Americans Resolve to Make Positive Change

Americans have had a wake-up call due to the virus crisis and the impact of COVID-19. A survey was overseen by Genworth to gauge the effect of COVID-19 on Americans' lives and their thoughts about their future long-term care and financial security.

The COVID-19 pandemic has inspired three out of four adults to make plans for their future. A majority of those surveyed said the pandemic has shown they are vulnerable to unforeseen illnesses.

What was unexpected by some experts was the impact on caregiving. The study showed one in three Americans to unexpectedly become caregivers overnight. The role of being a caregiver added additional stress and pressure on the family.

Attitude Change About Future Planning

Respondents indicated they their view of advance planning has changed. Seventy-three percent of those surveyed said the virus crisis changed their attitude about planning for the future.

"Respondents' reactions to the pandemic are not surprising considering the pandemic has had a tangible impact on just about every aspect of people's lives," said Christine Jensen, Ph.D., director of Health Services Research at the Riverside Center for Excellence in Aging and Lifelong Health, based in Williamsburg, VA.

"It has opened their eyes to the importance of lifelong health and being more proactive about planning for how we, as well as our older family members, want to age," according to Jensen.

Jensen expressed a silver lining that the pandemic has shined a spotlight on family and professional caregivers and raised awareness of the hard work they perform and the consequences that caregiving can have on the family.

Educate and Seek Assistance in Planning

Planning for the financial costs and burdens of aging is essential. Jenson recommends planning ahead, educating yourself, and seek assistance in that planning.

"The survey clearly demonstrates that the pandemic has inspired a lot of soul-searching, as people come face to face with the possibility that they or someone they love will become sick and need long-term care," Jensen said.

Some of the survey findings include:

• Fifty-three percent of those surveyed said the crisis had forced them to confront their own future health changes.
• Sixty-five percent indicate they must face their loved ones' vulnerability to unforeseen illness.
• One in three Americans suddenly became caregivers overnight, working, on average, nine hours a week.
• Due to stock market fluctuations and higher unemployment, 24% said they are less confident in their financial futures.
• The virus crisis has increased overall anxiety and stress. Fifty-three percent said they suffered from increased stress, and 49% reported anxiety because of the abrupt disruptions in their lives and future.

Affordable LTC Insurance is Planning Solution 

Planning experts suggest addressing the consequences of longevity before you retire. For many American families, affordable Long-Term Care Insurance provides the guaranteed tax-free resources to access their choice of quality care, including care at home. 

The impact of COVID-19 on long-term care facilities has demonstrated the importance of home care options or quality facilities to avoid mass infection issues.

However, you must have reasonably good health to obtain coverage to start with. The crisis has shown that your health can change unexpectedly at any time. As you age, the likelihood that pre-existing health issues may limit or eliminate the ability to obtain Long-Term Care Insurance.

The anxiety the public has about their finances underscores the need to have guaranteed benefits available. Nobody knows when they may need extended care and for how long your long-term health care event will last. Ignoring the financial costs and burdens of aging can have many consequences on you, your family, income and savings, and your lifestyle and legacy.

We do know our health, body, and mind will change in the decades ahead. For many American families, affordable Long-Term Care Insurance is the solution. When you have a policy in place, you will have access to your choice of care, and you will remain in control of the choices. When you have a policy you get to choose the type of care you want. If you want to be cared for in your home and avoid a facility, you will have the resources to get that easily accomplished. If you wish to be in a facility, you will have the resources to choose a quality facility. Your family gets the time to be family. Your income and assets will be protected. 

Reduce the stress and anxiety otherwise placed on your family. Be sure to start your planning before retirement, ideally in your 40s or 50s, when you still enjoy better health.