Study Shows Implications of Family Caregiving

As more people require long-term health care services those with no advance plan place family members into the position of being a caregiver. A study outlines the implications and impact of family caregivers. LTC Insurance can help your family.

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Study Shows Implications of Family Caregiving
7 Min Read September 25th, 2017 Updated:June 13th, 2022

American families are shouldering caregiving responsibility for elderly family members or loved ones with chronic health issues due to an illness, accident, or aging. The consequences are having a tremendous impact on loved ones.

A study conducted by the Transamerica Institute details caregiving's impact in a long-term care situation and its implications on caregivers. The Transamerica Institute is a nonprofit, private foundation dedicated to identifying, researching, and educating the public about retirement, health coverage, and other relevant financial issues facing Americans today.

This comprehensive study shows the vast majority (87%) of unpaid caregivers are family members. Among all caregivers, the population is split almost evenly, with slightly more women (53 percent) than men (47 percent). Millennials (34 percent) and Baby Boomers (37 percent) are more likely to be caregivers than Generation X (22 percent). Fifty-one percent are employed either full-time or part-time.

Key Findings

  • 36% of them provide 100 or more hours of care per month

  • 32% of primary caregivers have been providing care for five or more years

  • 53% of primary caregivers are also employed full-or-part time

  • 21% say their health has declined since becoming a caregiver

  • 22% say their financial situation has worsened

While most caregivers tell researchers that their caregiving experience is positive and do it out of love, the real impact creates a tremendous burden on the caregiver and their family. 

Many caregivers are also holding down jobs in addition to their caregiving duties. The survey examined how these caregiving duties may negatively impact their employment situation. According to the study, being both a caregiver and handling formal career and family responsibilities requires a delicate balancing act.

Caregivers Have Many Personal Responsibilities 

The majority of all caregivers are currently employed full or part-time (52 percent). Of the 40 percent of caregivers who are not presently employed, most (65 percent) were never employed during their time as caregivers. 

For those who were employed, the study shows that caregiving hurt their careers. As a result of their caregiving duties, 76% of employed caregivers have adjusted to their employment, ranging from using vacation and sick days to quitting their jobs altogether.

Role of Caregiver Has Adverse Effect on Career 

Twenty-six percent of employed caregivers have reduced their hours or job responsibilities due to their role as a caregiver. Some, however, had to leave their jobs, at least temporarily. Eighteen percent of employed caregivers have taken a leave of absence. Fourteen percent of employed caregivers have retired early or quit their job. 

Reducing hours or leaving their jobs creates financial challenges for the caregiver and the caregivers' families. In some cases, their relationship with their employer changes.

Forty percent of all employed caregivers feel that their role as a caregiver has strained their relationship with their employer. Some have experienced adverse actions taken by their employer. Twenty-eight percent of caregivers who are employed or have been employed during their time as a caregiver experienced adverse action(s) taken by their employer(s) due to their caregiving responsibilities.

The juggling act family caregivers must perform with all these responsibilities makes an already demanding job even more difficult.

Caregivers Face Many Difficulties

Being a caregiver has an impact well beyond the time their role as a caregiver ends. The caregivers' future retirement savings are often adversely impacted as 18% of caregivers have taken a loan or withdrawn from their retirement accounts due to caregiving responsibilities.

For some, the caregiving experience creates health issues for the caregiver. Approximately one in six caregivers (17%) indicate their general health has gotten worse/declined since becoming a caregiver.

See the full report by clicking here

Avoid a Family Crisis

Family caregivers encounter many feelings when forced into a caregiving situation. Without an advance plan, the family must face crisis management. Many family caregivers face high levels of anxiety, anger, and resentment.

If you find yourself in this situation, there are ways to cope. Click here for this helpful guide.

The report confirms what many people already know. The family will step in to be a caregiver in a long-term health care situation if they must, no matter the impact it may have on their careers, health, and families. 

Family caregivers are usually unprepared and untrained for an emotionally and physically demanding job. Care recipients, often a parent, feel uncomfortable with a family member helping with personal hygiene and other daily care needs people require as they age.

Caregiving is not easy and has a physical, emotional, and financial impact on the caregiver in many situations. Do you want to place this stress and burden on your family? 

Long-Term Care Insurance Benefits Families 

You can make your future aging easier on your loved ones by planning for the financial costs and burdens created by longevity. The solution is already helping many American families.  

Affordable Long-Term Care Insurance provides guaranteed tax-free resources to pay for quality caregivers in any setting – home, adult day care, assisted living, memory care, and nursing home. This allows family members the time to be family and not change the relationship from a loved one to a caregiver, which changes the relationship's dynamic.

In addition, many families want to try to keep loved ones at home. The desire for in-home care has increased over the years, especially since the COVID-19 virus crisis. 

Without professional help, the impact on family caregivers is enormous. Professional care is usually brought in too late when no Long-Term Care Insurance is in place. The result means the care recipient goes into a long-term care facility sooner when it could have been avoided if the person had the appropriate in-home care.

Higher labor costs, inflation, and greater demand for long-term health care services are rapidly increasing costs. These higher costs adversely affect lifestyle and legacy.

Case Management Helps Loved Ones

Affordable Long-Term Care Insurance will also provide professional case management. Case managers help develop a care plan and find quality care options so the family can concentrate on being loving and supportive. 

The best time to obtain coverage is before retirement, as you have the most available options and can take advantage of affordable premiums.

People require long-term care services due to declining health, mobility problems, accidents, and the frailties of aging. The report shows the range of conditions:

Since the risk of needing long-term care is very high, having some plan to reduce the burdens and manage the costs of extended care costs becomes a vital part of a future retirement plan. 

There are three types of insurance products that address long-term care. 

  • Traditional LTC Insurance

These conventional types of insurance policies include partnership plans, which are available in 45 states. Partnership Long-Term Care Insurance provides additional dollar-for-dollar asset protection.  

Generally, the traditional policy provides the most long-term care benefits for the least cost. While most of these plans will not have death benefits, some plans offer a return of premium option at additional cost. 

  • Asset-Based/Hybrid LTC Insurance

These policies combine life insurance or annuities with long-term care benefits. Often paid with a single premium, they offer death benefits if you never require long-term care services. While these policies are expensive, they can guarantee that the policyholder, or their heirs, will benefit from the policy.

Be careful; some of these plans are not long-term care plans as they do not meet the guidelines under Section 7702(b) of federal law. Only consider a policy that meets these guidelines that require consumer protections, tax benefits, regulated benefit triggers, and more. Be sure to speak with a specialist to find you an appropriate policy. 

  • Limited-Duration/Short-Term Care Insurance

These are usually cash indemnity policies that pay benefits for one or two years. They typically have less restrictive underwriting and age requirements. They are ideal for people who may be older but still enjoy independence or those who may be younger but have health issues that make it challenging to obtain conventional policies. 

This article reviews the various types of available plans.

Luckily, affordable options are available for most people. You work hard and save money for your future retirement. This effort will translate to a more enjoyable and worry-free retirement. Safeguarding your retirement savings (401(k) IRA 403(b) and other assets before you retire are crucial in addressing longevity risk and its impact on family and finances. 

Act Before You Retire with These Tools

Don't place the future responsibility of your future long-term health care on those you love. Start your research before retirement, ideally in your 40s or 50s. Use the tools available on LTC NEWS. These tools include:

Be sure to get the help of a qualified and trusted Long-Term Care Insurance specialist to help you shop for the best coverage that matches your age, health, and concerns. Click here for a specialist. 

Your aging can be easier for everyone if you just plan ahead. Give yourself and your family peace of mind by adding a Long-Term Care Insurance policy to your retirement planning. 

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About the Author

An LTC News author focusing on long-term care and aging.

LTC News Contributor James Kelly

James Kelly

Contributor since August 21st, 2017

Editor's Note

You can do all the planning you want, but your retirement plans can go up in smoke if you have not considered the variables. Changes in the economy and market fluctuations can have an impact. Your health decline and need for long-term health care can substantially change your financial position. Timing is critical.

You don't know when you will need care, nor will you know when economic changes will occur. You need guarantees. The guaranteed tax-free benefits from a Long-Term Care Insurance policy will be there when you need them.

You can limit the exposure your finances will have to long-term health care expenses, access the care services you want, including care at home, and give loved ones the time to be family instead of caregivers.

Many people will put this off, thinking they have plenty of time. Don't delay. Your current health allows you the ability to plan since LTC Insurance is medically underwritten. Don't think because you are healthy, you don't need to plan. Because you are healthy today, you have the ability to plan.

People need long-term health care due to declining health, mobility problems, dementia, and the frailty of aging. Living a long time can mean you will need care - and you don't have to have an illness to need long-term care. You could be old and feeble but otherwise healthy.

The time most people obtain coverage is in their 50s. Learn how easy and affordable Long-Term Care Insurance can be, plus there are several types of plans you can consider.

Seek Professional Help Planning for Long-Term Care

Experts recommend seeking the help of a qualified and experienced Long-Term Care Insurance specialist to help you find the right coverage. A specialist will match your age, health, and family history with the right coverage at the right price. 

Long-term care is a very specialized area, and few insurance agents and financial advisors have the expertise. Find a specialist who represents the top companies as premiums can vary over 100% between insurance companies. Leading specialists will often have over 500 clients with Long-Term Care Insurance.

A specialist will save you money, and you will have peace of mind knowing they are making the appropriate recommendations - Work With a Specialist | LTC News.

Planning Tools and Resources Available on LTC NEWS

Planning for the future is never easy, but long-term health care planning can be very complicated and comes with many emotions. Getting the right tools and resources will make the process much easier.

One of the goals is to reduce the stress and anxiety usually placed on your family at the time of crisis. LTC NEWS can be beneficial in providing you with important information for you to consider.

LTC NEWS has put in place several resources, including:

You might have questions and LTC NEWS provides the answers for many of the most asked questions here - Frequently Asked Questions | LTC News. Find all the resources available on LTC NEWS - Resources for Long-Term Care Planning | LTC News.

Does Mom or Dad Need Help Now?

If your family is already in crisis and you need to find help and the right care services for mom or dad, LTC NEWS can help. We have put together several comprehensive guides to help you in your process.

Start by reading our four guides -  

If your loved one is lucky enough to own a Long-Term Care Insurance policy, be sure they use it. Sometimes families wait, thinking they can save the benefits for a rainy day. Waiting on using available Long-Term Care Insurance benefits is not a wise idea. 

Get Assistance in Filing a Long-Term Care Insurance Claim

Many insurance companies have issued Long-Term Care Insurance policies over the years. Filing a claim can sometimes be complicated unless you know what to do or get expert help and assistance. 

Don't allow the claim process to stop you from using the benefits available in an LTC policy. Quality care obtained early will help provide a better quality of life and reduce the risk of a deep decline and facility care. 

If you need help in starting the process of a Long-Term Care Insurance claim, LTC NEWS can help. LTC NEWS provides free assistance with no obligation to help you or a loved one complete the claims process with a Long-Term Care Insurance policy. We have teamed up with Amada Senior Care, who will do all the work - free with no obligation. 

Get help finding quality caregivers or long-term care facilities and get recommendations for a proper care plan, whether a person has a policy. - Filing a Long-Term Care Insurance Claim | LTC News

Advantages of Reverse Mortgages 

Today's reverse mortgages for those aged 62 and older could be an ideal resource to fund a Long-Term Care Insurance policy OR even provide money to pay for care if you, or a loved one, already needs help and assistance. You might be eligible at younger ages as well. 

Some people have much of their savings invested in their homes. With today's reverse mortgages, you can find ways to fund care solutions, care itself, and even help with cash flow during your retirement. 

Learn more by asking questions to an expert. Mike Banner, LTC NEWS columnist and host of the TV Show "62 Who Knew" will answer your questions regarding caregiving, aging, health, retirement planning, long-term care, and reverse mortgages. 

- Just "Ask Mike." - Reverse Mortgages | LTC News.

Share Your Knowledge - Be A Guest Contributor for LTC NEWS

LTC NEWS is open to contributors to share their stories with the world. 

You can write a story or ongoing column for LTC NEWS. You can write about many topics, including aging, caregiving, health, lifestyle, retirement planning, and long-term care, to name a few.

Be sure to write for our core target audience of adults aged 40 and older. Our audience is worldwide; however, our primary target is the United States, Canada, the United Kingdom, Australia, and other English-speaking nations. 

Improve your website or blog's SEO and gain exposure and traffic at the same time by being a contributor to LTC NEWS. 

You can even promote yourself, your business, and your website or blog. However, it must have editorial content exclusive to LTC NEWS and not 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.

Email your story idea or article: newsroom@ltcnews.com - LTC News Contributors | LTC News

LTC NEWS - Your Marketing and Advertising Partner

Use LTC NEWS to drive traffic to your website and help you attract people interested in your products and services. Plus, you can improve your website's SEO so more consumers can find you when they search for your products and services.

There are various marketing options available with LTC NEWS. Traditional advertising, sponsored content articles, strategic alliances, and more are available. 

Learn more about how LTC NEWS can help you market your business, drive traffic, and improve SEO - Advertise With Us | LTC News.

Shared Links

LTC NEWS offers a 'helpful links' page so readers looking for additional information can find them easily. You can get a dofollow link to your website on LTC NEWS in exchange for a dofollow link on your site.

Let's work together and help consumers who search for us on the web - Site Request | LTC News.

You can also affordably purchase a dofollow link to your website or blog on LTC NEWS. Just contact the advertising department.

Sharing News with LTC NEWS 

Include LTC NEWS in your press release distribution. If your group, organization, business, political committee, etc., have news to share, send it to LTC NEWS. Email - newsroom@ltcnews.com  

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