirement plan, but many times the need for advance planning goes uncompleted. This leaves many adult children and other family members caring for aging parents.

According to the National Alliance for Caregiving and AARP, approximately 34 million unpaid caregivers in the United States provide care for individuals ages 50 or older. Almost half of those caregivers are taking care of someone with Alzheimer's or some form of dementia. In addition to taking care of their parents, many caregivers are also taking care of their own family members. This can take an emotional, financial, and physical toll on the caregiver. Many are exhausted and diminish their own needs to satisfy the needs of their loved ones. 

Many studies have been conducted, and the results are staggering. 68% of unpaid caregivers report that they have to use their own funds to care for and provide for their family member that has a long-term care need. In addition to the financial burden, almost 50% report they feel their physical health suffers because of their caregiver status. 

Caregivers Face Pressure

Most caregivers are female, close to 75%, and many of them report feeling pressure, stress, and financial burden by their family member long-term care needs.

Although caregivers' average age is 49, about 25% of those providing long-term care for a family member are millennials. There is additional pressure placed on them as they are many times having to choose between their careers and caregiving. 

Without proper long-term care planning, not only do millennials suffer, but many working caregivers have to make tough choices when it comes to their careers. Many have stated they have had to do everything from taking leaves of absence, coming in late, leaving early, turning down promotions, and even taking early retirement to accommodate their family member's needs with a long-term care event.

Long-Term Care Includes Care at Home

Many people think of long-term care as end of life or nursing home planning, but the reality is long-term care is assistance one needs when they are no longer able to perform everyday tasks or activities of daily living independently. 

It also includes the care or supervision needed if someone has a cognitive or senility issue. Currently, 52% of new claims for long-term care start in the home. You could need care for years, and without proper planning, you could become a burden and leave their care needs up to their family and friends. 

Most families have not discussed long-term care, including the costs, and the emotional drain on caregivers. Studies show caregivers are likely to neglect their own health care needs when caring for a loved one. Many do not have routine check-ups, dental visits, or even go to the doctor when they are sick or in need because of their role as caregiver. The deterioration of a caregiver's physical and mental well-being has been well documented, and proper planning needs to be done to prevent such damage.

LTC Insurance Eases Family Strain

Experts agree that having affordable Long-Term Care Insurance is an appropriate alternative to leaving the responsibility of caregiving to loved ones. Long-Term Care Insurance policies allow for care to be provided where and how a person wants or needs it; be that at home, assisted living, or in a full care facility like a nursing home. 

Many policies also provide additional family support, such as respite care support and care coordination. Removing the burden of care from family members while protecting your retirement assets is a responsible way for managing future long-term care needs.

The best approach is to seek professional advice from a specialist. Most financial advisors and general insurance agents do not necessarily have the expertise to assist with these complex products.  

Recommend This Page

About the Author

Liz Pace is a Chartered Life Underwriter (CLU), Chartered Financial Consultant (ChFC) and has her Certification in Long-Term Care (CLTC). She is a client centered Wealth Management Expert who specializes in wealth management and long-term care solutions

LTC News Contributor Liz Pace

Liz Pace

Contributor since August 14th, 2020

Editor's Note

The resources on LTC NEWS will help you prepare your family and finances for the financial costs and burdens that come with longevity. As you prepare for your future retirement, better consider the consequences long-term care will have on you and your loved ones. 

Remember, long-term care is both a cash flow problem and a family problem. The right solution will safeguard savings and income and ease the stress and burden otherwise placed on your family. 

Use the LTC NEWS Cost of Care Calculator and find both the current and future cost of care services where you live. Click here and see the financial impact. 

Experts suggest planning when you still enjoy relatively good health. The ideal time is in your 40s or 50s. Be sure to seek a trusted and experienced Long-Term Care Insurance specialist. The specialist should represent the major insurance companies and have substantial experience in all the policy types available to you. 

Find a trusted and experienced Long-Term Care Insurance specialist by clicking here.

Get Published on LTC NEWS

You can share a story for publication on LTC NEWS and let America hear what you have to say. Be sure your article fits the LTC NEWS target audience of adults 40-70.

Topics can include stories on:

  • Aging
  • Caregiving
  • Health
  • Long-Term Care
  • Retirement Planning

There are numerous other related topics, as well. You can even promote yourself, your business, and your website or blog. It must have editorial content exclusive for LTC NEWS and cannot be just an advertisement. It can include links to other sites, and you can share the article link once published on your website or social media.

Sponsored content opportunities also exist, offering you a long-form way to sell yourself, your company, and your ideas.

Email your story idea or article to: or click here.

LTC News Trusted & Verified

Get Accurate Quotes

Work With A Trusted Specialist

  • Has substantial experience in Long-Term Care Insurance
  • Strong understanding of underwriting, policy design, and claims experience
  • Represents all or most of all the leading insurance companies
man and woman sitting at desk
Connect With a Long-Term Care Specialist

Find Affordable Insurance and the Right Coverage.

LTC News Trusted & Verified
Learn More

Step 1 of 4

Find a Specialist

Get Started Today

Trusted & Verified Specialists

Work with a trusted Long-Term Care Insurance Specialist Today

  • Has substantial experience in Long-Term Care Insurance
  • A strong understanding of underwriting, policy design, and claims experience
  • Represents all or most of all the leading insurance companies

LTC News Trusted & Verified

Compare Insurers


Claim this listing

Fill out this short form

Step Number:


Request Listing Edit

Tell us a little bit about yourself.

Step Number:


Are you a customer of this business, or are you an employee?