For some time the term “sandwich generation” has been a phrase used to define adult children, usually daughters, who must care for their own family and an elder parent or in-law usually while also holding a job. A new “Daughters in the Workplace” survey from Home Instead Senior Care, the largest senior care organization in the world, show the tremendous stress and burden placed on these women.
Being a Caregiver is Not Easy on Families
The findings from the survey of 1,001 working women aged 45 to 60 who are not self-employed and are caregivers for at least one parent and/or in-law in the United States and Canada show how difficult it is to be a caregiver and have your own life as well. Caregiving is placed on these women when no advance planning, like Long-Term Care Insurance, is in place. Here are some of the highlights of the survey:
- 91 percent of the women surveyed have had to take some action to accommodate being both a caregiver and an employee
- 50 percent sometimes feel like they have to choose between being a good employee and being a good daughter
- 25 percent say that at their employer, there is a stigma attached to taking time off to care for a parent or parent-in-law
- 23 percent say their supervisor is unsympathetic when it comes to their balancing work and caregiver responsibilities
- 13 percent have been passed over for a promotion or raise, or have been penalized at work due to caregiving
- 9 percent say their jobs are currently at risk due to their caregiving responsibilities
Caregiving daughters in the workplace report spending an average of 13.8 hours a week caregiving and have been caregivers for six years, on average. The average caregiver daughter uses 29 percent of her paid time off to meet her caregiving responsibilities.
Read the full article here: http://www.nextavenue.org/daughters-caregivers-work/
With this large amount of pressure placed on the family, the question has to be what, if anything, have you done to reduce the financial costs and burdens of aging on your family? The fact is long-term care is hard. Caregiving is hard on family members. An affordable plan to address long-term care is easy.
Long-Term Care Insurance is an Affordable Solution for American Families
Long-Term Care Insurance is an affordable way to safeguard your future retirement savings while providing a plan and resources to reduce the burden placed on your family. This would allow your family in the future to be family and not have to juggle the needs of taking care of you and their own family and career.
Some articles suggest LTC Insurance is expensive. The truth is these plans are very affordable, especially at the ages most people are adding them to their retirement plan. First, you need to find a specialist in long-term care planning. Very few exist nationwide. The American Association for Long-Term Care Insurance says to make the agent is really a specialist in long-term care and represent multiple companies. Ask them if they have processed claims and have at least 300 clients with Long-Term Care Insurance. You may find the best person is not your local insurance agent or financial advisor. Second, act while you are younger and have better health. Generally, if you are age 45 to 65 and are in good health you will have many affordable options to choose from.
Partnership Long-Term Care Insurance
If you live in one of the 45 states that participate in the federal/state long-term care partnership program you will be able to have additional dollar-for-dollar asset protection. Ask the specialist about how a partnership policy can be a huge benefit to your future retirement planning. Single premium policies with death benefits are also available but make sure the policies have normal triggers for benefits. Some of them require that you have no chance of recovering. Many long-term care events might not last a lifetime.
With the advances in medical science, we all are living to older ages. This means long-term care will impact you, your family, your savings and your lifestyle. An affordable Long-Term Care Insurance policy will safeguard your 401(k) IRA 403(b0 and other assets and reduce the burden on your loved ones, especially your daughter or daughter-in-law. Act before you retire for the most affordable options.
Women often become the first caregivers. Women also are more likely to require care as well. Because of their longevity, they live longer and thrive in a caregiving environment longer then men do.
Use LTC NEWS Research Tools
Start your online research by finding the cost of care in your state. Use the LTC NEWS cost of care calculator to find the current and future cost of care services. You can find it by clicking here.
Long-Term Care Insurance is very affordable for most people, but experts suggest speaking with a Long-Term Care Insurance specialist who works with the major companies. They should have a complete understanding of policy features, underwriting, partnership benefits, policy design, and claims. Very few insurance agents and financial advisors have this expertise. You can find a specialist by clicking here.
The LTC NEWS Long-Term Care Planning Guide is also a very helpful resource. Read it by clicking here.
The cost of this care will always increase. With a Long-Term Care Insurance policy in place, you have asset protection which gives your family peace-of-mind.