President Honors Family Caregivers During Long-Term Care Awareness Month

This November marks the twentieth year of Long-Term Care Awareness Month in the United States. As we give thanksgiving for our blessings and families, it is an excellent time to review the consequences of aging, and the impact long-term health care has on your family and finances.

To go along with Long-Term Care Awareness Month, President Joe Biden has proclaimed November as National Family Caregivers Month.

"As my own family members have been caregivers, I understand the struggles family caregivers face and the importance of the care they provide," the President said.

Long-Term Care is About Family

Long-term care planning is about family, and it is not surprising that President Biden has declared November as National Family Caregiver's Month. 

The tie-in with Long-Term Care Awareness month makes sense as family members often become the default caregivers for their parents. The burdens placed on them affect the caregiver's health, family, and career as they attempt to juggle these responsibilities.

"Every day, millions of Americans provide essential care and medical assistance to their loved ones. These acts of love, commitment, and compassion enable their family members to receive the support they need to live a life with dignity," the President said in a statement.

Families Make Many Sacrifices When Becoming Caregivers 

President Biden says that during the COVID-19 pandemic, many Americans of all ages have had to make substantial sacrifices to keep their family members safe and healthy.

"During National Family Caregivers Month, we recognize the important role of our nation's family caregivers and thank them for the invaluable and instrumental care they provide," the President said.

The effort for a month to recognize family caregivers has been spearheaded by Caregiver Action Network (CAN). This nonprofit group provides free education, peer support, and resources to family caregivers.

Family Caregivers Face Many Demands

"A month dedicated to creating awareness of this vital issue that impacts millions of Americans made enormous sense back in 2001," shares Jesse Slome, director of the American Association for Long-Term Care Insurance. The group was one of the leading groups responsible for Long-Term Care Awareness Month being created.

Family caregivers face many struggles as they juggle the caregiving responsibilities with their careers, families, and other obligations. The job of a caregiver is demanding both physically and emotionally. 

Many families ignore the need for planning until a crisis occurs, often with little notice. These family caregivers are unprepared and untrained. Families will seek professional help, but that is costly. Long-term care costs are rising rapidly throughout the country due to increased demand, higher labor costs, and shortages of professional caregivers.

The LTC NEWS Cost of Care Calculator shows that the costs are rising quickly but vary depending on the type of care you require and where you live.

For example, in Tulsa, Oklahoma, the cost of in-home care is averaging $5,426 a month today, but in 25 years, that cost will average $10,955 a month.

Compare Tulsa with Roanoke, Virginia, where monthly home care costs are averaging $4,334 a month today, and in 25 years, the cost will average $8,750 a month. 

Nursing home and assisted living costs are usually more expensive - Cost of Care Calculator - Choose Your State | LTC News.

Without Planning Families Go into Crisis Mode

Health insurance and Medicare pay very little for long-term care services. Medicaid will pay for this type of care, but you must have little or no income or assets to qualify.

Long-Term Care Insurance offers compressive benefits, but you cannot purchase an LTC policy unless you have reasonably good health. If you wait for the crisis to start, you probably have waited too long.

Experts suggest obtaining coverage in your 40s and 50s when premiums are much lower, and your health makes it easier to obtain coverage.

Use the month to do more than think. Thank family caregivers. Discuss long-term care with loved ones. Then, take action to plan for the costs and burdens of aging and changing health.

Seek the help of a licensed and qualified Long-Term Care Insurance specialist who presents the top companies. Premiums vary over 100% between insurance companies, and the underwriting rules between companies also differ. A specialist will help you navigate and find affordable coverage - Work With a Specialist | LTC News.