Since the virus crisis, we hear the term "new normal." Many people certainly don't like the changes that have occurred and hope things go back to where they were before COVID-19. However, caregivers who face the new role of being a caregiver for a parent or other family member immediately see a new normal in their lives.
We know life is already a balance between competing responsibilities. It is hard enough to balance your career with family, friends, and other duties life brings. Then it happens – Mom or Dad start declining, someone has to take charge. A family now must deal with a crisis.
Many family members find themselves in the role of being a caregiver, thinking it will be for just a short period of time. However, the need for long-term care services is often not only for a few weeks. Carol Bradley Bursack, author, columnist, consultant, and speaker who herself provided cared for a neighbor and six elderly family members, says caregiving can sometimes drag for years.
She says without a solid plan or reprioritizing, much of your life can be put on hold. She writes, "things that were once at the forefront of your life, like your job, your friends and even your relationship with your significant other, can wind up on the back burner."
Juggling the Roles of Your Life
It is hard to juggle the role of caregiver with other responsibilities like your career, family, and friends. While most people who need long-term care services gradually decline, it can sometimes be a sudden event. Either way, most family members are caught off guard what long-term care really means and the financial costs and burdens that come along with this part of life.
Bursack writes about the consequences of a marriage, the caregivers' children, and other relationships. Click here to read her thoughts.
How do you prepare for your future care needs? Yes, the normal response is you will never need extended care. However, people require long-term care services and supports due to an illness, accident, or the impact of aging. Once you reach certain age milestones, not only do you have a higher risk for physical help with everyday living activities, but your risk of suffering from cognitive decline increases as well.
Paid Long-Term Care Services are Expensive
The cost of paid care services are expensive and drains savings and adversely impacts income, lifestyle, and legacy. Family members who become caregivers face physical, emotional, and financial challenges. You can't make the decisions easily in a crisis situation. Your decisions on how you will address longevity and the consequences of getting older should be made well before your retirement.
For many American families, affordable Long-Term Care Insurance is an easy solution. Policies are custom designed to fit your needs and concerns. The cost of care services varies depending on where you live. The LTC NEWS Cost of Care Calculator will show you both the current and future cost of care where you or a loved one lives – just click here.
Every company has its own underwriting criteria, and premiums can vary over 100% between insurance companies. When seeking the right coverage, don't go to an unqualified financial advisor or general insurance agent. Find a qualified Long-Term Care Insurance specialist who will help you navigate all the companies' options. You will save money and will have the peace-of-mind knowing the recommendations being made are accurate, and the policy design makes sense.
Find a trusted specialist by clicking here. The ideal time to obtain coverage is in your 40s or 50s, but the key point is your health allows you to have coverage and choose from the most affordable options.
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LTC NEWS Offers Tools for Researching Long-Term Care Planning
LTC NEWS offers multiple tools and resources to help you research the financial costs and burdens of aging so you can find an affordable solution.
Find all the resources on LTC NEWS by clicking here.
One of the best tools is the LTC NEWS Cost of Care Calculator. You can find the current and future costs of long-term health care where you live. This information will help you design an appropriate LTC Insurance policy.
This comprehensive guide is an outstanding first-read - The Ultimate Long-Term Care Guide. Be sure to take notes so you can ask the appropriate questions when you speak with a qualified and trusted Long-Term Care Insurance specialist.
This conversation is one you should have with a specialist as most financial advisors or insurance agents lack the knowledge required in underwriting, policy design, tax implications, and claims. Find a specialist who works with the major companies by clicking here.