Family Caregivers Find Role Could Last Years
The AARP says caregiving plays a significant role for many Americans. More than 65 million people, 29% of the U.S. population, provide care for an older family member or other chronically ill or disabled person.
The value of the services these family caregivers provide for "free" when caring for older adults is estimated to be $375 billion a year. According to the National Alliance for Caregiving and Evercare, that is almost twice as much as is actually spent on in-home and nursing home services combined ($158 billion).
Family members are usually unprepared and untrained for their role of caregiver for Mom or Dad.
"Becoming a family caregiver is often something that either happens very suddenly or slowly sneaks up on a person. When a loved one has a health setback or begins needing more assistance, we tend to go into "crisis mode" and haphazardly shift our priorities around to ensure their immediate needs are met," writes Carol Bradley Bursack, author and columnist of Minding Our Elders.
Caregiving Typically Not a Short Commitment
She says that most family caregivers think their role of caregiver will be a short commitment. However, they discover that their role as a family caregiver can go on for years. Since the job is physically and emotionally demanding, it creates many challenges.
The job is demanding, but the impact is widespread and affects more than just the caregiver and the care recipient. Friendships are adversely affected since the job is so time-consuming the caregiver no longer socializes. However, their careers, children, and their marriage are also negatively impacted.
If you, or a loved one, finds themselves thrown into being a caregiver, the advice Bursack recommends is balance.
Prepare Your Family and Finances Now
If you are in your 40s or 50s, you are probably preparing for your future retirement. Part of that equation is thinking about the future costs and burdens of aging and its impact on your family and finances.
Do you have a plan for long-term health care? Paid care services can quickly drain retirement accounts and adversely impact income, assets, lifestyle, and legacy.
Do you want one of your children to interrupt their careers, families, and responsibilities by being your future caregiver? Sure, you probably want them involved, but as your caregiver helping you with daily living activities?
LTC Insurance Can Be the Solution
Affordable Long-Term Care Insurance can provide you with guaranteed tax-free resources that give you access to your choice of quality care, including in-home care. Many policies also provide professional case management to help you and your family when you need the most help. This gives your family the time to be family.
The time to plan is before you retire - ideally in your 40s or 50s. You can get accurate quotes with professional recommendations from a qualified Long-Term Care Insurance specialist.