Minimize The Impact
A Care Event in Your Family Can be a Challenge, But You Can Lessen Its Impact
The impact of Long Term Care events on Families is well documented. We have learned through our assessment that there are other financial and emotional costs that may not be as readily apparent. Specifically, there are cost to the long term care recipient, caregivers and extended family.
All of the people we discussed previously in the Circle of Care may experience an impact on:
• Stress levels from demands on time and serving the needs of others
• Job and careers
• Relationships with spouses, siblings, children, step-families and in-laws
• Their incomes and finances
Perception and Reality
With medical advances and healthier lifestyles, people are living longer these days – often 20 or even 30 years into retirement. As we’re doing a better job at living longer, the likelihood of needing care, companionship or help later in life is greater than ever.
Consider the Statistics Around the Potential Need for Long Term Care
Nearly two-thirds of Americans over age 65 will need long term care at home, through adult day health care, or in an assisted living facility or nursing home.*
* AARP Public Policy Institute “Long Term Care Trends”
The Double Whammy
For younger couples with two sets of parents, the chances of being affected by a long term care event are high if any of their parents lack the financial resources for their own care. And if care for one parents significantly impacted a couples’ finances, would they be able to contribute to the care needed for the other parents?
Survey Reveals Top Concerns
A January 2010 Age Wave/Harris Interactive survey sponsored by the Genworth Financial companies revealed that “medical expenses not covered by insurance” is the top concern of people age 55 and older.
More then half of all respondents (55%) reported that their greatest fear regarding a long term care illness or event was being a burden on their family. In fact, they reported being five times more concerned about being a burden than dying.
Although the issue us a top concern, many are still not engaging in open conversations about potential long term care expenses, the costs or the types of care they would prefer or may need in the future. More than 90% surveyed have not talked about critical long term care issues with their spouse/partner, aging parents or adult children.
The First Step in Planning is to Talk to Your Family
Figuring out how to address a long term care need is stressful, but having a direction before there’s a need can help immensely. Having no plan can be overwhelming. When people have to make emotional and financial decisions unexpectedly, judgment and decisions can be less than optimal. And not having the conversation means you don’t have direction from the person needing care. People can find themselves writing on-the –spot checks for care. Spending money for care on a moment’s notice is something no one wants to do, and the quality of those decisions may be compromised.
The broad impact – to finances, emotions, jobs and careers, immediate and extended families – adds urgency to the need for these important conversations – before the need for care arises.
Abe Glickman, LTCA, LTCP
Member: AALTCI, NAHU, NAIFA, SOA
Abe Glickman Insurance Group
Toll-Free Phone: 877-298-5824
“It is better to create a plan 10 years too soon than one day too late.”
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